Torm secured an agreement in principal for the ship for shares pact last month with a committee of lenders and has now won over 90% backing for the plan.

While the owner remains confident close to 100% support can be achieved, it is now in a position to complete the restructuring under English law, a statement this morning explained.

Torm had needed 75% approval for the plan and today 92% of lenders are on board.

Oaktree