On 09 November 2023, Torm PLC has entered into an agreement to acquire eight second-hand LR2 vessels that are expected to be delivered in late fourth quarter of 2023 and in first quarter of 2024 for a total consideration of USD 399 million, with a cash consideration of USD 239 million and the issuance of approximately 5.5 million shares. The purchase price is subject to certain adjustments that will be impacted by TORM?s share price development and the vessels? delivery schedules.

The vessels have all been built at the Tier 1-Korean yard Hyundai Samho Heavy Industries in 2010-2012 and have fuel-efficient eco vessel specifications. The cash element of the transaction is expected to be financed through a combination of different debt financing sources. TORM will issue the relevant shares in connection with the eight vessels.