Announced 11/07
Results include
- Rev of $263.4M
- Net profit of $130.7M
- Fleetwide avg TCE daily $33.722 (LR2 $41,064, LR1 $33,748, MR $31,193)
- Declared div of $1.20/sh
Torm is in the midst of taking delivery of 8 MR vessels from most recent deal (6 delivered, 2 left). Company has also sold older MR vessel. By vessel category, TRMD seem to have done better than STNG in LR2 and MR avgs. That said, Q4 seems more challenging. LR2s generally holding up. But, qtr-to-date, LR1 and MR categories are much weaker. While LR1 and MR rates are weaker, the rate avgs are still quite healthy.