Restructured Torm Eyes NYSE Listing, Winds Down Bulk Business

Denmark-based TORM A/S, a shipping company that owns and operates product tankers, is looking at a new structure with a potential listing on the New York Stock Exchange and Nasdaq Copenhagen. The listing, if undertaken, is expected to be completed in 2016.

The company completed the restructuring including the contribution of 31 vessels by OCM Njord Midco Ltd. on July 13, 2015. In connection with the restructuring TORM has published a listing prospectus, elected a new Board of Directors and mandated a reverse stock split on September 24, 2015.

“TORM has demonstrated its financial and strategic flexibility with the exit from bulk to become a pure-play product tanker company, the acquisition of three MR vessels and two new financing agreements in the third quarter of 2015,” says CEO Jacob Meldgaard.

As the final step in the planned wind-down of TORM’s bulk activities, the two Panamax vessels TORM Anholt and TORM Bornholm were sold during the third quarter of 2015.  The vessels have been delivered to the new owners and the company no longer operates any owned or T/C-in vessels in the bulk segment.

In its financial results for the third quarter of 2015, TORM said that it “delivered the highest product tanker freight rates since 2008 and a positive EBITDA of USD 96m.” The reported profit before tax for the third quarter of 2015 was USD 65 million.

For the full year 2015, TORM has narrowed the EBITDA interval to a positive EBITDA in the range of USD 200-220 million (from USD 190-230 million) and a profit before tax in the range USD 115 – 135 million (from USD 115-155 million). On a pro forma basis, TORM expects a full year 2015 EBITDA interval in the range of USD 310-330 million and a profit before tax in the range of USD 185 – 205 million.

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