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.
To contact the reporter on this story: Rob Sheridan in London at email@example.com
To contact the editor responsible for this story: Alaric Nightingale at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.