A/S Dampskibsselskabet TORM (TRMD), a Denmark-based operator of refined-oil tankers, Friday said it signed an agreement to sell its TORM Gotland tanker at a satisfactory price. The sale is part of the company's planned fleet renewal under its 'Greater Earning Power 2.0' strategy. TORM expects to deliver the 45,000 DWT tanker in September/October 2008.
Consequent to the sale, TORM said it was increasing its pre-tax earnings guidance for fiscal 2008 to the range of US$295 million to US$315 million from the earlier forecast of US$275 million-US$295 million.
On Thursday, the company had raised its 2008 pre-tax earnings outlook to US$275 million to US$295 million from the previous outlook ranging from US$250 million to US$270 million, reflecting the better than expected earnings from product tankers in the second quarter.
Last month, TORM reported a sharp decline in its first-quarter profit to US$52.2 million or US$0.80 per share from US$674.4 million or US$9.7 per share in the first quarter of 2007. Revenues for the quarter increased to US$253.9 million from US$161.8 million in the corresponding quarter last year.
TRMD is currently trading at US$32.83, up US$1.20 or 3.79%, on a volume of about 11 thousand shares on the Nasdaq.
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