Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Torm in first newbuilding order since 2008

Torm in first newbuilding order since 2008
Back from its restructuring Torm has returned to the newbuilding market for the first time since 2008 ordering four LR2 product tankers, with options for six more vessels, at Guangzhou Shipyard International (GSI).

Torm is splashing out $200m on the LR2 newbuildings to be delivered between the fourth quarter of 2017 and the second quarter of 2018. The shipowner has also taken options for six more vessels of either LR1, LR2 or MR tankers for delivery in 2018 and 2019 from GSI.

“I am very pleased that Torm has utilized its long-term relationship with Guangzhou Shipyard International to enter into an agreement to purchase four LR2 newbuildings with an option for an additional six vessels. Given the market outlook, we see this as an attractive way to grow and renew our

LR2 fleet at a favorable price,” commented Torm ceo Jacob Meldgaard.

Torm said it was in advanced talks for financing of the newbuildings.