Greek shipowner, Gabriel Panayotides, who is Torm’s controlling shareholder is to dig deep in his pocket to support a $100m rights issue planned for later this year.

The rights issue will boost Torm’s depleting cash reserves and aims to ensure compliance with banking covenants.

Gabriel Panayotides
Panayotides controls more than 52% of Torm shares through two Cyprus based companies, Beltest Shipping and Menfield Navigation, with his contribution to the refinancing proportionate.

Torm