Shares in Danish tanker group Torm (TRMD +122%) are ripping today after blowing away Q1 estimates, posting results that showed its first return to quarterly operating profits since 2011 and the best tanker freight rates in four years. The shipper, who was on the verge of bankruptcy until a restructuring and deal with creditors last year, said spot tanker rates on the various sized tankers were up between 20% - 30% or more versus the previous year.
Danish shipping company Torm A/S (TRMD -11.2%) gets slammed after the company warns - for a second time - that its FY11 results will be lower than expected due to pressure on freight rates and continued global economic uncertainty. The shipper now expects to lose around $175M - $195M, compared to earlier guidance of a loss between $100M - $175M.
TORM (TRMD +4.8%) trades up after it says Menfield Navigation's largest shareholder transferred her entire equity interest as a gift to the Alpha Trust, effectively giving the trust a 52% controlling interest in the shipper.