The Danish bulker and tanker owner says five vessels will be classified as “assets held for sale” in an annual report that it expects to file on 13 March.
As a result, the company anticipates an impairment loss of $74m and a full-year deficit before tax of approximately $579m.
Prior to the impairment, Torm had warned investors that the red ink would run in the region of $500 to $530m, according to regulatory filings.
The Copenhagen-quoted shipowner hasn’t identified the vessels by name but said the sales process is “progressing well” and is “expected to be concluded in 2013”.
The developmentmay not come as a surprise as one of the banking groups behind its financial overhaul set the stage for purge late last year.
As we reported, when Torm was finalising loan holidays and revised covenants it said lenders behind three different facilities would have the right to call for the sale of up to 22 vessels by early this year.
At the time, it listed a fleet comprised of roughly 110 bulkers and products tankers. Today it said the total is closer to 100.
