TORM purchases three fuel-efficient MR product tankers in a partly share-based transaction
TORM has today 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, according to the company's release.
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. TORM operates a fleet of approximately 85 modern vessels with a strong commitment to safety, environmental responsibility and customer service. TORM was founded in 1889 and conducts business worldwide. TORM’s shares are listed on Nasdaq in Copenhagen and on Nasdaq in New York.
