Copenhagen-based shipowner and operator of product tankers Torm has revealed a huge boost to its owned fleet with a financing deal on “attractive terms.”
The company said it has secured financing commitments of up to $857m on attractive terms to refinance two existing syndicated loans as well as lease agreements covering 22 vessels.
As disclosed, the syndicated loans will be refinanced in the third quarter of 2025, while lease agreements will be refinanced on a rolling basis before the end of the second quarter of 2026 as individual purchase options are exercised.
Listed on Nasdaq in Copenhagen and on Nasdaq in New York, Torm believes that the new structure – combining term and revolving credit facilities – strengthens the company’s capital flexibility.
Torm is also continuing its fleet renewal strategy, having sold and delivered in the second quarter of 2025 the 2008-built LR2 vessel Torm Mathilde.
In addition, the two 2008-built MR vessels Torm Voyager and Torm Discoverer were sold, with Torm Discoverer delivered to its new owner in July, and Torm Voyager scheduled for delivery later in the third quarter of the year.
Earlier this year, Torm became the full owner of ME Production, a Danish specialist in advanced marine and energy equipment.
The company Torm A/S acquired the remaining 25% ownership stake in ME Production (MEP) from founder and CEO Jens Peter Faldt.
This expansion follows Torm’s initial acquisition of a 75% ownership stake in 2022, and now Torm has full ownership of MEP.
