Latest news of maritime industry by blog Berita Kapal.
Cash strapped TORM has cancelled one of its MR newbuildings. The vessel was scheduled for delivery in March 2013.
The parties have agreed not to disclose the terms.
“TORM has cancelled an MR newbuilding as part of the company’s overall plan to preserve cash and deliver the balance sheet. With this agreement TORM has remaining installments on the newbuilding programme of $126 mill,” said CFO Roland Andersen.
The effects of the transaction will be recognised in the financial statements in the fourth quarter of 2011 and will lead to a P&L loss of about $13 mill.
It does not have any short-term cash impact, TORM claimed.
As a consequence, TORM has revised its forecast for the full year of 2011 from an expected loss before tax of $175-195 mill to $190-210 mill.
Following the cancellation, TORM has three product tankers and two drybulk vessels on order and an operating fleet consisting of 65.5 product tankers and two drybulk vessels
0 Response to "TORM cancells newbuilding Vessels"
Posting Komentar