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Torm News

26 Feb 2024

Houthis Keep Up Pressure with Near Miss on US-flagged Tanker

FILE PHOTO: Torm Thor (Photo: Torm)

Yemen's Houthis fired a missile that likely targeted the Torm Thor in the Gulf of Aden on Feb. 24 but missed the U.S.-flagged oil tanker, the U.S. Central Command (CENTCOM) said on Monday, as the Iran-aligned militia steps up attacks on ships.Shipping risks have escalated due to repeated Houthi drone and missile strikes in the Red Sea and Bab al-Mandab Strait since November in support of Palestinians in Gaza. U.S. and British forces have responded with several strikes on Houthi…

24 Feb 2024

Houthis Target Torm Tanker

Source: Torm

Yemen's Houthis targeted MV Torm Thor, a U.S.-flagged, owned, and operated oil tanker, in the Gulf of Aden, the Iran-aligned group's military spokesman Yahya Sarea said on Sunday, as the militants continue to attack shipping lanes in solidarity with Palestinians in Gaza.The group targeted the tanker with "a number of appropriate naval missiles," Sarea added in a televised speech.The U.S. Central Command (CENTCOM) said the USS Mason, a guided missile destroyer, on Saturday shot…

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…

24 Aug 2023

Port of Los Angeles Pays Tribute to Shipping Lines That Reduced Emissions

Source: Port of Los Angeles

The Port of Los Angeles has recognized the achievements of more than two dozen shipping lines and carriers for participating in the Port’s Vessel Speed Reduction Program (VSRP), an air quality and annual incentive program for vessel operators who reduce their speed as they approach or depart the port.The voluntary program is one of many sustainability efforts currently underway at the Port to reduce emissions and decarbonize operations.Emission reductions are achieved under the…

25 Jul 2023

MARAD Announces First Ships Enrolled in the Tanker Security Program

(Photo: Overseas Shipholding Group)

The U.S. Department of Transportation’s Maritime Administration (MARAD) announced on Tuesday that nine ships have been enrolled in the Tanker Security Program (TSP), a newly created public-private partnership program that makes U.S.-flag commercial product tankers available to support U.S. armed forces and national economic security.“Today we are announcing the first ships to join the Tanker Security Program, which will help strengthen both our supply chains and our national security…

15 May 2023

Maersk Tankers Names Revsbech CEO

Tina Revsbech (Photo: Maersk Tankers)

Tina Revsbech will join Maersk Tankers as its new CEO, replacing Christian M. Ingerslev, who has been appointed CEO of Maersk Supply Service.Revsbech brings to the role more than 30 years of industry experience. She was previously executive vice president at Fednav Limited, CEO at BW Tankers and senior vice president at Torm. Earlier in her career, Revsbech worked for more than 15 years for Maersk Tankers as head of chartering and Head of Maersk Tankers for Americas and Singapore, respectively.Chair of the Board of Directors, Robert M.

16 Mar 2023

TORM Buys Three MR Tankers

(File photo: TORM)

Danish tanker shipping company TORM on Thursday announced it has entered into an agreement to buy three secondhand MR tankers from an undisclosed seller.The MR eco product tankers were built in South Korea in 2013, now purchased by TORM for a total cash consideration of $48.5 million and the issuance of 1.42 million shares, the company said.Slated for delivery before May 31, the ships will increase TORM’s total fleet to 88 vessels on a fully delivered basis.TORM said it expects to finance the cash element of the transaction through traditional bank financing…

26 Jan 2023

TORM Buys Seven LR1 Tankers

(Photo: TORM)

Danish tanker shipping company TORM announced it has entered into deals to acquire seven secondhand LR1 vessels. The company said on Thursday that it reached a deal on January 25 to acquire three vessels after purchasing four vessels earlier this month. The seven ships were built at Korean and Chinese shipyards from 2011 to 2013.Aggregate cash consideration for the seven vessels is $233 million, the company said, adding that it will finance the deals through sale and leaseback agreements with a Chinese financial institution.All vessels are expected to be delivered no later than April 30 2023…

12 May 2021

TORM Buys Secondhand Tanker Trio from Okeanis

Tanker shipping company TORM announced on Wednesday it has purchased three 2015-built Aframax vessels from Okeanis Eco Tankers Corp. for $120.8 million.The three 114,322 dwt LR2 tankers Nissos Schinoussa, Nissos Heraclea and Nissos Therassia are expected to be delivered during the second and the quarters of 2021, TORM said. The trio was built at South Korea's Hyundai Heavy Industries, and each is fitted with scrubbers and ballast water treatment system.TORM said it has obtained commitment for the financing of two of the vessels from Danish Ship Finance for $60 million, and the third vessel is expected to be financed through a sale and leaseback agreement with a Chinese financial institution for proceeds of $32.2 million.

01 Mar 2021

TORM Buys Eight Vessels from TEAM Tankers

TORM said on Monday it has entered into an agreement to purchase eight MR product tankers with chemical trading capabilities from TEAM Tankers in a partly share-based transaction.The deal, which includes a total cash consideration of $82.5 million and the issuance of 5.97 million shares, will increase TORM’s total fleet to 83 vessels.The eight vessels are all built at the Croatian shipyard Brodotrogir from 2007 through 2012, and six of them have specialized cargo tank configurations and extended tank segregations (IMO 2), allowing for enhanced trading flexibility through chemical trading options, while still being able to work integrated in the existing One TORM operational platform.The vessels are:TEAM Amorina (2012-built…

10 Nov 2020

Maersk Names Zero Carbon Shipping Center's Management Team

© NAN / Adobe Stock

The Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping on Tuesday announced its management team. to join CEO Bo Cerup-Simonsen in building an organization capable of facilitating the transition to a carbon free global shipping industry.Made possible by a DKK 400 million ($63.5 million) donation by the A.P. Møller Foundation, the Center was formed in June by a group of global shipping entities committing themselves to decarbonizing the maritime industry. The Center, which recently revealed its Board of Directors and a location at the heart of the Danish Shipping cluster in Copenhagen…

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…

14 Jan 2020

TORM Secures $496M for Debt Refinancing

Denmark-based product tanker company TORM has obtained a commitment for a total of USD 496 million from a syndicate of lenders to refinance its debt and bolster its capital structure.The carrier of refined oil products said the total amount is a combination of two separate term facilities and a revolving credit facility, which will be used to refinance the company’s debt covering a total of USD 502 million.Following the refinancing, TORM does not have any major debt maturities until 2026 which supports TORM’s strong capital structure, it said.“I am very pleased that we have been able to utilize TORM’s strong relationship with our lenders to remove all major near- and medium-term debt maturities with the financing of USD 496m in debt facilities at attractive terms.

12 Nov 2019

TORM Conducts 16 Scrubber Installations

TORM, a pure play product tanker company and one of the world's leading carriers of refined oil products, expects to install a total of 44 scrubbers and has since the last quarter committed to an additional ten scrubber installations.The new installations support our balanced approach to the new sulfur regulation, with scrubbers.The recently decided additional scrubber installations will be conducted during the first and the second quarter of 2020.As of 12 November 2019, TORM has conducted 16 scrubber installations. Of the remaining 28 installations, seven are expected to be conducted in 2019, 12 in the first quarter of 2020 and nine in the second quarter of 2020.As seen across the entire industry…

13 Nov 2019

Product Tanker Freight Rates Rebounds

Product tanker freight rates softened in the third quarter of 2019 but rebounded strongly at the start of the fourth quarter following an increase in crude tanker rates that began after the attacks on Saudi Arabian oil facilities and accelerated dramatically to multi-year high levels at the end of September when the US imposed sanctions on two subsidiaries of China's COSCO Shipping.Denmark-based TORM said that growth in global demand for oil products generally remained subdued in the first two months of the quarter but showed signs of increased momentum towards the end of the quarter.The particularly heavy refinery maintenance schedule in the second quarter eased in the third quarter…

22 Oct 2019

Tankers Unable to Offload in Malaysian Port

© Igor Groshev / Adobe Stock

Refineries at Port Dickson on Peninsular Malaysia's west coast are unable to receive crude oil after a port facility that carries crude from the ships to the plants broke down.A system known as a single point mooring (SPM) unit, a loading buoy anchored offshore that allows tankers to offload their crude via pipeline to the refineries, has been out of service, the refinery operators said.The SPM connects to a refinery operated by Hengyuan Refining Company Bhd (HRC), a subsidiary of China's Shandong Hengyuan Petrochemical Co…

07 Oct 2019

Bawat A/S Raises New Capital

Logo: Bawat

The Danish company Bawat A/S, specializing in the treatment of ballast water aboard ships and in ports, has just finalized the provision of capital equal to more than $2.94m from new and existing shareholders.The new shareholders include Selfinvest Family Office as a key stakeholder, and previous TORM CEO and current SKULD chairman Klaus Kjærulff. Former Sondex owner Åge Søndergaard of SonFlow A/S joins the new shareholders. Their engagement represents considerable support of…

15 Aug 2019

TORM Takes Delivery of 2 MR Newbuildings

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…

28 Jun 2019

Danish Shippers to Install Scrubbers

Denmark-based shipping companies prefer to install exhaust gas purification systems, the so-called scrubbers, on their ships."The scrubbers clean the exhaust smoke from the engines and thereby remove Sulphur and other particles which enable the ships to meet new international requirements," says Danish Shipping, which represents the danish shipping industry.With its 183.2-meter long hull, Torm Laura takes up a lot of space at the FAYARD yard on Funen, Denmark. Every day, the ship transports everything from oil to chemicals on the seven oceans, but for the last two weeks the ship has been docking at a shipyard in Munkebo to have a scrubber…

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.

15 Mar 2019

Denmark ShippingLab for Smart Shipping

A new Danish maritime research, development and innovation partnership has been established under the name of ShippingLab.Danish shipping company J. Lauritzen together with Maersk Tankers, DFDS, Torm and a range of other shipping companies, industrial maritime suppliers, research and technology institutions and universities have formed the partnership, where industry and academia work together with the purpose of solving practical issues to the benefit of society.The overarching goal of the partnership is to develop Denmark’s first autonomous, environmentally friendly ship. The pathway to achieving that goal will also include workstreams on digital ship operation and decarbonisation.The workstream on digital ship operation will focus on the development of intelligent solutions…

06 Mar 2019

Torm Joins Inatech for IMO 2020 Bunker App

Danish product tanker operator Torm has joined Glencore subsidiary Inatech on an app to tackle the anticipated complex bunkering landscape in shipping post-2020.Inatech, which specialises in energy trading risk management systems, has built the ‘Smart Trader’ app to enable companies to map their entire fleet of ships and visualise best routes given sea and port conditions to achieve lowest prices for the desired quality of fuel.The toolkit leverages bunker alerts and pricing data from S&P Global Platts, the leading independent provider of information and benchmark prices for the energy and commodities markets."Torm, the tanker company that’s one of the world’s biggest carriers of refined oil products…

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.