TORM ups profit guidance with product tanker sale

A/S Dampskibsselskabet TORM, a Copenhagen, Denmark-based carrier of oil products and dry bulk goods, has raised its pre-tax expectations for 2008 after reaching an agreement to sell a product tanker at a very satisfactory price.

TORM said it expects delivery of the 1995-built, 45,000 deadweight ton TORM Gotland to its unnamed new owner in September or October. As a result of the sale, TORM has adjusted the guidance for the 2008 result before tax upwards to $295 million to $315 million from the previous forecast of $275 million to 295 million. 

Source: American Shipper