TORM POSTS MIXED FIRST-HALF PERFORMANCE

TORM POSTS MIXED FIRST-HALF PERFORMANCE TORM, the Danish shipping company, has reported mixed results in the first half of 2002 from its divisions.
   The company’s tanker division had positive earnings “ahead of expectations in difficult trading conditions,” a statement said.
   TORM’s dry bulk division continued its losses, “which were in line with expectations.”
   The company’s liner division “achieved positive results, somewhat ahead of expectations,” the report said.
   For the six months ending in June 2002, net earnings from product tankers were about $20.9 million, compared to $59.5 million in 2001. The company reported a net loss of $2 million for dry bulk operations, compared to gains of $3.9 million in 2001.
   Net earnings for TORM’s liner division were $2.5 million, compared to $1.8 million for the same period in 2001.
   Overall net earnings were $21.5 million for the first half, compared to $66.4 million for the first half of 2001.