TORM Buys Seven LR1 Tankers

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, increasing TORM's fleet to 85 vessels on a fully delivered basis.