TORM has entered into an agreement to purchase three 2013-built MR eco product tanker vessels for a total cash consideration of USD 48.5m and the issuance of 1.42 million shares. The transaction will increase TORM’s total fleet to 88 vessels on a fully delivered basis.
The vessels that are all built at a tier 1 Korean yard and have fuel-efficient eco vessel specifications are expected to be delivered no later than 31 May 2023. The cash element of the transaction is expected to be financed through traditional bank financing, and in connection with each of the three deliveries TORM will issue one third of the total share issuance, corresponding to 50% of the total consideration.
TORM is one of the world’s leading carriers of refined oil products such as gasoline, jet fuel, naphtha and diesel oil. With vessels varying in size from 35,000-114,000 dwt., TORM operates a large and modern fleet of product tankers.