Danish product tanker player Torm is expanding its owned fleet significantly after exercising purchase options on 13 ships previously under sale-and-leaseback deals.
The Copenhagen- and New York-listed firm said the move is part of its ongoing capital and loan management strategy. The first four ships -LR2 tankers Torm Herdis, Torm Hellerup, Torm Hannah, and Torm Kiara– are set to transfer to full ownership in the third quarter of this year. The remaining nine vessels will follow in the fourth quarter.
Torm is also continuing its active fleet renewal strategy, having sold and delivered the 2008-built LR2 Torm Mathilde. Two more 2008-built MRs –Torm Voyager and Torm Discoverer– have also been offloaded, with Discoverer delivered in July and Voyager due to leave the fleet later in the third quarter.
The company said it has secured up to $857m in financing to refinance two syndicated loans and lease agreements for 22 vessels. The new financing includes both term loans and revolving credit facilities and is intended to “strengthen the company’s capital structure and flexibility”.
The syndicated loans are expected to be refinanced during this quarter, while the lease agreements will be refinanced gradually through the second quarter of 2026, as the relevant purchase options are exercised.
At the end of Q2, Torm owned 66 product tankers and had 24 more under sale-and-leaseback deals with options to buy. Once the latest transactions are completed, Torm’s fleet will stand at 88 vessels.
“Maintaining a high-quality and competitive fleet is a core priority,” the Jacob Meldgaard-led company said, adding: “As part of our active fleet management strategy, we regularly divest vessels as they reach a certain age to ensure a stable and attractive average fleet age.”
