Brief: Torm Q3 EBITDA Down At USD 30.4 Million

Torm

10/11/2021 07:35

Nov 10 (Reuters) - Torm PLC  TRMD.O :
    * Q3 EBITDA $30.4 MILLION VERSUS $43.4 MILLION YEAR AGO
    * IN Q3 OF 2021, PRODUCT TANKER MARKET WAS NEGATIVELY
INFLUENCED
BY LOCKDOWNS IN ASIA AND HURRICANE IDA
    * INCREASING LONG HAUL FLOWS TO ATLANTIC BASIN WHERE PRODUCT
INVENTORIES HAVE FALLEN TO BELOW FIVE-YEAR LOWS
    * WEAK CRUDE TANKER MARKET, WHERE CRUDE SUPPLY IS STILL
LAGGING
DEMAND, AND MARKET CONTINUES TO RELY ON INVENTORY DRAWS
    * UNSUSTAINABLE IMBALANCE BETWEEN SUPPLY AND DEMAND HAS
RESULTED
IN HISTORICALLY LOW PRODUCT TANKER FREIGHT RATES IN Q3 OF 2021.
    * TORM PLC - IN Q3 OF 2021, TORM ACHIEVED TCE RATES OF
USD/DAY
12,854 (2020, SAME PERIOD: USD/DAY 16,762)

Source text for Eikon:  ID:nGNE86gcZC 
Further company coverage:  TRMD.O 

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