If undertaken, the listing is expected to be completed in 2016.
As part of its restructuring during H1, the group enjoyed a contribution of 31 product tankers from Oaktree Capital Management-owned Njord Midco (Njord) just in time for rates to hit pre-2008 levels, generating Q3 charter revenues of $149.8m against $31.2m in 2014.
Torm further purchased three modern second-hand MR vessels, 2007-built Torm Loke, 2010-built Torm Atlantic and 2012-built Torm Astrid for $80m, due for Q4 delivery, and completed the wind-down of its bulk activities with the sale of Panamaxes Torm Anholt and Torm Bornholm.
“Torm’s strong operational platform has delivered the highest product tanker freight rates since 2008 and a positive EBITDA of $96m in the third quarter of 2015,” said ceo Jacob Meldgaard. “Torm has demonstrated its financial and strategic flexibility with the exit from bulk to become a pure-play product tanker company, the acquisition of three MR vessels and two new financing agreements in the third quarter of 2015.
“With our proven track record and a large fleet on the water, Torm is well-positioned to take advantage of the promising supply and demand fundamentals in the market.”
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