Danish owner Torm has added to its orderbook with a deal for two scrubber-fitted LR2s in China.
The company said the vessels have been contracted at Guangzhou Shipyard International (GSI), which has already built 29 tankers for Torm.
The fuel-efficient ships will be delivered in the fourth quarter of 2021.
The cost is $95m combined, including scrubbers.
They are being financed under a $76m, 10-year sale and leaseback with an unnamed international financial institution.
There are purchase options during the term and at the end, providing it with "maximum capital commitment flexibility," the company said.
“I am very pleased that Torm has utilised its long-term relationship with Guangzhou Shipyard International to enter into an agreement to purchase two LR2 newbuildings," said executive director Jacob Meldgaard.
Tanker sale confirmed
The owner said it has had "excellent technical and commercial experience" with its existing GSI ships.
The new tankers will be prepared for potential dual-fuel operations at a later date.
The only other vessel under construction for Torm currently is a 50,000-dwt tanker due from GSI this year. The owner has a fleet of 79 vessels.
Torm also confirmed the sale of the 37,100-dwt Torm Loire (built 2004) for $9m, allowing it to repay $4m of debt on the vessel.
It was one of two vessels that TradeWinds reported sold to Salonitis family-owned Salmar Shipping, a low-profile company that has been active for years in small chemical tankers but has now re-entered the MR sector.
The other was the 37,100-dwt Torm Garonne (built 2004).
Last week, positive market conditions allowed Torm to secure three new loans worth a combined $496m, which will refinance its existing facilities ahead of schedule.
The company's CFO Kim Balle told TradeWinds the two separate term facilities and a revolving credit facility together replace four term loans and Torm's existing revolving credit facility, which together accounted for up to $502m in debt when fully drawn.
After refinancing the facilities, the product tanker operator does not have any major debt maturities until 2026.
