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Danish Ship Finance triggers sale of 13 Torm tankersDanish Ship Finance triggers sale of 13 Torm tankers

Torm is expected to be hit with an impairment charge of $150m - $200m as one of its lenders Danish Ship Finance triggers the sale of 13 product tankers as part of the shipowner's restructuring.

Marcus Hand, Editor

March 10, 2014

1 Min Read
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Danish Ship Finance exercised an option to sell 10 MR and three LR2 product tankers and agreement has been reached in principle by Torm to sell the vessels Oaktree Capital Management. Torm will continue as commercial and technical management of the vessels.

“We acknowledge Danish Ship Finance’s commercial incentive to exercise their sales option before it expires in July and thereby trigger a sales process,” said Jacob Meldgaard ceo of Torm. “In this light, I am very pleased that Torm’s strong operational performance is recognised by a strategic investor in the product tanker space, which enables us to maintain all 13 vessels in Torm’s commercial control and technical management.”

The agreement is expected to lead to an impairment charge of $150m - $200m in the first quarter of 2014. Torm has revised down its forecast EBITDA for 2014 to $70m - $110m from $90m - $130m previously.

About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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