Fearnley raises Torm profit forecast but sees no big catalysts for rates

Fearnley Securities has increased its earnings forecast for Danish product tanker owner Torm, but sees no big boosts for rates on the horizon.

The Norwegian investment bank, which has a “hold” rating on the shares, said first-quarter bookings are strong at the company, with LR2s, for example, fixed at $32,000 per day.

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Fearnley is raising its Ebitda estimate 29% for the current quarter, to $129m, although this is flat quarter on quarter.