TORM signs agreement to sell panamax bulk carrier

TORM, a shipping company, has singed an agreement to sell 1997-built panamax bulk carrier, TORM Marlene.   

The vessel has been sold for a total consideration of $70 million and is expected to be delivered in May 2008. As a result of the sale, TORM adjusts the guidance for the 2008 result before tax to $250-$270 million from the previous forecast of $210-$230 million.

The sale of the vessel is a consequence of the company's strategy 'Greater Earning Power 2.0' according to which older vessels are sold as part of the planned fleet renewal in the bulk division. Following the sale of the vessel, TORM's owned fleet consists of 56 product tankers and six dry bulk vessels.

Source: logistics-business-review