TORM plc signs a financing term sheet for up to USD 130m

TORM plc has signed a term sheet for financing of up to USD 130m with collateral in nine MR vessels. The financing agreement has been concluded with ABN AMRO, Danske Bank, DVB and ING.

Torm Plc Secon Quarter 2016 Report

The fundamental oil demand was high, as expected, in the second quarter of 2016. However, inventory drawdowns and lower naphtha imports to the Far East reduced the transportation requirements and led to generally lower freight rates.