Product tanker and dry bulk shipping company TORM Thursday said it is planning to install scrubbers on 14 vessels, including all vessels currently on order and the three LR2 vessels that were delivered earlier in 2018, in preparations for IMO 2020.
“TORM has decided These vessels have a scrubber-prepared design and there are no changes to the delivery schedule,” it noted in the interim results for the half year ended 30 June (H1) of 2018.
“As of today, TORM’s scrubber program covers four LR2s, two LR1s and eight MRs.”
To date, TORM’s order book stood at ten newbuildings: one LR2, two LR1s and seven MRs, all from Guangzhou Shipyard International, China. The LR2 vessel is expected to be delivered in the third quarter of 2018 and the LR1s and the MRs in 2019 through the first quarter of 2020.
TORM, meanwhile, posted net loss of USD $8.2 million in H1 2018 against net profit of USD $3.0 million in H1 2017; H1 2018 revenue was USD $326.3 million compared to USD $329.8 million in the similar period last year.
“Despite healthy end-user consumption, the product tanker market remained under pressure in the second quarter of 2018,” says Executive Director Jacob Meldgaard.
“Nevertheless, I am pleased to see TORM outperformed commercially when comparing to relevant benchmarks and peers and continues.
“We have continued to take steps to further renew and optimise our fleet by taking delivery of one LR2 newbuilding in the second quarter and exercising newbuilding options for three MR vessels.
“In addition, we have to date decided to install scrubbers on 14 of our vessels to prepare for the expected consequences of the IMO sulphur emission directive that will come into force in 2020.”
Photo credit: TORM
Published: 20 August, 2018
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