TORM completes 50% FR8 acquisition

A/S Dampskibsselskabet TORM on Monday completed its previously announced 50 percent acquisition of FR8 Holdings after receiving approval from the relevant competition authorities.

The Danish company paid $125 million for the shares from FR8 Ltd., a subsidiary of the international oil trader Projector S.A.

Projector will continue to control the remaining 50 percent of the shares in FR8, which has 25 product tankers, including three newbuildings, in its fleet. 

Source: American Shipper