Product carrier specialist Torm is continuing on an expansion path with new bank financing totalling $556m.

Two loan and leasing facilities worth $433m have been secured, refinancing existing borrowing and stretching debt maturity out until 2028, the Copenhagen-listed company said.

There are options to extend most of the expiration to 2029.

On top of this, Torm said it had obtained a commitment for $123m to finance the acquisition of further secondhand vessels on the same terms.