TORM has entered into an agreement to sell its 50% stake in the joint venture entity Ugland & TORM Shipowning ApS. The joint venture’s main asset is a 2007-built LR1 vessel, TORM Ugland.
The transaction leads to a P&L loss of approximately USD 5 million, which will be recognized in the financial statements in the second quarter of 2012. The agreement has a positive cash impact of approximately USD 10 million.
Following the sale, TORM’s owned fleet consists of 66 product tankers and two dry bulk vessels.
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Source: TORM, May 15, 2012;