TORM purchases seven LR1 vessels
On 25 January 2023, TORM entered into an agreement to acquire three LR1 vessels which together with another agreement that TORM entered into earlier in January 2023 resulted in TORM purchasing a total of seven 2011-2013 built LR1 vessels for an aggregate cash consideration of USD 233.0m. All vessels are built at renowned Korean and Chinese shipyards. The transactions will increase TORM’s total fleet to 85 vessels on a fully delivered basis. All vessels are expected to be delivered no later than 30 April 2023 and are expected to be financed by sale- and leaseback agreements with a Chinese financial institution.