Copenhagen-based product tanker owner Torm has agreed to acquire eight LR2 newbuildings through a 50/50 joint venture structure, while also securing options for two additional MR newbuildings. Pricing and delivery dates for the LR2 vessels have not been disclosed. The second and third quarters of 2026 marked Torm's most active expansion period, during which the company purchased six MR resale vessels, ordered six MR newbuildings, and exercised options for two further MR units. Torm, listed on Nasdaq Copenhagen and Nasdaq New York, said the latest agreements establish a fleet delivery pipeline extending through 2030, supporting its fleet renewal strategy and long-term earnings growth. Alongside its expansion, Torm has continued to dispose of older tonnage, selling the 2007-built LR1 vessel Torm Venture and the 2008-built MR vessel Torm Laura during the third quarter of 2026. Following these sales, the company's fleet stood at 95 vessels, excluding newbuildings on order. As of 30 September 2026, Torm's fleet had a market value of US$4,333 million, up from US$2,864 million a year earlier, based on broker valuations. Chief Executive Officer Jacob Meldgaard said favourable market conditions, healthy transportation demand and strong execution contributed to a strong third quarter, adding that the company remains confident in the long-term outlook for the product tanker market and will continue investing selectively in newbuildings.
