TORM Enters Financing Agreement For LR2 Newbuildings

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TORM has entered into a financing agreement for the four LR2 newbuildings to be delivered in 2017 and 2018.

The vessels are all in the LR2 class, i.e. of a size of approximately 114,000 dwt.

The financing agreement for an amount of up to USD 115m has been concluded with The Export-Import Bank of China and runs for twelve years.

The main conditions of the agreement are in line with the Company’s existing loan agreements.

The financing agreement was signed at a ceremony at TORM’s premises in Hellerup.

“We are very pleased to continue the close cooperation with The Export-Import Bank of China,” says acting CFO Christian Søgaard-Christensen.

As of 30 June 2016, the remaining investments in TORM’s newbuilding program amounted to USD 168m. With the recent agreement, TORM’s unutilized loan facilities and cash amount to USD 307m.

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