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TORM Takes Delivery of 2 MR Newbuildings

File Pic: TORM

Shailaja A. Lakshmi

TORM, a Denmark-based shipping company that owns and operates product tankers, announced that it took delivery of two medium range (MR) newbuildings during the second quarter of 2019.

The carrier of refined oil products said in a stock exchange announcement that it during the second quarter of 2019, TORM has purchased four modern 2011-built MR vessels for a total consideration of USD 83m. The vessels are expected to be delivered during August 2019.

TORM has sold the MR vessel TORM Gunhild (built in 1999) for a consideration of USD 6 million and repaid debt of USD 4m in connection with the vessel sale. The vessel has been delivered to the new owners.

"After the quarter ended on 30 June 2019, TORM has taken delivery of one MR newbuilding and sold two additional vessels, the MR vessel TORM San Jacinto (built in 2002) and the Handy vessel TORM Saone (built in 2004), for a total consideration of USD 16 million," said a statement.

TORM will repay debt of USD 9 million in connection with the vessel sales and expects to deliver the vessels to the new owners during the third quarter of 2019.

"The Board of Directors has considered the Company's options and believes that at this time the continued modernization of the fleet through newbuildings, purchase of modern second-hand tonnage and scrubber installations will provide for the optimal capital allocation," the statement said.

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