Torm Cancels New Oil-Product Tanker for $2 Million Loss

Torm A/S (TORM), an operator of oil tankers and commodity carriers, canceled an order for a new oil- product tanker at a loss of $2 million, the Hellerup, Denmark- based company said.

The cancellation means the company has no more vessels on order, Roland M. Andersen, chief financial officer, said in a statement today. The tanker was scheduled for delivery in the second quarter of 2014. Torm’s owned fleet consists of 66 product tankers and two dry bulk vessels, it said.

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