Torm exercises options on three MRs at GSI

Torm exercises options on three MRs at GSI

Danish owner Torm has added to its fleet, exercising options for three MR newbuildings at Chinese yard Guangzhou Shipyard International.

The three vessels will cost $93m in total, with $63m of financing secured from KfW and ABN AMRO, and delivery is expected in 2019 and early 2020.

Jacob Meldgaard, executive director of Torm, commented: “We are pleased to expand the fleet with the addition of three MR newbuildings. The vessels are attractively priced when comparing to the current market, and we believe that now is an attractive time to secure new fuel-efficient tonnage that is compliant with the ballast water convention and ready for the IMO 2020 sulfur requirements.

“The vessels are already fully funded by our  $100m equity raise in January 2018 and through loan commitments from KfW and ABN AMRO.”

Since the beginning of 2017, Torm has added a total of nine MRs and two LR1s for a total of $352m.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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