A large impairment and loss on the sale of newbuildings sent Torm crashing to a worse-than-expected loss last year.
The Danish owner has axed its full-year dividend and warned of a tough 2011 with a pre-tax deficit of up to $125m as tanker markets continue to hurt.
In November Copenhagen-quoted Torm had warned of a possible loss of $85m as tanker markets remained in the doldrums.
