In a note to investors the owner said itwill continue to commercially manage the vessels “in a revenue sharing scheme”and will provide technical management as well.
“Torm retainsan upside potential through a profit split mechanism if Oaktree generates areturn above a specified threshold,” it told investors Monday.
Torm says theships will change hands this year and expects to recognise a loss ofapproximately $5m in the second quarter.
While it failedto identify the ships by name, when TradeWinds first tipped Oaktree as the buyernearly two months ago sources suggested they may be the 52,000-dwtTorm Alice, Torm Aslaug and Torm Almena (all built 2010), and Torm Agnes andTorm Amalie (built 2011).
At thetime observers said the California-based private equity powerhouse would payaround $27m piece in a deal that was contingent on its ability to secure bankfinancing. Today, the VesselsValue.com database estimates the market value tobe around $139m in total.
As wereported, the sales were ordered by Torm’s lenders, which have the option tocall for the disposal of another 17 vessels under the terms of its financial overhaul. Last month, however, CEO JacobMeldgaard told TradeWinds this was an unlikely scenario.
