TORM buys scrubber-fitted LR2 trio for $120.8 m May 12, 2021, by Jasmina Ovcina
Danish carrier of refined oil products TORM has signed an agreement to purchase three 2015-built scrubber-fitted and fuel-efficient LR2 vessels, splashing $120.8 million on the deal.
The ships, named Nissos Schinoussa, Nissos Heraclea, and Nissos Therassia, are being bought from Okeanis Eco Tankers Corp.
The vessels are expected to be delivered during the remainder of the second quarter and the third quarter of 2021.
TORM expects to finance two of the vessels with a $ 60 million commitment secured from Danish Ship Finance, while the third vessel is should be financed through a sale and leaseback agreement with a Chinese financial institution for proceeds of $32.2 million.
TORM plc Reports First Quarter Loss Before Tax of $21.1 Million, But Cites Product Tanker Market Improvement
“In the first quarter of 2021, TORM achieved an EBITDA of USD 19m, in a market which continues to be impacted by the pandemic. Further I am pleased that we have just purchased three LR2 vessels on top of the eight MR vessels acquired earlier this year” says Executive Director Jacob Meldgaard.
• In the first quarter of 2021, TORM achieved TCE rates of USD/day 13,493 (2020, same period: USD/day 23,642) and an EBITDA of USD 18.9m (2020, same period: USD 101.5m). The loss before tax amounted to USD -21.1m (2020, same period a profit of USD 56.8m), and earnings per share (EPS) was negative by USD -0.29 or DKK -1.8 (2020, same period: USD 0.76 or DKK 5.1). The result includes an unrealized loss from freight derivatives of USD 7m. Cash flow from operating activities was positive at USD 9.8m in the first quarter of 2021 (2020, same period: USD 49.8m), and Return on Invested Ca
Middle East and Africaâs oil & gas industry deal activity dropped 32.92% in Q1 2021 By Global Data on 5/11/2021
Led by $2.59 billion asset transaction with BP Exploration (Epsilon), Middle East and Africaâs oil & gas industry saw a drop of 32.92% in deal activity during Q1 2021, when compared to the last four-quarter average, according to GlobalDataâs deals database.
A total of 27 deals worth $4.81 billion were announced for the region during Q1 2021, against the last four-quarter average of 40.25 deals.
Of all the deal types, M&A saw most activity in Q1 2021 with 27 deals, representing a 100% share for the region. In terms of value of deals, M&A was the leading category in Middle East and Africaâs oil & gas industry with $4.81 billion.