Discover the Kestrel: Ratings & Maritime News

TORM A/S has finalized the sale of its Medium Range (MR) tanker, the 'Torm Amazon' (IMO: 9232803), which was built in 2002 at Onomichi Shipyard. The vessel, which underwent a dry docking in April 2019, has been acquired by Indian shipping company Seven Islands for a total of USD 8.5 million. This transaction highlights TORM’s ongoing strategy to optimize its fleet and strengthen its position in the competitive maritime industry.

On January 6, 2018, the 'Torm Amazon' was detained in Kaohsiung, marking a significant maritime development linked to ongoing disputes between the Danish shipping firm Torm and the First Ship Lease Trust (FSL Trust) based in Singapore. This conflict centers on the repair costs for two vessels, the 'Torm Margrethe' and 'Torm Marie', which were returned by Torm to FSL Trust last summer. The FSL Trust alleges that the 'Torm Margrethe', now operating under the name 'FSL Piraeus', required extensive repairs necessitating a lengthy 16-day dry dock stay, incurring expenses of $1.9 million. In contrast, the 'Torm Marie', which has been renamed 'FSL Perth', underwent repairs that were considerably less costly. Unable to reach a resolution regarding these financial claims, FSL Trust has initiated legal proceedings against Torm in the UK focusing on the repair costs for the 'Torm Margrethe', while simultaneously pursuing a separate case in Singapore related to the 'Torm Marie'. The situation continues to develop, as both parties seek to resolve their financial disagreements.