TORM

TORM Plc engages in the ownership and operation of product tankers. The firm transports refined oil products such as gasoline, jet fuel, kerosene, naphtha and gas oil, and occasionally dirty petroleum products, such as fuel oil. The company was founded by Ditlev E. Torm and Christian Schmiegelow in 1889 and is headquartered in London, the United Kingdom.

Earnings data Q1 2021

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Earnings data Q4 2023

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Earnings data Q4 2024

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TORM Plc engages in the business of transporting clean and dirty petroleum products. It operates under the Tanker and Marine Exhaust segments. The Tanker segment focuses on the transportation of refined oil products such as gasoline, jet fuel, and naphtha. The Marine Exhaust segment includes developing and producing advanced and green marine equipment. The company was founded by Ditlev E. Torm and Christian Schmiegelow in 1889 and is headquartered in London, the United Kingdom.

TORM plc (TRMD) CEO Jacob Meldgaard on Q2 2020 Results - Earnings Call Transcript

“The strong market during the first quarter continued into the second quarter of 2020, which has resulted in the strongest half-year since 2008. TORM achieved a profit before tax of USD 128m for the first six months of 2020. I am pleased that TORM’s strong financial position allows us to distribute a total of USD 63m, or DKK 397m, in dividends to our shareholders for the half-year. With recent sales of seven older vessels at attractive prices, we have continued our ongoing fleet renewal activities, enabling TORM to actively pursue attractive opportunities in the market as they arise,” says Executive Director Jacob Meldgaard and adds: “Further, I am pleased that at this point in the third quarter of 2020, TORM’s solid operational platform has secured strong bookings that indicate a positive result for the whole quarter.”

TORM plc Second Quarter and Half-Year Report 2020

TORM plc (“TORM” or the “Company”) (ticker: TRMD A on Nasdaq in Copenhagen and TRMD on Nasdaq in New York) will release its financial results for the second quarter and first half of 2020 on Monday, 17 August 2020.

TORM plc to announce second quarter and first half 2020 results

TORM plc has been notified of the following transaction in TORM plc securities:

Notification of major holdings in the Company (TRMD)

TORM plc (“TORM”) increases its share capital by 67,132 A-shares (corresponding to a nominal value of USD 671.32) as a result of the exercise of a corresponding number of Restricted Share Units.

Capital increase in TORM due to exercise of Restricted Share Units as part of the Company’s incentive program

Notification of major holdings in the  Company

In accordance with TORM plc’s (“TORM”) Remuneration Policy adopted by the Annual General Meeting of TORM plc on 12 April 2018, the Board of Directors has as part of a long-term incentive program decided to grant certain employees (the “Participants”) Restricted Share Units (“RSUs”) in the form of restricted stock options. The RSUs aim at incentivizing the Participants to seek to improve the performance of TORM and thereby the TORM share price for the mutual benefit of themselves and the shareholders of TORM.

TORM plc Long-Term Incentive Program

TORM plc (TRMD) CEO Jacob Meldgaard on Q1 2020 Results - Earnings Call Transcript

“During the first quarter of 2020, TORM obtained a profit before tax of USD 57m, which represents the strongest start to a year in more than a decade. The strong start has continued and has further enhanced so far in the second quarter where TORM has secured record bookings, with 69% of the earning days covered at USD/day 29,188, driven by the current logistical inefficiencies and increased interest in floating storage due to contango in the oil price,” says Executive Director Jacob Meldgaard.

TORM plc First Quarter Report 2020

Today, the High Court has approved a reduction of TORM plc’s share premium account by USD 900m (the "Capital Reduction") under section 648 of the Companies Act 2006. The Capital Reduction was approved by TORM’s shareholders at the Annual General Meeting held on 15 April 2020.

Confirmation of Capital Reduction

Diamond S Shipping

Navios Maritime

Scorpio Tankers

Teekay Tankers

Floating Distillate Storage - Clean Tankers

As previously announced, the Board of Directors authorized – and at the Company’s AGM on 15 April 2020 the Company’s shareholders approved – a dividend payment for the six months ended 31 December 2019 of USD 0.10 per A‐share to be paid to the shareholders whose names appear on the register of members at close of business on 20 April 2020.

Update on dividend for the six months ended 31 December 2019

Why Torm Stock Just Dropped 29%

Notification of major holdings  in the Company

TORM plc (the “Company”) announces that all the resolutions set out in the notice of the Annual General Meeting dated 13 March 2020 were duly passed on a poll at today’s Annual General Meeting. The result of the poll is illustrated below.

Results from TORM plc’s Annual General Meeting on 15 April 2020

Notification of major holdings in the Company: TRMD

Ardmore Shipping

Capital Product Partners

Danaos

Euroseas

Euronav

Flex Lng Ltd

Frontline

Golar LNG

Grindrod Shipping Holdings Ltd

International Seaways

Dorian LPG

Pyxis Tankers

Scorpio Bulkers

Safe Bulkers

Star Bulk Carriers

Seanergy Maritime Hlds

Teekay LNG Partners

Tsakos Energy Navigation Limited

COVID-19 is delivering a devastating impact to global markets, with oil routing the hardest due to a double-punch from the Saudi/Russia oil price war.

Global Shipping: Tankers Winning As Uncertainty Abounds

Enclosed please find the notice of and the complete proposals for the Annual General Meeting of TORM plc to be held on 15 April 2020.

TORM plc – Notice of and complete proposals for the Annual General Meeting 2020

TORM plc (TRMD) CEO Jacob Meldgaard on Q4 2019 Results - Earnings Call Transcript

“The product tanker market improved significantly in 2019 compared to previous years, resulting in the strongest full-year results in three years, supported by our superior integrated One TORM platform. Our thorough preparations for the IMO 2020 sulfur regulation have, together with a strong product tanker market going into 2020, further enabled TORM to achieve freight rates in the first quarter to date that will provide the strongest start to a year for more than a decade. This has been achieved despite the uncertainty caused by COVID-19, which we continue to monitor closely, together with the last days’ extraordinary development in the oil market that, so far, has provided further support to an already strong underlying product tanker market. Each of these two events represent new and unique challenges, risks and opportunities in the markets in which we operate,” says Executive Director Jacob Meldgaard.

TORM plc Annual Report 2019

“I am very pleased that TORM has utilized its long-term relationship with Guangzhou Shipyard International to enter into an agreement to purchase two LR2 newbuildings. These newbuildings will be financed through a flexible and attractive sale and leaseback structure including a repurchase option at the end of the lease period,” says Executive Director Jacob Meldgaard.

TORM orders two scrubber-fitted LR2 newbuildings

TORM plc (“TORM”) increases its share capital by 12,405 A-shares (corresponding to a nominal value of USD 124.05) as a result of the exercise of a corresponding number of Restricted Share Units.

Capital increase in TORM  due to exercise of Restricted Share Units as part of the Company’s incentive program

TORM has obtained commitment from leading ship lending banks for two separate term facilities and a revolving credit facility of up to a total of USD 496m. These facilities replace four term loans and TORM’s existing revolving credit facility that all together on a fully drawn basis cover USD 502m in debt. Following the refinancing, TORM does not have any major debt maturities until 2026 which supports TORM’s strong capital structure.

TORM obtains USD 496m bank financing for the refinancing of existing debt, thereby removing all major debt maturities until 2026

TORM plc expects to issue financial statements and convene its Annual General Meeting on the following dates in 2020:

TORM plc financial calendar 2020

TORM plc (“TORM”) increases its share capital by 31,899 A-shares (corresponding to a nominal value of USD 318.99) as a result of the exercise of a corresponding number of Restricted Share Units.

Capital increase in TORM due to exercise of Restricted Share Units as part of the Company’s incentive program.

News for TORM Stock (TRMD)