Danish shipping company TORM has ordered four long range product tanker new buildings at China’s Guangzhou Shipyard International, with an option for six more, marking the company’s first foray into new building orders since 2008. Fleet growth comes as the Copenhagen-based product tanker company emerges from arduous financial restructuring. Private equity firm Oaktree now holds the majority stake in TORM. Expected delivery of the four ships is between the fourth quarter of 2017 and the second quarter of 2018. The company said it expected to have a total capital expenditure relating to the four firm vessels of approximately $200m, including extra costs related to Torm’s design requirements and supervision. 

Scorpio Tankers of Monaco, in contrast to TORM, is dropping options to build four medium range product tankers at Hyundai Mipo Dockyard. In August the product tanker owner signed for four 52,000 dwt vessels at HMD for $35.8m apiece, with options to build a further ten. It exercised an option to build four in October 2015 but will let its options to construct another four expire, according to company statements. The order book consists of eight medium range ships and four long range vessels, all of which are due to be delivered in 2016 and 2017. Scorpio Bulkers has also signed agreements to sell two of its capesize dry bulk vessels and four yet to be completed new building capesize bulkers for around $227m. Zodiac Maritime was confirmed as the buyer. Like many dry bulk companies, Scorpio faces tough times as the market remains fruitless. Scorpio Bulkers sold 11 vessels still under construction during the third quarter of 2015 and, as of November, had 11 Kamsarmaxes and 13 Ultramaxes under construction in Japan, South Korea and China. 

Sweden-based Gothia Tanker Alliance, consisting of Furetank Rederi, Älvtank and Thun Tankers, has ordered four dual-fuel intermediate product/chemical tankers from Avic Dingheng Shipbuilding in China. Expected to be delivered in 2018 and 2019, Furetank will own two of the four new buildings with Älvtank and Thun Tankers taking one each. Contract prices were not disclosed. 

Stena Bulk, which controls one of the world’s largest tanker fleets, has ordered three medium range product/chemical tanker new buildings at China’s CSSC Offshore & Marine Engineering for $200m and also has an option for a further two new buildings at the yard. Delivery of the 50,000dwt IMOII Max tankers is planned to commence by the end of 2017.