zoom Recently restructured Danish tanker and dry bulk ship owner and operator Torm has raised its profit forecast for the full year after nearly ending the second quarter of 2015 in black.Torm reported USD 0.2 million net loss for the quarter ended June 30, a vast improvement compared with the same period in 2014, when the company posted USD 22.8 million net loss.EBITDA for the second quarter of 2015 was USD 47m (Q2 2014: USD 14m). Cash flow from operating activities was positive with USD 54m in the second quarter of 2015 (Q2 2014: USD 15m).During the second quarter of 2015, the product tanker market continued to benefit from high refinery margins that supported the demand for transportation of refined products, Torm says in its financial report.The company’s largest segment – MRs – achieved spot rates of USD/day 22,746 in the second quarter of 2015, up by 73% year-on-year. The tanker segment reported a gross profit of USD 56m in the second quarter of 2015 (Q2 2014: USD 26m).The bulk market remained at historically low levels during the second quarter of 2015 with average Panamax spot earnings at USD/day 5,189 (Baltic Panamax Index), or 18% below the level for the same period last year. In the second quarter of 2015, Torm’s bulk segment reported a gross result of USD -1m.Torm completed its restructuring process on July 13, 2015. As part of the restructuring, OCM Njord Holdings S.à.r.l., a wholly owned subsidiary of entities owned by Oaktree Capital Management, has contributed a fleet of 25 on-the-water and six newbuilding product tankers to Torm’s group.”Torm has continued to benefit from the strong product tanker market that prevailed in the first half of 2015 where Torm generated an EBITDA of USD 100m,” said the company’s CEO Jacob Meldgaard.”I am very pleased that Torm finalized its restructuring on 13 July 2015, as the company’s strong operational platform now has financial and strategic flexibility.”For the full year 2015, Torm has upward adjusted the expectations for the combined group to a positive EBITDA in the range of USD 190-230m (up from USD 170-210m) and a profit before tax in the range of USD 115-155m (up from USD 100-140m).The forecasts consist of a positive EBITDA forecast of USD 50-55m and a profit before tax of USD 30-35m for Njord from January 1, 2015 until July 13, 2015, the restructuring completion date, and a positive EBITDA forecast of USD 140-180m and a profit before tax of USD 80-120m for the combined activities of Torm and Njord from July 13 until December 31, 2015.