Denmark’s Torm is continuing to add tankers to its owned fleet.
European brokers reported the New York and Copenhagen-listed company snapping up two MR vessels using purchase options attached to Japanese mortgage and charter-back deals.
The 49,800-dwt Torm Torino and Torm Titan (both built 2016) were acquired from Showa Leasing and Eifuku Kaiun respectively, and are now worth much more than they were offloaded for.
No purchase prices were reported for the Sungdong-built ships, however.
The Torm Torino was sold by Torm in 2019 for $26m and bareboated back to the Danish company for five years, with a purchase obligation at the end of the term in 2024.
The tanker was worth close to $31m five years ago, according to VesselsValue, which has a value of $38.4m on the vessel now.
The Torm Titan is assessed as worth $39.5m and went to Eifuku in 2019, also for $26m, with a seven-year charter back.
It was also worth $31m five years earlier.
The deals follow hot on the heels of a $399m transaction for eight LR2s from the fleet of Kristian Gerhard Jebsen Skipsrederi and Hayfin Capital.
The company confirmed the buybacks to TradeWinds.
Six ships offloaded
Torm said in its third-quarter results it had also sold six ships since July.
The last two to be identified by brokers are the MR pair Torm Thyra and Torm Kansas.
The 45,950-dwt Torm Thyra (built 2003) is valued at $14m, but no price was reported for the deal.
The 46,900-dwt Torm Kansas (built 2006) went for $19.1m with a dry-docking due.
No buyers are yet known.
Earlier in November, TradeWinds reported that the shipowner had boosted its liquidity by around $76.5m by selling three older tankers.
The 75,000-dwt Torm Estrid and Torm Ismini (both built 2004) have gone for $20m or $20.5m each.
The 109,700-dwt Torm Marina (built 2007), fitted with a scrubber, is said to have fetched $36.5m.
