Teekay acquires 16% stake in competing tanker group Torm
Teekay Shipping Corp. has acquired a 16-percent stake in the Danish tanker shipping group A/S Dampskibsselskabet Torm for about US$37.3 million.
Teekay said that the purchase was made through its wholly-owned subsidiary Pacific International Investments Inc.
Headquartered in Copenhagen, Torm operates three product tanker pools totaling over 60 vessels, including 21 owned vessels. In addition, Torm operates a drybulk carrier pool. Torm is listed on the Copenhagen stock exchange and on the Nasdaq. Teekay is listed on the New York stock exchange.
The acquisition is the latest evidence of the rapid consolidation of the tanker shipping industry.