Danish oil product carrier, TORM, is to expand its fleet with the acquisition of three MR newbuildings in 2019 and 2020, worth US $93m. The vessels will be delivered ready for compliance with the 2020 Global 0.5% Sulphur Cap.
The vessels will be built at the Guangzhou Shipyard International (GSI), China. Executive Director Jacob Meldgaard, says: “The vessels are attractively priced when comparing to the current market, and we believe that now is an attractive time to secure new fuel-efficient tonnage that is compliant with the ballast water convention and ready for the IMO 2020 sulphur requirements.”
In addition to the company’s $100m equity raise for the vessels, TORM has commitment for vessel financing of up to USD 63m from KfW and ABN AMRO, which remains subject to loan documentation.
Since 2017, TORM has bought a total of nine MR vessels and two LR1 vessels for a total consideration of $352m. The vessels are all fuel-efficient and high-specification product tankers that are compliant with the ballast water convention and ready for the 2020 sulphur cap.
