Sign up
Log in Sign up
Thu 3 Aug 2017, 11:38 GMT

Torm orders two bunker-saving resale tankers


Fuel-efficient, medium-range (MR) vessels are scheduled to be delivered in Q3.

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.

Deal   Newbuild   Denmark 
Jacob Norgaard, Bunker Holding. Bunker Holding appoints Global Risk Management's Jacob Nørgaard as CFO  

Michael Krabbe steps down after eight years with the company.
Icon of the Seas ship-to-ship (STS) bunkering operation. Avenir LNG vessel completes first LNG bunker delivery to Icon of the Seas in Honduras  

Avenir Advantage delivers LNG to Royal Caribbean cruise ship in operation involving Axpo.
Andrea Lazzaro, WinGD. Ethanol gains traction as a marine fuel, WinGD says, citing Shandong and Maersk  

Engine maker WinGD says ethanol is ready for maritime use as early orders and IMO recognition build momentum.
Lumi Aurora vessel. IINO Lines takes delivery of the world’s only ice-class VLGC at Hanwha Ocean’s Okpo yard  

LPG dual-fuel vessel is also capable of carrying ammonia as cargo.
Clean Arctic Alliance logo. Clean Arctic Alliance warns of black carbon threat as container ships eye Northern Sea Route  

Environmental coalition urges IMO polar fuel rules as Arctic shipping activity raises climate concerns.
Steel-cutting ceremony of vessel with builder's hull no. CHB2052. Construction begins on 21,700-TEU LNG dual-fuel boxship for MSC  

366-metre vessel described as the largest container ship currently under construction in Zhejiang Province.
CIMC SOE building. CIMC SOE signs order with European shipowner for 6,000-cbm LNG bunker vessel  

Vessel set to provide LNG bunkering services at European ports once deployed.
Flex Commodities office in Dubai. Flex Commodities moves Dubai head office to Jumeirah Lakes Towers  

UAE-based firm relocates to waterfront community popular amongst bunker companies.
Echandia Core marine battery system. Echandia: Batteries offer fuel savings by optimising generator loads on large vessels  

Marine batteries could cut auxiliary generator fuel consumption by up to 15%, according to technology firm.
Palermo LNG facility. Amazónica LNG joins SEA-LNG, extending the coalition’s reach into Latin America  

Colombian LNG terminal operator becomes first South American member of the multi-sector industry group.




   Fuels & Propulsion

Ammonia B100 B24 B30 Bio-LNG / LBM / LBG Biofuel Biogas Biomethanol CBM Dual-fuel E-fuel E-methane / e-NG E-methanol Electric Ethanol FAME Green hydrogen Green/e-ammonia HVO Hydrogen LNG LPG Lubes Methanol MGO Nuclear UCOME ULSFO VLSFO Wind



 Recommended