TORM purchases three scrubber-fitted vessels for $120M

by 14, May, 2021Innovation, Maritime 4.00 comments

Vessel Nissos Schinoussa. Image courtesy of Claudio Ritossa, MarineTraffic

TORM has entered into an agreement to purchase the three 2015-built scrubber-fitted and fuel-efficient LR2 vessels Nissos Schinoussa, Nissos Heraclea and Nissos Therassia from Okeanis Eco Tankers for a total consideration of US $120.8M.

The vessels are expected to be delivered during the remainder of the second quarter and the third quarter of 2021.

TORM has obtained commitment for the financing of two of the vessels from Danish Ship Finance for USD 60M subject to finalisation of the documentation. The third vessel is expected to be financed through a sale and leaseback agreement with a Chinese financial institution for proceeds of US $32.2M. In this connection, TORM expects to enter into two additional sale and leaseback agreements providing US $24M in net liquidity. TORM has agreed on the key terms for the three sale and leaseback agreements.

After the end the quarter, TORM has also sold the vessel TORM Carina. Net of debt repayment, the sale will generate US $6M in liquidity. The vessel is expected to be delivered to the new owner during the second quarter of 2021.