TORM Exits Dry Bulk Market

zoom Danish shipping company TORM is gearing up to fully exit the slumping dry bulk shipping market after agreeing to sell its last two bulkers to an unnamed buyer, and to return one chartered-in vessel to its owner in early October. The two Panamax bulk vessels TORM Anholt and TORM Bornholm were both built in 2004, and  are expected to be delivered to the new owner during October and November 2015. TORM says that the sale is in line with the company’s strategy to exit the bulk activities and focus on scale and operational platform in the product tanker segment. The company says that the transaction does not impact its guidance, and TORM maintains its expectations for 2015 of a positive EBITDA in the range of USD 190-230 million, and a profit before tax in the range of USD 115-155 million.