U.S.-listed shares of shipping firm Torm up on Q2 results

Torm

18/08/2022 13:44

** U.S.-listed shares  TRMD.O  of shipping company Torm Plc
up ~8.2% at $21.1 premarket
    ** Company's Q2 time charter equivalent (TCE) rate doubles;
TCE is used by the shipping industry as a standard measure of
average daily revenue performance of a vessel
    ** "So far in Q3, we have achieved rates which are more than
three times as high as those we achieved in the third quarter of
2021," company executive says  urn:newsml:reuters.com:*:nWkr298LXW
    ** Tanker market continues to see strong support from
normalization in oil demand, according to the company
    ** TRMD posts Q2 profit of $1.31/shr vs profit of $0.03/shr
a year earlier
    ** As of Wednesday's close, company's shares have nearly
doubled YTD

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))