Torm News

U.S. Senator Ron Wyden has contacted seven maritime shipping companies as part of an inquiry into cartel-linked fuel smuggling between the United States and Mexico, asking the firms to explain their vetting procedures for ensuring their tankers aren't used to transport illicit hydrocarbons, according to copies of the letters seen by Reuters.The letters from Wyden, who is the most senior Democratic member of the Senate Finance Committee, were dated Friday. They come as stolen crude and bootleg fuel have become the second-largest revenue source for Mexican cartels after drugs…

On the afternoon of March 8, a petroleum tanker named Torm Agnes entered the Port of Ensenada on Mexico’s Pacific coast carrying almost 120,000 barrels of diesel.Such a vessel was a rare sight in that port, which mainly hosts cruise liners, luxury yachts and container ships. Ensenada lacks the infrastructure needed to unload cargos of flammable hydrocarbons safely – making what happened later that day odder still.Waves of fuel-hauling trucks rolled up to the dock to cart away much of the Torm Agnes’ load.

Danish Shipping has launched an initiative to help build maritime competence and create opportunities for talented African cadets.Danish shipping companies and Danish authorities have a long history of cooperating closely with African partners, especially in the maritime sector.Building on successful partnerships between Danish shipping companies and African maritime institutions, the African Maritime Training Initiative aims to strengthen cooperation and create opportunities…

The Arab Shipbuilding and Repair Yard Company (ASRY)  completed the repair, maintenance and handover of the giant cargo tanker Torm Venture, owned by Denmark's Torm. The project involved major repair and maintenance works to renew the vessel and improve its operationalefficiency.‘During this project, we faced a challenge to complete the repairs and deliver the vessel successfully within just 14 days from the start of work, while the expected timeframe was 18 days," said Mahmood Hassan, a project manager at ASRY.

TORM A/S has acquired the remaining 25% ownership stake in ME Production (MEP) from founder and CEO Jens Peter Faldt. MEP is a Danish industrial engineering company with a proven record in green maritime equipment. This expansion follows TORM’s initial acquisition of a 75% ownership stake in 2022, and now TORM has full ownership of MEP.The two companies have maintained a close, productive collaboration since 2018, when a joint venture was established to manufacture exhaust gas cleaning systems (scrubbers) in China. Since then, more than 70 systems have been installed on TORM vessels.

Ardmore Shipping has announced a series of leadership changes and updates to its commercial organization following news of the upcoming retirement of Founder and CEO, Anthony Gurnee, and the appointment of Gernot Ruppelt and Bart Kelleher to CEO and President roles respectively.Effective September 16, 2024, Robert Gaina will join the Ardmore Senior Management Team (SMT) as Senior Vice President, Commercial, succeeding the current CCO, Gernot Ruppelt upon his advancement to CEO.

Danish pure play product tanker company TORM on Monday announced it has entered into an agreement to acquire eight secondhand MR vessels in a $340 million cash and stock deal. TORM did not name the seller.The vessels have all been built by South Korea's Hyundai Mipo Dockyard in 2014 and 2015, and six of the vessels have been fitted with scrubbers. TORM said it expects to take delivery of the vessels during the third and fourth quarters of this year.The purchase price, which includes a cash consideration of $238 million and the issuance of approximately 2.65 million shares…

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…

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…

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…

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…

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…

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.

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…

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…

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.

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…

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…

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…

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.

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…

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…

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…