Danish Ship Finance forces Torm to sell 13 ships

Equity fund Oaktree acquires 13 ships from Torm that have been financed by Danish Ship Finance. The sale means that Torm's expected deficit for 2014 increases significantly, to as much as USD 280 million.

Danish Ship Finance has exercised an option related to the restructuring of Torm. This means that the carrier is forced to divest another 13 product tankers to US equity fund Oaktree Capital Management, said Torm in a brief to the stock exchange Friday night.

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