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Tanker owner Torm (NASDAQ:TRMD) +1.5% in early trading Monday after saying it agreed to buy eight second-hand MR vessels from an unnamed seller in a cash and stock deal valued at $340M.
Under the deal terms, Torm (TRMD) will pay $238M in cash and issue ~2.65M common shares for the vessels, all built by South Korea’s Hyundai Mipo Dockyard, with delivery expected during Q3 and Q4 this year.
Additionally, Torm (TRMD) said since the release of its Q1 results it has sold one MR tanker for $23.3M in cash, without naming the buyer.
With the latest acquisition and sale, the company said its fleet now stands at 96 vessels.