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Jacob Meldgaard News

09 Nov 2023

Torm Buys Eight LR2 Tankers

(File photo: Torm)

Danish shipping company Torm announced it has entered into an agreement to acquire eight secondhand LR2 vessels from an undisclosed seller.The $399 million deal includes a cash consideration of $239 million and the issuance of approximately 5.5 million shares, Torm said, noting the purchase price is subject to certain adjustments that will be impacted by its share price development and the vessels’ delivery schedules.The vessels are expected to be delivered in late Q4 2023 and…

23 Jan 2020

Torm Orders LR2 Newbuilds from GSI

(Photo: TORM)

Danish product tanker company TORM announced on Thursday it has entered into a deal to purchase a pair of LR2 tankers from Chinese state-owned builder Guangzhou Shipyard International (GSI) for expected delivery in the fourth quarter of 2021.TORM, which currently has 29 GSI vessels in its fleet, said the newbuilds will be constructed "to optimize trading and fuel- efficiency" and will be equipped with scrubbers. The vessels will also be prepared for a potential later dual-fuel…

24 Jun 2019

Danish Shipping Agenda in EU

Two European Commissioners will come by Amaliegade and Danish Shipping’s headquarters to discuss the most important points of the Danish maritime shipping agenda in EU in the coming years today.The Slovenian EU Commissioner for Transport, Violeta Bulc and her colleague, EU Commissioner for Competition, Margrethe Vestager will meet with Danish Shipping in Copenhagen.The two Commissioners will meet with, among others, Danish Shipping’s Director General and CEO Anne H. Steffensen and chairman Jacob Meldgaard."We are pleased that two strong Commissioners take the time to come by our house to discuss the challenges and opportunities Danish and European shipping will be facing in the coming years," says Anne H.

03 Jun 2019

TORM Adds Four MR Tankers

Danish shipping operator TORM has reached an agreement to acquire four modern 2011-built MR vessels “at an attractive price point”."Looking into an improving demand-supply situation for the transportation of clean petroleum products, we believe that the timing for a fleet expansion with modern vessels is appropriate and underlines the flexibility provided by our strong capital structure," says Executive Director Jacob Meldgaard.A press release from the carrier of refined oil products said that it has agreed to buy the quartet for a total consideration of USD 83m with expected delivery between August and December 2019.The vessels are built at the Korean yard Hyundai Mipo.

09 Nov 2018

TORM, ME Production and GSI JV for Production for Scrubbers

Danish shipping company TORM has established a joint venture with scrubber manufacturer ME Production and Guangzhou Shipyard International (GSI).The joint venture, ME Production China, will manufacture and install scrubbers in China and deliver them to a range of maritime industry customers for both newbuildings and retrofitted vessels, said a press release from the carriers of refined oil products. TORM holds an ownership stake of 27.5% in the new joint venture. GSI is part of the China State Shipbuilding Corporation group.“Our long-standing relationships with GSI and ME Production helped to facilitate this unique joint venture at a time when demand for scrubbers is expected to increase significantly.

16 Aug 2018

TORM to Feature Scrubbers in Newbuildings

Danish shipping company TORM is installing scrubbers to its vessels, allowing them to continue running on high sulfur fuel oil after the International Maritime Organization's marine fuels sulfur limit is cut in 2020.A press release from the company said that it has decided to install scrubbers on 14 vessels including all vessels currently on order and the three LR2 vessels that were delivered earlier in 2018.These vessels have a scrubber-prepared design and there are no changes to the delivery schedule. As of today, TORM’s scrubber program covers four LR2s, two LR1s and eight MRs.Danish producer tanker group's Executive Director Jacob…

03 Apr 2018

TORM Orders MR Tanker Trio at GSI

(File photo: Torm)

Danish ship owner TORM exercised options for the construction of three MR newbuildings at Chinese shipyard Guangzhou Shipyard International (GSI) for expected delivery in 2019 through first quarter of 2020. The three newbuilds will cost $93 million. TORM said it has secured commitment for vessel financing of up to $63 million from KfW and ABN AMRO, subject to loan documentation. “The vessels are attractively priced when comparing to the current market, and we believe that now…

26 Jan 2018

Torm Issues New Shares for USD 100mln

The shipping company Torm has completed the sale of new shares for 100 million dollar, which the company will use for a possible expansion of the fleet. In a notice to the stock exchange, the company states that the directed issue has now been completed. "TORM has issued a total of 11,920,000 new Class A common shares (par value USD 0.01) (the "New Shares") at a price of USD 8.39 (corresponding to DKK 51.00) per New Share. The related capital increase has today been filed with the UK Companies House," it said. "I am very pleased that TORM has attracted investors who share our belief in the product tanker market and in the One TORM platform.

03 Aug 2017

TORM Buys Two MR Tankers

(Image: TORM)

Danish ship owner TORM said it has signed an agreement to purchase two 50,000 dwt medium range (MR) tankers currently under construction at the Korean shipyard Hyundai Mipo. “TORM’s strong capital structure allows us to act when we see attractive opportunities to grow the fleet,” said TORM executive director, Jacob Meldgaard. “With these two MR resales delivering in Q3 2017, we have acquired a total of six new high-quality product tankers over the last few weeks. We believe that asset prices are at a cyclical low and that our purchase prices are attractive.

24 Jul 2017

TORM Buys Resale MR Tankers from GSI

(Photo: TORM)

Danish ship owner TORM said it has purchased four resale medium range (MR) tankers from Chinese shipbuilder Guangzhou Shipyard International (GSI), with an option to purchase up to four additional MR vessels. The first four vessels are due for delivery in 2019, and the following four would be delivered in late 2019 – all delivered according to TORM’s specifications. According to TORM Executive Director, Jacob Meldgaard, TORM was able to purchase the vessels “at very favorable prices” thanks to its long-standing relationship with GSI.

03 Mar 2016

Torm: Now is Not the Right Time for US Listing

Photo: Torm

Volatile markets currently prevent Danish shipping firm Torm from going through with a planned stock market listing in the United States, but the company still aims to do so later this year, it said on Thursday. "Right now, it doesn't seem like the most obvious time to go through with this (a U.S. listing). The window for capital markets opens and closes and just now, I note that it is closed," Chief Executive Jacob Meldgaard told Reuters at the sidelines of an industry conference in Oslo. "We still have a plan to do this in 2016, but we have no problem with postponing it," he added.

30 Nov 2015

Torm Orders Four Tankers in $200 mln Deal

Danish shipping company Torm has signed an order for four fuel-efficient LR2 (long-range) product tanker vessels from Guangzhou Shipyard International in China for $200 million. The shipyard is expected to deliver the vessels between the fourth quarter of 2017 and the second quarter of 2018. The agreement includes the option to buy up to six more vessels within the LR2, LR1 or MR (medium-range) segment with delivery in 2018 and 2019. "Given the market outlook, we see this as an attractive way to grow and renew our LR2 fleet at a favourable price", says CEO Jacob Meldgaard in the statement. LR2 tankers are the largest tankers after VLCCs -- very large crude carriers. LR1 and MR tankers are sizes below that. Reporting by Ole Mikkelsen

12 Nov 2015

TORM Product Tanker Freight Rates Climbs Up

TORM’s strong operational platform has delivered the highest product tanker freight rates since 2008 and a positive EBITDA of USD 96m in the third quarter of 2015, says its 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, he said. During the third quarter of 2015, the product tanker market reached its highest level since 2008 primarily due to continued high refinery utilization supporting demand for transportation of refined products. TORM’s largest segment, MRs, achieved spot rates of USD/day 24,599 in the third quarter of 2015, which is up by 77% year-on-year.

13 May 2015

Torm Posts First Quarterly Profit in Five Years

TORM Ugland (Photo: Torm)

Debt-stricken Danish tanker operator Torm has posted its first quarterly net profit in five years thanks to higher freight rates. The company swung to a net $8.6 million profit in January-March compared with a net loss of $222.6 million in the first quarter last year. "The combination of lower oil prices and wider refinery margins boosted the demand for transportation of refined oil products in the first quarter of 2015," Chief Executive Jacob Meldgaard said in the statement. (Reporting by Ole Mikkelsen)

31 Aug 2014

Tankship Owners TORM Get Credit Facility Extension

Denmark-based TORM say that all lenders have supported the agreement to extend the existing Super Senior Working Capital Facility by six months until 31 March 2015 to facilitate the completion of the recapitalization process. Given the current limited draw, the extended facility will be reduced from USD 100m to USD 50m on TORM’s request, however the extension remains subject to continued progress in the recapitalization process. 'The 100% consent level representing more than 40 lenders is a strong sign of the support to TORM and the efforts to recapitalize the Company. The aim is to reach a long-term solution for the capital structure within the timeframe of this extension', says CEO Jacob Meldgaard.

14 May 2014

Tankship Owner Torm Report Lower Q1 Earnings YoY

Danish shipping company Torm reported first-quarter core earnings lower than in the same quarter last year and lowered its guidance for 2014. Earnings before interest, taxes, depreciation, and amortization (EBITDA) fell to $21 million from $36 million last year. The company narrowed its expectations for the full-year, seeing core profit of between $70 million and $100 million versus an earlier forecast of $70 million to $110 million. "The first quarter is usually a strong period for product tankers, but this year freight rate improvements were partly offset by limited arbitrage trades and continued low European demand," chief executive Jacob Meldgaard said in the statement. (By Ole Mikkelsen;

08 Jul 2013

Torm Appoints New CFO

Photo courtesy of TORM

Mads Peter Zacho (44) has been appointed new Chief Financial Officer (CFO) of TORM A/S. With an educational background as M.Sc. from the University of Copenhagen, Mads Peter Zacho began his professional career in banking working with Goldman Sachs Intl. and Unibank before joining the International Finance Corporation in Washington D.C. Mads Peter Zacho was with Nordea in Copenhagen before being recruited to A.P. Moller Maersk, where he was appointed Deputy Head of Group Finance. He joined Svitzer in 2010 where he is CFO today. “We are very pleased with the appointment of Mads.

08 May 2013

Torm Release 2013 1Q Report

Photo: Torm

In the first quarter of 2013, TORM realized a positive EBITDA of $36 million and a loss before tax of $16 million. “The seasonally strong first quarter in the product tanker segment was the best we have seen since the beginning of the financial crisis. TORM positioned itself well to take advantage of the market improvements, and we saw the positive effects of TORM’s restructured time charter fleet and the cost program. Cash flow from operations after interest was positive,” said Torm's CEO, Jacob Meldgaard.

03 Nov 2010

TORM Sells Two Dry Bulk Newbuilds

TORM has entered into an agreement to sell the two Kamsarmax dry bulk newbuildings TORM Karen and TORM Kate. Both vessels are planned to be delivered to TORM in Q1 2011. The newbuildings have been sold for a total consideration of USD 90 million with a total net loss of $16m. The newbuildings are expected to be delivered to the new owner in the first quarter of 2011, where the effect of the transaction will be recognized in the financial statements. "We consider timing of the sale to be attractive given the large number of new vessel deliveries in the coming years. Going forward we expect that the continued volatile dry bulk market will offer many interesting opportunities which we are ready to exploit," said CEO Jacob Meldgaard.

16 Jan 2002

DS Norden Joins OceanConnect

Dampskibsselskabet Norden, one of the world's oldest and largest ship owners, has joined OceanConnect as a new equity partner. Norden Senior Vice President Carsten Mortensen said that, "We established this partnership because OceanConnect has provided Norden with benefits far beyond traditional fuel brokering. The savings to date have been tremendous. In light of these results, we wanted to partner with the company that is changing the way bunkers are purchased." "We have been using OceanConnect for over a year, and we are saving money on fuel, our largest variable cost. We're acquiring equity because we know the value of OceanConnect's service," Norden Vice President Jacob Meldgaard said.

20 Jun 2002

OceanConnect and Starsupply Launch Hedging Service

OceanConnect President Thomas Reilly today announced the launch of a new risk management service aimed at helping shipowners and suppliers protect their profits. "Financial derivatives have become an important tool in the risk management arena. said. managing their exposure to the volatile marine fuel marketplace. now have additional benefits," said OceanConnect President Thomas Reilly. broker, to develop this offering," Reilly said. evolution. world's largest marine fuel brokers. Bandy said. fleet on our spot purchasing. Meldgaard, Vice President at Dampskibsselskabet Norden AS. chartered tonnage. leadership as a factor in the decision to begin the partnership. most innovative and flexible marine fuel service. forward to a successful partnership," he said.