Denmark’s Torm is unconcerned over reports of the phasing out of LR1 clean tankers from the world fleet.

The Copenhagen-listed owner has this year added seven such 75,000-dwt ships to its fleet in deals with Jo Tankers and Glencore shipping arm ST Shipping.

But brokers and analysts have been predicting the slow death of the ageing fleet, as operators prefer the economies of scale available by using bigger LR2s.