Torm signs new sale and leaseback agreement
Torm has entered into a new sale and leaseback agreement, this time for the product tanker Torm Marie. The vessel has been sold for a total consideration of 46 million dollar. The transaction will be treated as a sale with an accounting profit of 7 million dollar, Maritimedanmark.dkreports.
The sale will be effected in the second quarter of 2011 where the effect of the transaction will be recognised in the financial statements. At the same time, the vessel will be leased back on a bareboat charter for 7 years.
The transaction does not change the Company’s forecast for 2011 of a loss before tax of 100 - 125 million dollar.
A week ago Torm signed at similar sale and leaseback agreement for Torm Margrethe.
Following the sale and leaseback of Torm Marie, Torm's own fleet consists of 68.5 product tankers and two dry bulk vessels. In addition, Torm has four product tankers and two dry bulk vessels on order.
The sale will be effected in the second quarter of 2011 where the effect of the transaction will be recognised in the financial statements. At the same time, the vessel will be leased back on a bareboat charter for 7 years.
The transaction does not change the Company’s forecast for 2011 of a loss before tax of 100 - 125 million dollar.
A week ago Torm signed at similar sale and leaseback agreement for Torm Margrethe.
Following the sale and leaseback of Torm Marie, Torm's own fleet consists of 68.5 product tankers and two dry bulk vessels. In addition, Torm has four product tankers and two dry bulk vessels on order.
