Danish tanker operator Torm has agreed to buy four 2011-built MR tankers from German owner Offen Claus-Peter to expand its fleet amid improving market fundamentals.
The four Hyundai Mipo-built vessels, CPO Australia, CPO Malaysia, CPO Singapore, CPO New Zealand, are expected to join the company’s fleet between August and December. Torm has paid $83m in total for the vessels.
According to Torm, it has capex commitments of about $346m covering the remaining capex on the four MR vessels, two LR1 newbuildings and six MR newbuildings as well as scrubber installations on newbuildings and retrofit vessels.
Additionally, the company has agreed a conditional term sheet of $66m with an international financial institution on financing of the four vessels. It also revealed that it has recently sold an older MR vessel, the 1999-built Torm Gunhild for $6m.
“We are pleased to expand the fleet with four modern MR vessels at an attractive price point. Looking into an improving demand-supply situation for the transportation of clean petroleum products, we believe that the timing for a fleet expansion with modern vessels is appropriate and underlines the flexibility provided by our strong capital structure,” said Jacob Meldgaard, executive director of Torm.