Danish product tanker owner Torm will not be joining the recent rush to order newbuildings.

The Copenhagen-listed company’s chief executive Jacob Meldgaard believes the secondhand market makes more sense at the moment.

Already this year, Torm has spent $233m on seven secondhand LR1s from Jo Tankers and Glencore and $97m on three MR tankers. Meldgaard is not naming the seller of these ships.