TORM Secures Financing for LR2 Newbuilds

TORM said it has entered into a financing agreement for the four LR2 newbuildings to be delivered in 2017 and 2018. The vessels are all in the LR2 class, i.e. of a size of approximately 114,000 dwt.

The financing agreement for an amount of up to $115 million has been concluded with The Export-Import Bank of China and runs for 12 years. The main conditions of the agreement are in line with the Company's existing loan agreements. The financing agreement was signed at a ceremony today at TORM's premises in Hellerup.

As of June 30, 2016, the remaining investments in TORM's newbuilding program amounted to $168 million. With the recent agreement, TORM's unutilized loan facilities and cash amount to $307 million.