torm in A Sentence

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    Torm operates 79 oil product tankers worldwide.

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    The global product tanker fleet(above 25,000 dwt) grew by 1.1% in the third quarter of 2019(source: Torm).

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    As of 30 June 2018, Torm's fleet consists of 74 owned vessels, four chartered-in vessels and ten vessels on order.

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    Having recently ordered PureBallast 3 Ex for newbuild projects in China, Torm will now retrofit the same across their product tanker fleet.

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    Danish oil product tanker operator Torm said on Tuesday it had stopped taking new orders in Iran due to the impending U.S. sanctions.

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    Torm Executive Director Jacob Meldgaard said the company utilized its long-term relationship with GSI to enter into an agreement to purchase the vessels.

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    With these orders, Torm has committed to install scrubbers on 21 vessels and potentially up to 39 vessels or roughly half of Torm's fleet.

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    With these new orders, Torm has committed to install scrubbers on 21 vessels and potentially up to 39 vessels or roughly half of Torm's fleet.

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    Torm took delivery of two LR2 newbuildings in the first quarter of 2018 and on 20 April 2018 a third newbuilding, Torm Hellerup, was delivered.

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    In addition, Torm noted it has recently entered into an agreement to sell an older Handy vessel, Torm Loire(built in 2004), for a consideration of $9 million.

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    Torm said it expects to have total capex relating to the two vessels of $95 million including extra costs related to its design requirements and scrubber installations.

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    Torm, which currently has 29 GSI vessels in its fleet, said the newbuilds will be constructed"to optimize trading and fuel- efficiency" and will be equipped with scrubbers.

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    Torm has ordered a total of 16 scrubbers with ME Production China and signed a letter of intent for additional 18 scrubbers with the new joint venture.

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    Danish oil product tanker operator Torm on Tuesday said it has stopped taking new orders in Iran as a consequence of U.S. plans to reimpose sanctions on Tehran.

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    Danish oil product tanker operator Torm on Tuesday said it has stopped taking new orders in Iran as a outcome of US plans to reimpose sanctions on Tehran.

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    In early April 2018, Torm exercised newbuilding options for three MR vessels for a total net consideration of USD 93m of which USD 63m is financed by banks.

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    Denmark-based Torm said that growth in global demand for oil products generally remained subdued in the first two months of the quarter but showed signs of increased momentum towards the end of the quarter.

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    The company said it has secured financing of $76 million with an international financial institution, to be structured as a 10-year sale and leaseback agreement with purchase options during the lease period and at maturity providing Torm with maximum capital commitment flexibility.

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    In addition to the economic potential of the joint venture, it allows us to secure availability of high-quality scrubbers, which could pose a challenge to some owners as we approach the 2020 deadline for sulphur compliance set by IMO,” said Head of Technical Division at Torm Jesper S. Jensen.

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    In addition to the economic potential of the joint venture, it allows us to secure availability of high-quality scrubbers, which could pose a challenge to some owners as we approach the 2020 deadline for sulfur compliance set by IMO,” says Head of Technical Division at Torm Jesper S. Jensen.

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