Danish owner Torm is adding four MRs to its fleet in a deal worth $83m.

The company said the unnamed 2011-built tankers will join between August and December this year.

All were constructed at Hyundai Mipo, like 10 other ships in the Torm fleet.

It has "good technical and commercial experience with these vessels," it said.

Potential candidates include a quartet of 52,000-dwt ships built by Mipo that year for Germany's Offen group.

The owner also said it had agreed to sell its 45,000-dwt Torm Gunhild (built in 1999) for $6m.

VesselsValue assesses the tanker as worth $5.34m.

CEO Jacob Meldgaard added: "We are pleased to expand the fleet with four modern MR vessels at an attractive price point.

"Looking into an improving demand-supply situation for the transportation of clean petroleum products, we believe that the timing for a fleet expansion with modern vessels is appropriate and underlines the flexibility provided by our strong capital structure."

The company has capital expenditure commitments of $346m, which includes the remaining instalments on two LR1 newbuildings with expected delivery in 2019, six new MRs coming in 2019 and the first quarter of 2020, the four MRs announced on Monday and scrubber installations on newbuildings and existing ships.

It has $407m in cash and undrawn credit.

On top of this, it has agreed a conditional term sheet of $66m with an "international financial institution" to finance the latest quartet.

The company operates a fleet of around 80 modern vessels.