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. In this connection, TORM expects to enter into two additional sale and leaseback agreements providing $24 million in net liquidity. TORM said it has agreed on the key terms for the three sale and leaseback agreements.

TORM noted it has also sold the 2003-built 44,990 dwt MR tanker TORM Carina. The vessel is expected to be delivered to the new owner during the second quarter of 2021. Net of debt repayment, the sale will generate $6 million in liquidity.