TORM, POOL PARTNERS IN JOINT ORDER FOR SEVEN TANKERS

TORM, POOL PARTNERS IN JOINT ORDER FOR SEVEN TANKERS    A/S Dampskibsselskabet Torm, of Denmark, Reederei “Nord” Klaus E. Oldendorff, of Cyprus, Rederibolaget AB Gotland, of Sweden, and L.G.R. de Navigazione S.p.A., of Italy, have jointly ordered seven coated Panamax product tankers.
   They have also taken options to order up to five additional ships.
   The ships will operate as part of the LR1 Panamax pool.
   The 75,000-deadweight-ton vessels will be built by Hyundai Heavy Industries in Korea. They will be equipped with coated tanks, suitable for the carriage of clean refined petroleum products. Delivery of the series is scheduled during the first half of 2004.
   “This is one of the first times in the history of shipping, as far as I am aware, that strategic pool partners have jointly ordered ships on this scale,” said Klaus Kjaerulff, Torm’s chief executive officer.
   Torm said that its pooling creates significant operational and financial benefits for contributing partners in the form of better vessel utilization, reduced expenses and consolidated marketing.