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TORM A/S Q2 2010 Results

At 30 June, coverage for the remaining part of 2010 was 33% at USD 16,470/day.

 
Tanker Division Q2 09   Q3 09   Q4 09   Q1 10   Q2 10   Change Q2 09 - Q2 10 12 month avg.  
  LR2 (Aframax, 90-110,000 DWT)              
Available earning days 1,179 1,190 1,173 1,163 1,122 -5%  
TCE per earning day from the LR2 Pool 17,145 18,401 20,331 19,270 17,185 0%  
TCE per earning day 1) 15,785 17,406 18,356 18,456 15,505 -2% 17,431
Operating days 1,092 1,104 1,104 1,080 1,092 0%  
Operating expenses per operating day 2) 7,556 6,496 6,933 6,908 6,301 -17% 6,660
  LR1 (Panamax 75-85,000 DWT)              
Available earning days 1,756 1,835 2,025 1,748 1,777 1%  
TCE per earning day from the LR1 Pool 15,577 15,036 14,304 16,273 14,903 -4%  
TCE per earning day 1) 18,491 16,514 16,516 16,686 15,509 -16% 16,306
Operating days 819 828 828 810 749 -9%  
Operating expenses per operating day 2) 7,142 6,706 5,986 6,454 5,420 -24% 6,142
  MR (45,000 DWT)              
Available earning days 3,344 3,602 3,829 3,755 3,916 17%  
TCE per earning day from the MR Pool 14,712 14,974 11,521 14,179 12,567 -15%  
TCE per earning day 1) 15,363 15,349 12,417 14,700 12,363 -20% 13,707
Operating days 2,548  2,707 2,832 2,790 2,951 16%  
Operating expenses per operating day 2) 7,458 6,621 6,770 6,883 6,053 -19% 6,582
  SR (35,000 DWT)              
Available earning days 1,135 1,160 1,103 1,002 979 -14%  
TCE per earning day 1) 17,483 18,378 16,894 18,034 16,099 -8% 17,351
Operating days 1,001 1,012 1,012 990 1,001 0%  
Operating expenses per operating day 2) 6,600 6,105 6,326 6,041 4,821 -27% 5,823
               
1) TCE = Time Charter Equivalent Earnings = Gross freight income less bunker, commissions and port expenses.
2) Operating expenses are related to owned vessels.

Bulk Division

Operating profit for the second quarter of 2010 was USD 2 million, compared to USD 10 million in the second quarter of 2009.

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