Torm returns to newbuilds amid soaring secondhand values and record earnings
- Torm has signed its first direct newbuilding contracts since 2020, ordering six conventional-fuel MR2 product tankers from China’s Zhoushan Changhong International Shipyard
- The order increases Torm’s newbuilding backlog to 12 ships, following six MR vessels secured through resale deals earlier this year
- The announcement comes alongside record quarterly results as Q2 revenue more than doubled year on year to $663m, while net profit rose to $338m from $59m
Chief executive Jacob Meldgaard said rising secondhand tanker values had made newbuildings more attractive, particularly as newbuilding prices have remained relatively stable
