Torm snaps up eight MRs in $340m deal

Danish tanker owner Torm has increased its fleet with the acquisition of eight second-hand MR tankers for a total consideration of $340m.

The delivery of the vessels is to occur during the third and fourth quarters of 2024. Of the total price, $238m will be paid in cash while the rest will be settled with the issuance of approximately 2.65m shares. The cash element of this transaction will be financed through traditional bank financing.

According to the Danish firm, the purchase price is subject to certain adjustments that will be impacted by Torm’s share price development and the vessels’ delivery schedules.

The vessels were all built at South Korea’s Hyundai Mipo Dockyard in 2014 and 2015, and six of the vessels have been fitted with scrubbers.

The tanker owner added that it has also sold one 2006-built MR tanker set for delivery in the third quarter of 2024 for a cash consideration of $23.3m. With this acquisition and sale, the company’s fleet now stands at 96 vessels.