Danish dry bulk carrier Torm has entered into a financing agreement with the Export-Import Bank of China to build six MR-class 52,000dwt newbuilds.

The company said the agreement, amounting to $170m, will continue for eight years and the vessels will be delivered between 2010 and 2012.

In December 2009, Torm entered into a similar financing agreement with the bank for another six MR newbuilds for $167m.

The remaining investment in Torm’s newbuild programme came to $455m by the end of last year.

With the recent agreement the company’s unutilised loan facilities and cash total reached $700m.