Danish shipping company Torm has started sending ships to dry dock for maintenance work prematurely, so the ships will be ready when the market takes a turn, according to Maritime Danmark. The manoeuvre also helps reduce costs and capacity.
“At Torm, every penny is used, we are considering taking on cargo, we would not normally have considered and we are looking at dry docking. We have already put one ship in dry dock. I think the other ship owners are considering maintenance for the tankers to be ready when the market gets better,” said an anonymous tanker operations manager at Torm.
The tanker operations manager also points out that Torm is looking for more period charters. At the moment, Torm is controlling a fleet of 115 product tank ships with 37,000 to 110,000 tonnes of dead weight, of which around a third are on period charter.