Torm predicts higher tanker, bulk shipping profits

Torm predicts higher tanker, bulk shipping profits    A/S Steamship Co. Torm, the Danish tanker and bulk shipping company, has increased its estimate of the company’s profits for the year 2003, and announced a profit forecast for this year.
   Torm said that it expects to have earned about DKK370-385 million ($56-58 million) in 2003 from the company’s own activities, in addition to an unrealized gain of DKK681 million ($103 million) on Torm’s shareholding in Dampskibsselskabet Norden A/S, another shipping company.
   For this year, Torm said that it expects net profits excluding gains on shareholdings of at least DKK500 million ($83 million).
   “For 2004 Torm expects a substantial part of the net profit to be generated by the company’s bulk division,” it said.