Its stock gained by more than 8% this morning in Copenhagen as Danske Bank and Fearnley Securities both placed buy ratings on the company.
Fearnleys analysts Jan Andreas Naess, Joakim Hannisdahl and Jonathan Staubo say the reshaped owner has significant earnings power as one of the major players in a strong product tanker market.
It came amid a positive read for the products tanker market. “Our expectations for the coming years are positive as the growing imbalances in global product supply and demand patterns create a perfect storm for modern and versatile product carriers,” the trio said.
Fearnleys expects Torm to record a pre-tax profit of $130m this year, rising to $215m for 2016.
Torm shares were up 8.89% at DKK 0.08 each at the time of writing today.
Oaktree Capital is now the largest shareholder in the shipowner after a ship for shares deal that gave Torm a fleet of over 70 ships and a vastly improved balance sheet.
