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Torm buys eight MRs from Team Tankers in cash plus shares deal

Denmark’s Torm is buying eight Croatian-built MR tankers from Team Tankers, paying for the ships with $82.5m in cash and the issuance of 5.97m shares. The transaction takes the Torm fleet to 83 vessels.

The ships are the the Team Amorina, Team Allegro, Team Corrido, Team Cavatina, Team Leader, Team Discoverer, Team Voyager and Team Adventurer.

The vessels – all built between 2007 and 2012 – will deliver in Q2 and Q3. Based on broker valuations, the market value of the acquired vessels is assessed at $148m, Torm stated in a release.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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