The bank financing 2010-built Torm Alexandra and Torm Agnete and 2012-built Torm Arawa and Torm Anabel initiated the sale, exercising an option it held as part of last year's restructuring deal.
The four vessels and another two owned by Oaktree will be commercially managed by Torm in a revenue sharing scheme with a profit split mechanism.
Delivery of the vessels is expected in the first half of 2014, with the related $5m impairment being recognised in the fourth quarter 2013. Once the transaction is complete, the company's debt will drop by $107m and its liquidity position will improve by $13m.
"Through our strong operational platform, we have succeeded in maintaining the four vessels associated with TORM. We have also secured that two additional vessels will join our revenue sharing scheme," commented ceo Jacob Meldgaard.
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