Denmark: TORM Sells MR Product Tanker

TORM announces that it has entered into an agreement to sell the MR product tanker TORM Lana.

The parties have agreed not to disclose the sales price. TORM Lana will be delivered to the new owner in either the second half of March or the first half of April 2012. The transaction leads to a P&L loss of approximately USD 15 million which will be recognized in the financial statements in the first quarter of 2012. The agreement has a positive cash impact of approximately USD 4 million.

Following the sale, TORM’s owned fleet consists of 66.5 product tankers and two dry bulk vessels. In addition, TORM has one product tanker on order.

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Source: TORM, March 9, 2012