Torm confirms $233m LR1 play

Denmark’s Torm has confirmed picking up seven secondhand LR1 tankers in two separate deals, as widely reported by brokers earlier this month. 

The New York and Copenhagen Nasdaq-listed product tanker owner said it had purchased the Korean and Chinese-built ships for $233m in cash, lifting its fleet to 85 on a fully delivered basis.

The units are expected to be financed through sale and leasebacks in China and delivered by the end of April.

The brokers earlier identified the ships as the 2013-built
Jo Rowan,
Jo Redwood, and
Jo Provel, the 2012-built
Jo Pinari, and the 2011-built
Alpine Plymouth,
Alpine Pearl and
Alpine Pacifica.