Lenders seeping out of Torm

Nordea Finland recently sold off its commitment in heavily-indebted Torm, just as Danish Ship Finance exercised an option to sell loans in 13 of the carrier's ships. Now a major French bank has followed suit.

Nordea Finland and Danish Ship Finance pulled out as lenders in Torm a few weeks ago, and now French BNP Paribas has sold its stake of USD 119 million in the carrier.

Torm CFO Mads Peter Zacho confirms to Lloyd's List that the major French bank has sold its loan to a circle of financial investors, though he declines to mention names. It is, however, a well-known fact that a long list of equity funds are actively acquiring shipping loans at sizeable discounts.

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