?In 2013, the Company realized a positive EBITDA of USD 96m (2012: USD -195m) and a loss before tax of USD 166m (USD -579m). The performance is in line with the revised forecasts of 29 November 2013. The result before tax was negatively affected by special items of USD 60m (USD -326m).
?In 2013, the product tanker freight rates strengthened across all segments compared to 2012. The main drivers were stronger global economic growth and a hig her ton-mile effect as a result of changing trade patterns for refined oil products. The net growth of the global product tanker fleet was below the levels seen in recent years. In 2013, TORM’s largest segment, MR s, achieved spot rates of USD/day 15,914 (USD/day 12,178) or up by 31% year-on-year. The EBITDA for the Tanker Division was USD 126m (USD -20m excl. restructuring effects), which was an improvement of USD 146m year-on-year.