Torm seals sale and leaseback deals for six MRs

Torm seals sale and leaseback deals for six MRs

Danish tanker operator Torm has sealed sale and leaseback deals for six MR tankers, the company revealed in its latest set of results.

The first deal is with a Chinese party, and is for four 2011-built MRs the company acquired from German owner Offen Claus-Peter in June. It agreed to pay $83m for four Hyundai Mipo-built vessels, CPO Australia, CPO Malaysia, CPO Singapore, CPO New Zealand.

Under the sale and leaseback agreement, Torm will receive proceeds of $66m for the quartet and has a purchase obligation in 2025.

The company also agreed two separate scale and leasebacks with Japanese parties, for 2016-built Torm Torino and Torm Titan, providing proceeds of $52m. Both deals include purchase obligations, for Torm Torino in 2024 and Torm Titan in 2026.

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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