“Right now we are just smiling and congratulating each other but it is business as usual in a fairly hot market, which of course adds to the joy for everybody.”

Torm chairman Flemming Ipsen breathes a sigh of relief after the company is reborn.

“Even a super tanker market would not have saved us from disaster."

But he adds it was debts rather than rates that proved tricky in the first place.

“In