Torm acquiring four second-hand ships for $83 million using loans, asset sale proceeds

By Rebecca Melvin

New York, June 3 – Torm plc has agreed to buy four, 2011-built MR vessels for $83 million, according to a company news release.

The company said it has about $407 million of undrawn credit facilities and that it has entered into a conditional term sheet for financing for $66 million with an international bank. Furthermore, it has also agreed to sell an older MR vessel for $6 million.

The company expects to take delivery on the four second-hand vessels between August and December.

In addition, it plans to take delivery of two LR1 newbuildings and six MR newbuildings in the remainder of the year and first quarter of 2020 as well as scrubber installations on newbuildings and retrofit vessel.

Torm is a Copenhagen-based product tanker and dry bulk company.

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