Danish product tanker owner Torm forecasts that higher charter rates will lift it back into profit this year, after reporting improved first-quarter results.

Torm said it achieved time charter equivalent rates of $16,743 per day in the first three months of the year, up from $13,493 in the same period of 2021, more than tripling Ebitda to $60.4m.

It lifted profit before tax to $10.7m,