Torm and Teekay to buy OMI
Dampskibsselskabet Torm A/S together with Teekay Shipping have laid an offer for the shares in the US based tanker owner/operator OMI Corporation of Stamford. The New York-listed company has a fleet of 47 tankers with a low average age. It is the plan that Teekay will take over the 13 Suezmax crude oil tankers, while Torm will take over 15 Medium Range (MR) tankers, 17 handy-size tankers and two Long Range (LR1) tankers plus two tankers on order. The offer for the shares has been offered on a 50/50 basis to a price of USD 29.25 per shares. The total price for OMI Corporation will be USD 1.8 billion or DKK 9.9 billion. The purchase, if accepted by the shareholders, will strengthen Torm’s position as one of the world leading product tanker operators. The sale is recommended by the management at Omi Corp. Teekay Shipping is already the largest Suezmax operator in the world.