Torm builds a historically large product tanker fleet despite a weak market

A halving of freight rates hit product tanker carrier Torm hard in the first quarter, which ended with a USD 21 million deficit on the bottom line. Meanwhile, Torm invested in a fleet expansion, buying ten tankers during the quarter. "We believe in an improvement in the product tanker market," executive director says to ShippingWatch. Updated.

Photo: PR/Torm

Although Torm lost money toward the end of 2020 and books a USD 21.1 million bottom line deficit for the first three months of the year, the Danish-based product tanker carrier continues to make fleet investments.

After acquiring eight MR product tankers from Team Tankers in early 2021 for nearly USD 137.5 million, Torm has also acquired another three LR tankers for the price of USD 121 million in the first quarter.

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