Torm Posts First Quarterly Profit in Five Years
TORM Ugland (Photo: Torm)
Torm CEO Jacob Meldgaard (Photo: Torm)
Debt-stricken Danish tanker operator Torm has posted its first quarterly net profit in five years thanks to higher freight rates.
The company swung to a net $8.6 million profit in January-March compared with a net loss of $222.6 million in the first quarter last year.
"The combination of lower oil prices and wider refinery margins boosted the demand for transportation of refined oil products in the first quarter of 2015," Chief Executive Jacob Meldgaard said in the statement.
(Reporting by Ole Mikkelsen)
