Torm acquires OMI

In cooperation with Teekay Shipping Corporation (Teekay), A/S Dampskibsselskabet TORM (TORM ) signed an agreement with shipping company OMI Corporation (OMI ), located in Stamford, Connecticut, and listed on the New York Stock Exchange, to acquire the entire share capital of OMI on 17 April 2007.

The agreement was unanimously approved and recommended by OMI ’s Board of Directors. TORM acquired OMI for USD 2.2 billion. With the addition of OMI ’s Mumbai, India operations, TORM is now able to run a 24-hour service from offices in Denmark, India, Singapore and the US.
As well as a very modern and uniform product tanker fleet, the OMI acquisition secures TORM ’s presence in the  US market. The acquisition also included OMI ’s technical organisation in India, which will continue to service the acquired fleet – most of which is chartered out to oil companies on time charter for an average duration of 2 years.