TORM orders three MR tankers

Danish shipping company Torm has exercised its options to build three medium range (MR) tanker newbuildings at Guangzhou Shipyard International (GSI).

Torm will pay US$93 million for the vessels, which are scheduled for delivery from 2019 until the first quarter of 2020.

Executive Director Jacob Meldgaard said the vessels were already fully funded by the January equity raising and loan commitments from KfW and ABN AMRO. 

"The vessels are attractively priced when comparing to the current market, and we believe that now is an attractive time to secure new fuel-efficient tonnage that is compliant with the ballast water convention and ready for the IMO 2020 sulfur requirements," said Mr Meldgaard.

Already expecting the delivery of two LR2 vessels in 2018, Torm has also ordered two LR1 vessels and seven MR vessels for delivery in 2019 and the first quarter of 2020.