Boston, MA 05/20/2013 (wallstreetpr) – Friday’s trading session saw Torm A/S (NASDAQ:TRMD) climbing down by 10.88%. It opened at a price of $3.23 which reached an intraday high of $3.24 before heading down to close at $3.02 per share. In excess of 0.133 million shares exchanged hands in the previous trading session. This figure stood below the average volume of 0.153 million that was measured over a 30-day period.
On 8 May, TRMD announced that for 2013 it projects a total positive EBITDA of $80 million-$110 million. The loss before tax stands between $100 million-$130 million. This is inclusive of the $5 million write-down from the sale of five vessels. This was reported in a 22 April announcement. In addition to this, Torm A/S (NASDAQ:TRMD) expects to have a positive operational cash flow post its interest payment. On an average, analysts are expecting TRMD to report an EBITDA of $109.33 million and a pre-tax loss of $97.33 million for the financial year 2013.
This Denmark-based shipping company is engaged in the provisioning of integrated freight services to various industrial customers. It is a carrier of refined oil products. It also operates in the dry bulk market. Torm A/S (NASDAQ:TRMD) operates a fleet of around 140 modern vessels, primarily by cooperating with other well-established shipping companies. As of 31 March 2013, its fleet of ownership and leased vessels consisted of two dry-bulk carriers and 65 product tankers. Torm A/S (NASDAQ:TRMD) operates in two different segments. The first is the Tanker Division and the other, the Bulk Division.
