Ten secondhand ships or ten newbuildings? Torm’s Jacob Meldgaard knows which he prefers

Danish product tanker owner Torm will not be joining the recent rush to order newbuildings.

The Copenhagen-listed company’s chief executive Jacob Meldgaard believes the secondhand market makes more sense at the moment.

MR rates jump 40% across the Atlantic as ships leave for greener pastures

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Already this year, Torm has spent $233m on seven secondhand LR1s from Jo Tankers and Glencore and $97m on three MR tankers.