TORM A/S [NASDAQ:TRMD] (TORM) says it has reached agreement on the sale of five MR product tankers to an unnamed company controlled by U.S. headquartered asset management firm Oaktree Capital Management (Oaktree).
The Danish shipping company said the sale is a result of a bank group exercising an option obtained as part of the firm's restructuring last year.
The five vessels will be delivered to Oaktree during 2013, at which time it will place them under TORM's commercial management in a revenue sharing scheme, as well as use TORM's integrated operating platform.
Read in full: http://shipandbunker.com/news/world/949951-torm-to-sell-five-mr-product-tankers
All news