TORM sees 2nd quarter profits

TORM sees 2nd quarter profits    Copenhagen-based TORM, a leading carrier of refined oil and bulk products, said Tuesday that second quarter profits after tax were $81 million, and $151 million for the year so far, a result the company called 'highly satisfactory.'
   TORM also said shareholders’ equity was valued at $854 million as of June 30, and the market value of the company’s vessels exceeded book value by $702 million. TORM operates nearly 100 vessels, most of them in pool cooperation with other shipping companies.
   According to the company, 'rates for TORM’s product tankers were better than expected in the second quarter. Among the reasons was increased transportation demand from arbitrage of oil products between different parts of the world.    Rates in the bulk division were slightly lower than expected. The bulk market decreased significantly in the second and into the third quarter due to lower transportation, especially of iron ore, and reduced port congestion due to the lower demand.'