Torm sells off ageing LR2

Danish product tanker owner and operator Torm has continued the disposal of older tonnage with the sale of one of its two oldest LR2 vessels.

The New York and Copenhagen Nasdaq-listed company has revealed the sale of an unnamed 2008-built LR2 unit with delivery to new owners expected during the second quarter of this year.

The buyer and sales price of Torm’s 109,700 dwt Torm Maren or Torm Mathilde has not been disclosed. The ships, estimated at about $32m each, are the oldest of the company’s 15 owned LR2s and both built at Dalian Shipbuilding Industry Corp.

Earlier this year, the Jacob Meldgaard-led company offloaded three of its oldest ships – all MRs built in 2005 – for $44.9m at a profit of $9.4m.

Once the latest transaction is closed, Torm will have 90 tankers, of which 66 are owned and the rest are on sale-and-leasebacks with purchase options.