Torm acquires four MR tankers

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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