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Torm sells nine MR tankers to CDB Leasing

China Development Bank Financial Leasing (CDB Leasing) has announced its second tanker purchase this week after taking five ships from Trafigura. Danish product tanker owner Torm has now penned a deal to sell nine of its MR vessels to the Hong Kong-listed firm for $172m.

The transaction, expected to close during the fourth quarter of 2021 and the first quarter of 2022, involves nine of CDB Leasing’s Tianjin-incorporated special purpose companies, which are principally engaged in the vessel leasing business. 

The nine MRs, built from 2010 to 2012, will be leased back to Torm, with the lease period expected to be between eight and ten years depending on the vessels, and a buyout option after three years.

Torm said the deal should yield aggregate net proceeds of $75.5m following the repayment of the existing debt secured by the vessels. The company currently owns and operates a fleet of 84 product tankers, with one newbuilding set to deliver in Q1 next year.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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