---

Vessel operator Torm reports that it has today signed an agreement to purchase two fuel-efficient, medium-range (MR), resale product tankers to its fleet.

The two bunker-saving 50,000-deadweight-tonne (dwt) vessels are currently under construction at the Hyundai Mipo shipyard in South Korea and are scheduled to be delivered to Torm later this quarter.

Commenting on the news, Executive Director Jacob Meldgaard, said: "I am pleased that Torm's strong capital structure allows us to act when we see attractive opportunities to grow the fleet."

With these two MR resales, Torm has bought six MR product tankers for a total value of $185 million during the third quarter of 2017. The company has further newbuilding options for 10 product tankers.

"We believe that asset prices are at a cyclical low and that our purchase prices are attractive. Therefore, the timing is right for growing and renewing our fleet," Meldgaard added.

As of today, Torm says it has capex commitments of $312 million covering the remaining expenditure on four Long Range 2 (LR2) vessels with expected delivery in 2017 and 2018, and six MR vessels with expected delivery in 2017 and 2019.

Torm says its undrawn credit facilities amount to approximately $467 million.