Denmark’s Torm has announced a purchase of three secondhand MR tankers taking its fleet to 88 vessels on a fully delivered basis and additional bank financing for further growth.
The New York and Copenhagen Nasdaq-listed product tanker owner said it had picked up the 2013-built trio in a deal that includes $48.5m in cash and the issuance of 1.42m shares.
The Korean-built units are expected to be delivered no later than May 31, 2023.
Torm said the cash portion would come through traditional bank financing, and in connection with each of the three deliveries it would issue one-third of the total share issuance, corresponding to 50% of the total consideration.
Earlier this year, the company also confirmed buying seven secondhand LR1 tankers in two separate deals for $233m in cash. The units are expected to be financed through sale and leasebacks in China and delivered by the end of April.
In addition to these 10 tankers, the company said in its annual report that it had obtained a commitment for financing of additional secondhand ships for up to $123m. “Closing of the agreements is subject to documentation and is expected during the second quarter of 2023,” Torm said.
