Torm closes LR1 pool

Danish shipowner and operator Torm will be shutting its LR1 pool by October this year. The company announced that it has agreed with pool partner Reederei Nord to close the pool.

"The growth of TORM’s fleet and the need to be closer to our customers have however necessitated a change of the pool operation. TORM will substitute pools with strategic partnerships whenever relevant”, the company said in a statement.

Tina Revsbech, senior vice president of Torm's tanker division said: "It is a necessary decision for Torm to do this, and I would like to stress that we depart from the pool as friends with the hope that we in the future, once again, can find mutual grounds for closer cooperation."

Following its closure, TORM will still operate a fleet of about 25 LR1s.