Photo credit: Torm

Denmark´s Torm specialist carrier of refined oil products expands its fleet portfolio with the acquisition of seven LR1 vessels. The company yesterday has entered into an agreement to acquire three LR1 vessels, which together with another agreement that Torm entered into earlier in January 2023, the total number of purchases are seven 2011-2013 built LR1 vessels, for an aggregate cash consideration of $233.0m.

In accordance with company´s latest information all vessels are built at renowned Korean and Chinese shipyards. The transactions will increase Torm’s total fleet to 85 vessels on a fully delivered basis. All vessels are expected to be delivered no later than 30 April 2023, and are expected to be financed by sale- and leaseback agreements with a Chinese financial institution.

Torm was founded in 1889 and conducts business worldwide, and its shares are listed on Nasdaq in Copenhagen and on Nasdaq in New York.

Source: Torm