Denmark´s Torm specialist carrier of refined oil products increases its share capital in connection with the delivery of three MR product tankers.

The shipping company has increased its share capital by 473,224 A-shares corresponding to $4,732.24 as a result of the delivery of the last of the three 2013-built MR product tankers.

The capital increase is carried out “without any pre-emption rights for existing shareholders or others,” the specialist carrier says today.

The new shares have been subscribed for due to the settlement of a $16.2m allocated loan note issued in connection with each vessel delivery and correspond to $34.15 per A-share, with a nominal value of $0.01 each.

Shipping company Torm continues its spectacular headway, strongly aided by the higher freight rates.

In the first quarter the company achieved freight rates across its fleet of USD/day 41,717 compared to USD/day 16,743 in the same period last year.

As explained by the company, higher freight rates continue to be driven by a strong product tanker market supported by the trade recalibration, caused by the sanctions and self-sanctioning of Russian product exports, as a consequence of the Russian invasion of Ukraine.

Meanwhile, the company has expanded its fleet portfolio after it completed acquisitions of seven second-hand LR1 vessels and three second-hand MR vessels.

Based on broker valuations, Torm´s fleet had a market value of $2,893.3m including delivered vessels as of 31 March 2023, an increase since 31 December 2022 of $243m or 9%.