Torm, an owner and operator of 80 product tankers, barely remained profitable in the second quarter as weak tanker markets led to a considerable drop in the freight rates earned by its vessels.
Net income dwindled to $2.1m from $71.1m in the corresponding period of 2020. This includes an unrealised gain of $8.2m from freight derivatives.
Despite the narrow profit, shareholders of the New York and Copenhagen-listed company will not receive a dividend as Torm booked a $19.2m
