Bulker TORM boosts 2004 forecast

Bulker TORM boosts 2004 forecast

Danish bulk carrier TORM said after-tax profit increased to 1.051 million Danish kroner ($174 million) in 2003 against $70 million in 2002, including an unrealized gain of about $103 million from its stake in rival Norden.

For 2004 TORM expects profit before tax, excluding any gain or loss on Norden shares, of $125-133 million.

The company operates 61 tanker vessels and 19 bulk carriers.