Torm takes over 13 leaseback tankers as it sheds older tonnage
Torm Expands Fleet with Major Vessel Acquisitions
Danish shipping company Torm is significantly increasing its owned fleet by exercising purchase options on 13 vessels previously involved in sale-and-leaseback agreements. This strategic move, announced by the Copenhagen- and New York-listed firm, is part of Torm’s ongoing efforts to enhance its capital and loan management. The first four ships are expected to be fully owned by the third quarter of this year, with the remaining nine transferring ownership in the fourth quarter.
Strategic Fleet Management and New Financing
Torm’s fleet renewal strategy remains active as the company continues to optimize its assets. Recently, Torm sold the 2008-built LR2 tanker Torm Mathilde. Additionally, two other vessels, the 2008-built MRs Torm Voyager and Torm Discoverer, have been offloaded. Torm Discoverer was delivered in July, while Torm Voyager is set to leave the fleet later this quarter.
To support its expansion and refinancing initiatives, Torm has secured up to $857 million in financing. This funding aims to refinance two syndicated loans and lease agreements covering 22 vessels. The new financial structure will consist of both term loans and revolving credit facilities, designed to enhance the company’s capital framework and operational flexibility. Torm plans to complete the refinancing of the syndicated loans during this quarter, with lease agreements set to be refinanced gradually until the second quarter of 2026 as purchase options are exercised.
As of the end of Q2, Torm owned a total of 66 product tankers, with an additional 24 vessels under sale-and-leaseback agreements holding purchase options. Upon completion of the current transactions, Torm’s fleet will encompass 88 vessels. The company emphasized its commitment to maintaining a high-quality and competitive fleet, stating, “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.”
