Andreas Sohmen-Pao, Managing Director of BW Shipping (Singapore) commented: “Product tankers are a natural extension of our crude oil transportation business, and we have been involved in this sector in the past.  We are pleased to be re-establishing a meaningful presence in the refined oil transportation market.”

The eight LR1 tankers are being built at Dalian Shipyard, China, and will be delivered from July 2006 through to 2008. The tankers were originally contracted by IMC Shipping and sold in 2005 to AL Ships in Germany. The ships will carry refined oil products such as jet fuel and gasoline, with four on 5-year time charter to Torm, and the remaining vessels on the spot market under a pool arrangement.

“Under our new BW banner, our group remains committed to all our key markets of tankers, gas, dry bulk and offshore, and continues to look for growth opportunities that will enable us to support our customers’ needs,” says Sohmen-Pao.