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Torm inks deal to buy four resale MR tankers at Comec

Shipowner Torm has inked a deal to buy four fuel efficient MR resale tankers from China’s CSSC Offshore & Marine Engineering Co (Comec), with deliveries expected in 2019.

The purchase agreement comes with an option to buy up to four additional MR vessels with their expected deliveries in late-2019.

Torm said it has utilised its long term relationship with Comec to take over the contract for the four resale vessels at attractive terms and conditions.

“Given the market outlook, we see this as an attractive way to grow and renew our fleet at a cyclical good point in time,” said Jacob Meldgaard, executive director of Torm.

The Danish Ship Finance has agreed to finance 65% of Torm’s vessel purchase price, which was not disclosed. The financing will stretch over seven years from the time of the first vessel delivery.

Torm already has 20 vessels built by Comec, which was formerly known as Guangzhou Shipyard International, subsidiary of China State Shipbuilding Corp (CSSC). Torm has a further four LR2 tankers currently under construction at the shipyard.

With the latest agreement, Torm has capex commitments of $247m covering the remaining capex on the four LR2 tankers with scheduled deliveries in 2017 and 2018, and the four resale MR tankers.

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