Torm Agrees to Sell Stake in Joint Venture at $5 Million Loss

Torm A/S, (TORM) an operator of ships that carry oil products and dry-bulk commodities, agreed to sell its 50 percent stake in a joint venture at a $5 million loss.

The venture, Ugland & Torm Shipowning ApS, has one tanker as its main asset, Hellerup, Denmark-based Torm said today in a statement. The vessel, Torm Ugland, is a 229-meter (751-foot) Long Range 1 tanker built in 2007. The sale leaves Torm with an owned fleet of 66 product tankers and two dry-bulk vessels, the statement showed.

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