TORM Secures Financing for LR2 Newbuildings

Danish shipping company TORM has entered into a financing agreement for four LR2 newbuildings scheduled for delivery in 2017 and 2018.

The financing agreement for the 114,000 dwt vessels is for an amount of up to USD 115 million.

TORM concluded the deal, which runs for twelve years, with The Export-Import Bank of China.

The main conditions of the agreement are in line with the company’s existing loan agreements, the Danish firm said.

As of June 30, 2016, the remaining investments in TORM’s newbuilding program amounted to USD 168 million.

The company said that with the recent agreement, TORM’s unutilized loan facilities and cash amount to USD 307 million.

The four fuel-efficient LR2 newbuildings were ordered in November 2015 from the Chinese shipbuilder Guangzhou Shipyard International (GSI).

The quartet has a market value of some USD 180 million, according to data provided by VesselsValue.

TORM earlier said that the agreement includes the option to purchase up to six additional vessels within the LR2, LR1 or MR segment, with expected delivery in 2018 and 2019.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >