TORM has reported a Q3 EBITDA of $43.4 million, compared to $32 million over the same period last year, as it is continuing to move ahead with its scrubber installation programme.
The tanker operator noted that it expects to install 50 scrubbers in total, and as of 30 September 2020 it had installed 43 scrubbers onboard its vessels.
TORM added: ‘One scrubber has been installed during the fourth quarter to date, and the remaining six are expected to be installed during the remainder of 2020 and 2021, including two on the LR2 newbuildings.’
Commenting on the Q3 results – and the prospects of a bounce-back in the oil market – TORM Executive Director Jacob Meldgaard said: ‘I am pleased that TORM in the third quarter of 2020 and for the fourth consecutive quarter has achieved a positive result. A result that has been achieved in an oil and product tanker market that is impacted by imbalances in demand and supply and also by a large stock draw.
‘I am comfortable that TORM’s superior operational platform and healthy financial metrics have positioned TORM to navigate an uncertain market for product tankers, where the key indicators for the future development will be the timing of the rebound in oil demand and the resulting normalization of the oil market.’