TORM Q2 2023 Earnings Call Transcript

Quartr
Provided by Quartr
August 17, 2023

There are 5 speakers on the call.

Operator

And welcome to the TORM Plc Second Quarter and 6 Months Ended 2023 Results Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. I will now turn the conference over to Andreas Abildgaard Hain, Head of Investor Relations. Please go ahead.

Speaker 1

Welcome to TORM's conference call. We are pleased to have you with us and have been looking forward to presenting to you the results for the Q2 of 2023. We will refer to the page numbers that we present during the call And at the end, you can ask questions if you are attending the phone conference. If you are joining via webcast, you can You have access to ask questions during the presentation as well. After this conference call, you will be able to listen to a recording and as usual, You can find our presentation and other relevant data on our website.

Speaker 1

Please turn to slide 2. Before we start presenting the results, I would like to draw your attention to the Safe Harbor statement. Please turn to Slide 3. Today's presenters are, as usual, Executive Director and CEO, Jacob Mittgaard and CFO, Kim Bele. Please turn to Slide 4.

Speaker 1

I will now hand over to Jacob.

Speaker 2

Thank you, Andreas, and good afternoon. Good morning to all. Thank you for connecting with us for our Q2 2023 result presentation. Today, we will present the strongest 2nd quarter in our history, a quarter that continues the performance from the Q1 of this year. We realized a TCE of US308 $1,000,000 in the 2nd quarter and an EBITDA result of US237 $1,000,000 Adjusted for unrealized gains on FFA contracts of US37 $1,000,000 our EBITDA result increased 23% to US199 $1,000,000 while profit before tax increased 72% US284 $1,000,000 compared to the same period last year.

Speaker 2

Return on invested capital was 33.9% in the 2nd quarter before correcting for unrealized gains on financial instruments related to Freight and Bunker and our balance sheet remains strong with a net LTV ratio of 29% and available liquidity of US497 $1,000,000 This morning TORM's Board of Directors approved a dividend of US1.5 dollars per share based on the Q2 and we expect to distribute Around US126.6 million dollars here in September. In the first half of the year, we have taken delivery of all the 7 LR1 vessels Acquired in early January and the 3 MR vessels that we announced was acquired in March. We also sold and delivered 1 LR1 vessel With the fleet ending at 87 vessels at the end of June. During the Q2, we entered into a collaboration with CEBOC To participate in the tanker security program led by the U. S.

Speaker 2

Maritime Administration. It means that 3 of our MR vessels will participate in the program and undergo re flagging to the U. S, while continuing their regular operations under TORM's commercial management when not operating under the tanker security program. We expect this agreement to contribute positively to our earnings. As of 14th August, We have covered 74% of the 3rd quarter at US3534 dollars per day, which is a reflection of the slightly lower Market rates that we saw in the latter part of the second quarter as a result of refinery maintenance, product stock growth and slightly lower demand for products.

Speaker 2

As I'll be explaining in a moment, we expect the markets to recover and we expect a stronger 4th quarter. Now please turn to Slide 5. Since the start of the Russian invasion of Ukraine And the consequent introduction of sanctions against Russian oil products, we've seen a step change in product tanker freight rates towards a higher average level as sanctions have led to a recalibration of trade flows towards longer distances. This has also brought along a higher volatility level as the product tanker fleet has moved closer to the point of full utilization where even small changes in the underlying demand and supply are creating high volatility in freight rates. In this environment of increased volatility being able to position our fleet towards the premium trades and regions It's even more important and this means that having access to the right customers and the right cargo combinations is essential.

Speaker 2

We can see that we with our OneTone integrated platform continue to have strong support from our customers and we remain confident That we will have access to the cargoes and trades that in turn enables us to position our fleet in the premium regions. Pierre, please turn to Slide 6. When we look more closely at the main market drivers, The geopolitical conflict in Europe and the resulting EU ban on Russian oil products has been the most important demand driver side for 1.5 years now. As a result, the composition of EU imports has undergone a significant change from being mainly short hold to being predominantly long hold. This has translated into a 40% increase in EU import ton mile during the post sanction period compared to the same period a year ago.

Speaker 2

And this is despite the fact that EU imports have been 15% lower year on year, which was a result of higher imports and product stockpiling ahead of the sanctions as well as the fact that EU oil demand has seen some weakness so far this year. Similarly, Russia has been successful in redirecting its clean products to markets in North and West Africa, Turkey, Brazil, the Middle East and Asia, again increasing ton miles. Although here in the second quarter, we have seen Some slowdown in Russian volumes due to spring refinery maintenance, which released part of the tonnage engaged in the Russian trade into the mainstream market thereby putting a pressure on freight rates. Kindly turn to Slide 7. I've already mentioned that EU imports after the introduction of sanctions have been lower than usual, Partly as a result of the stock building ahead of the sanctions, which meant that a portion of demand was supplied by stockpiles instead of by imports.

Speaker 2

By now, the stockpiles have been drawn down to below average levels. Hence, in the months ahead, this will give a tailwind to the product tanker market. As a consequence of low diesel stocks in Europe, the Middle East to Europe diesel arbitrage spreads have in recent weeks widened to the highest level since the sanctions against Russia were officially introduced. This is likely going to encourage Increased trade flows further amplified by seasonally increasing diesel consumption in Europe towards the winter months, which will be supplied by long haul sources, hence, boosting ton miles. Should China increase its export quotas, That would be a further upside to the market.

Speaker 2

Please turn to Slide 8. We've already seen the product tanker market Rebounding here in the first half of the third quarter with increased product flows out of almost all main exporting regions, Encouraged by global complex refinery margins reaching record seasonal levels. Underlying This development is the global oil demand scaling record highs, averaging an all time high of 103,000,000 barrels per day in June. And it is not only driven by China. Also oil consumption in industrialized countries has returned to growth.

Speaker 2

Subsequently, clean product volumes loaded on LRS and MRs globally have rebounded from the lower levels seen during the Q2. Please turn to Slide 9. Further supporting the product tanker market is the fact that since the start Of this year of 2023, a considerable number of LR2 vessels have switched from clean to dirty trades. This has reduced the clean trading LR2 fleet by a net of 9%. With recent crude export costs in Russia And Russian crude trading above the T7 price cap.

Speaker 2

However, this factor is not Likely to provide further support to the product tanker market in the coming months. As Aframax rates have weakened significantly, We can potentially also see some switching back to the clean slate should these export cuts stay for longer. And here, please turn to Slide 10. When we turn towards more fundamental drivers not related to GEO Political conflicts. We have for some time been emphasizing the importance of the changes in the global refinery landscape with closures in some of the main importing regions and new capacity being added in exporting regions.

Speaker 2

Much of this new capacity is located in the Middle East and up until now has been slower to start off than expected. Hence, we have not seen the full effect of these new refiners yet. But it is important to mention All these new refiners that are ramping up now. Furthermore, the New capacity is to a large extent concentrated around metal distillates, which we believe will be part of the higher long haul diesel arbitrage flows that we expect for the coming months and years. Please turn to Slide 11.

Speaker 2

And here, Let me turn to the supply side drivers. After years of subdued newbuilding activity, Product tanker ordering at shipyards has picked up this year and currently the order book stands at 10% of the fleet. However, What is important to note here is that the current order book is spread across 3.5 years of deliveries. This translates into a 2.8% growth rate on an annualized basis. Also important to mention here is that With order books at shipyards filled up for the next two and a half years, any new additional orders are to be delivered not before 2026.

Speaker 2

Furthermore, a number of the recent newbuilding orders has involved yards, which are really newcomers to the product tanker market. When we look at the feed supply in the second half of this decade, there may be even more availability for Subsequently, we could see higher deliveries of newbuild vessels, not least due to the need to renew the aging fleet. However, this will coincide with a significant increase in recycling potential as the field built in the 2000s It's reaching their natural scrapping age. Consequently, the net fleet growth could even turn negative in the second half of this decade. Please turn to Slide 12.

Speaker 2

Another aspect important to mention in connection with the recent pickup in the LR2 ordering is But given the versatility of the LR2 fleet, we can trade both clean and dirty products, the LR2 order book should be seen in connection with the dirty Aframax order book. The combined order book is currently at 11%, which compares with 5% of the combined fleet reaching 25 years old during the same period. And if we consider that this segment normally has a lower average scrapping age, which has historically been 21 years, Theoretically, up to 23% of Saphit could be removed from the market in the next three and a half years. Please turn to Slide 13. Now to conclude my remarks on the product segment market, We see that the main demand and supply drivers on the products and market continue to be supported.

Speaker 2

The trade recalibration that already started Last year that has led to a step change towards higher average freight rates. We continue to support the market also this year With new large refineries ramping up in the Middle East being an important driver in this development. We are on track To reach the full trade recalibration effect, although we saw some fallback in the Q2 on lower trade volumes both into Europe and out of Russia. So far here in the Q3, we've seen trade volumes starting to rebound and key oil market indicators such as Refinery margins and arbitrage spreads point towards further increases in trade volumes being transported over longer distances. And as we also discussed, the positive demand side is complemented by a supportive supply side situation, securing a low fleet growth for at least the next 2 to 3 years.

Speaker 2

With that, let me hand it over to Juket.

Speaker 3

Thank you, Jacob. Please turn to Slide 14. Focusing on our earnings development during the Q2 of 2023, we once again obtained strong TC Hel increased to US308 $1,000,000 in the second quarter, which is higher than both the previous quarter and the same quarter last year. Sequential increase from the Q1 of 2023 is mainly due to unrealized profits from financial instruments related to freight and bunker Of US37 $1,000,000 Our EBITDA for the Q2 was US237 $1,000,000 and including these unrealized gains. After adjusting for this, our adjusted EBITDA was US199 $1,000,000 and over the past 4 quarters, we have achieved an adjusted EBITDA Of a total of US920 dollars sorry US33 $1,000,000 During the same period, Trauma's declared dividends Of a total of US578 $1,000,000 including the dividend announced earlier today, while also increasing the fleet from 81 to 87 vessels And reducing our financial leverage.

Speaker 3

Please turn to Slide

Speaker 2

15. If we

Speaker 3

look at our largest Western class, the MR class, they have performed strongly also when comparing to our peers. Including the latest 4 quarters, TORM has Consistently outperformed our peers by an average rate of US33,862 dollars per day, equaling a premium of TCE of US75 $1,000,000 Needless to say, we are very pleased with this performance and see this as a validation of our business model And our ONTARN platform, the prediction models consistent positioning of our vessels in the basins that give the highest earnings. Please turn to Slide 16. If we dive further into the details of our TCE rates, the average rates for MRs for the 2nd quarter were US33862 dollars per day for LR1 US36674 dollars per day and for LR2 US47 dollars 918 The average across the fleet rate was US36360 dollars per day. Based on our rates and coverage as of 14th August 2023, we have fixed a total of 74% of our earnings days at US3534 dollars per day in the Q3 across the field.

Speaker 3

All of our vessels, classes, space were on average Around $30,000 per day. Hence, the softer market we saw towards the end of the second quarter will naturally have an impact in the earnings for the Q3. Part of the mentioned coverage has been made with FFA contracts and as per 14th August 2023, the coverage For the coming quarters was 8.25 LR1 earning days fixed at approximately US45000 dollars per day And 1478 MR earning days fixed on approximately $40,500 per day on average. In the Q2, we had 7,398 earning days and we expect to have 7,685 earning days in the 3rd quarter Based on full effect of the vessels acquired during the Q2 and taking into account that Tom Fire was sold and is expected to be delivered in the Q3. Please turn to Slide 17.

Speaker 3

We continue to evaluate our opportunities for fleet expansion and renewal. Thus, we have acquired and taken delivery of total of 10 secondhand vessels in the Q1 of this year and have sold 1 vessel. This means that as of 13 June, 2023, the value of the 87 vessels that we had in our fleet reached US3.1 billion dollars which is an increase of $875,000,000 since the same time in 2022. Vessels acquired in the first half of this year alone Have increased by 8% in value since we acquired them. The vessel value increase result in a net asset value of US2.5 billion dollars at the end of June 2023, which is US1 $1,000,000,000 higher than the same time last year.

Speaker 3

Since the end of the quarter, one vessel has been sold and is It is expected to be delivered in August. Hence, by the end of Q3 2023, we expect to have 86 vessels in our fleet. As mentioned, we will distribute around $127,000,000 or $1,500,000 per share based on our cash balance at the end of Cash balance at the end of the second quarter. Consistent with our distribution policy, our distribution is derived from the liquidity available for distribution, Adjusted for a minimum cash reserve of US1.8 million dollars for 87 vessels as well as cash reserve for future vessels acquisition and restricted cash. Over the past 12 months, TORM has utilized a strong market to strengthen our financial position, while at the same time paying out a total of $578,000,000 equivalent to 74% of the net profit generated in the period.

Speaker 3

In the Q2, we completed the refinancing of bank and leasing facilities for US480 $1,000,000 and further secured A US73 $1,000,000 facility that can be used for additional secondhand vessel financing. After the completion of the refinancing, Total debt increased by US70 $1,000,000 of which US50 $1,000,000 are related to purchase of the 3 secondhand MR vessels that were delivered during the second Interest rate hedges cover 70% of the floating rate debt at a rate of 1.4% over the coming 5 years and Combined with our fixed rate leasing, 83% of our debt is fixed over the coming years. Please turn to Slide 18. Summing up, the performance we delivered in the Q2 was historically strong compared to the Q2 results in the past. It is a reflection of a continuous strong product tanker market and the largest fleet in TORM's history that resulted in an increase of EBITDA of 54%.

Speaker 3

Recent softer markets have provided TORM with 74 percent coverage at US30,434 dollars per day for the Q3 of 2023. Thus, we expect the delivery result in the Q3 to be slightly softer than in the Q2. However, Market fundamentals and dynamics are pointing towards a stronger 4th quarter where both seasonally increasing demand, lower product stocks and arbitrage spreads are supporting a stronger market. We are pleased that the strong earnings and balance sheet have allowed us for another For the dividend payout of US1.5 dollars per share and over the past year the total dividend payment has reached US7 dollars per share. All in all, our delivered results confirm TORM's strong operating model consistently performs better compared to our peers.

Speaker 3

Thus, our MR fleet has outperformed the peer average with US75 $1,000,000 over the past year. We attribute this to our Oneton platform and our dedicated TORM employees. And with that, we will let the operator

Operator

Your first question comes from the line of Jon Chappell of Evercore ISI. Your line is open.

Speaker 4

Thank you. Good afternoon. Jacob, first question for you, 2 parter. On the one hand, you said that you have liquidity And you're going to continue to focus on fleet expansion. On the other hand, you said publicly the new buildings are too risky just given the uncertainty over the next 25 years.

Speaker 4

So The question is, what's the sweet spot for you as you look to further fleet expansion? Is it kind of the 10 to 12 year olds that you've been buying recently? And secondly, you mentioned the order book is up to 10%. Is there a risk that people have or other owners have too much short term focus and that's what's driving the order And are really focusing on the risk associated with fuel propulsion, etcetera, more than 5 years out.

Speaker 2

Thanks, John. Yes, good question. So number 1, if we were to I have the luxury of identifying assets that we think could be contributing positively to the platform. I think Currently, yes, it's unchanged. It's vessels that are probably in the built, let's say, Between 2010 and 2015 around that.

Speaker 2

That feels like the sweet spot for us. We think that the market will be strong for at least a number of years and that would lead us In that direction, if you then take your other point around the order book haven't grown as I mentioned, Yes, it is gross 10%. What is unusual is not so much that it's 10%, but it is spread out over such a long period. As I mentioned, annualized 2.8%. And I don't see here in the, let's say, initial 3 years It's going to change from that.

Speaker 2

So really you are looking at investors or market players Putting their money on solar towards the end of 'twenty six into 'twenty seven. And Let's see what happens. I think the Chicag capacity in general is going to be a scarce commodity because there is less Availability on the shipyard side, there has been restructurings, especially on Asian shipyards having Gone down in the overall gross capacity. And at the same time, you are going to I think for the foreseeable Future you are going to see that shipyards tend to favor more infrastructure type of projects like LNG carriers that for sure is globally also I needed sort of vehicle to provide gas into areas, For instance, in Europe, where you have previously been dependent on gas from Russia. So I think all in all, yes, I expect the order book to creep up, but I do expect it to be quite manageable when you consider What is happening then to the 18 feet here in the second half of the decade?

Speaker 2

Okay. Thank you for that. Okay.

Speaker 4

Right. Yes. My second question has to do with the next 6 months much shorter timeframe. It feels like everything is set up for another seasonal recovery, whether it's the inventory draws, the refineries opening, the IEA's sequential growth in demand, Another Northern Hemisphere winter on a continent where I think there's more risk to diesel supplies this year than last year. What can go wrong with the seasonal recovery this year?

Speaker 4

Is it strictly the economy? Is it something related to China? Where can we not have the type of seasonal uplift that we've seen in the last couple of years in the Q4 and into the early part of next year?

Speaker 2

Yes, that's a good question. I would probably look towards Generally, I would look towards whether there is some danger on the crude side That transportation of crude continues to be subdued, that Aframax has been faring really, really well as you can see also from the various results of companies engaged in there. And it feels as if right now it is a standstill a little On the crude transportation in the medium sized vessels in the Aframaxes. If that continues, It would encourage people to try to penetrate the clean market. So I think the jury is out on that over the next couple of months.

Speaker 2

I think that is one to watch. China, I'm not so concerned because it's a crude story. And right now, we're not really seeing a lot of export of Team being available in the market for our type of vessel that would be actually be A tailwind. I think China cannot can almost not be Supporting the product tanker market less than what they're doing now because there's very, very little exports and I think that we are I think the potential for them opening up for more exports given where their economy is That seems like a more likely scenario than going the other direction. So that would not be a concern to me.

Speaker 4

All right. That's good. Thank you for your thoughts Jacob.

Speaker 2

Thank you. Thanks for the questions, Jim.

Operator

There are no further dial in questions at this time. I will now turn the call back to Andreas for any online questions.

Speaker 1

Thank you. We have a few questions. First one is for you, Jacob. Do we see a considerable challenge of augmenting the supply adequately in the near future due to the contraction of shipyard capacities? Could you provide more detail on that?

Speaker 2

Yes, I think that's a very good comment. We've already mentioned that More or less all capacity in the short to medium term have already been booked at what I would say shipyards that are capable of delivering a product into the product tanker market. So that means that you are looking at either Tier 2 shipyards that could potentially maybe add a little to the order book or you're looking at really long dated contracts Delivery back end of 2026 or into 2027. So I think the restructuring Sort of the shipyard scene is benefiting the product tanker Contributors to the order book and those shipyards have either closed down or have Turned their focus predominantly to other places. There's actually only very few shipyards left that are focused on product tankers, which is significantly different than if we turn the dialer clock back 10 years.

Speaker 2

So that's number 1. And number 2 is There is a need, as I mentioned also under the previous caller, to still build Infrastructure projects, which I personally think the LNG market has been and there is a strong demand From both producers of gas in the Middle East and also The importers, for instance, in Europe to actually get control of deliveries also in 2026, twenty 27. So I think there will be more contracting into the processing market but the fact that there is basically less Supply to go to, less opportunities of shiplines that can build it and that you are competing currently for the available capacity In sort of the high end of the shipbuilding market that does give me some comfort too that we will see a rising order book, But it's not going to be it can simply not explode in the medium term.

Speaker 1

Thank you. And we have a few Questions I will combine here, but how do you look at consolidation in the current market environment? Are you currently looking at opportunities? And then also you have been in the market for selling some older vessels 15 to 20 years, are you will you continue to sell in that age range?

Speaker 2

Yes. Okay. So there are very different questions obviously, but if we take consultation, the door is always open at home for our consultation. I think the fact is that we are doing really well. I can see that of course our peers in the market are also Benefiting from these strong current.

Speaker 2

So I think even though that I could, I would say, have an open invitation for consultation. I can, Hanan, I'd say that there is no active dialogue. And I think in the current environment That most investors are pretty happy with the positions that they have. That's my instinct. So I don't expect a lot of activity on that.

Speaker 2

If you look at the disposal, well, we are obviously utilizing our vessels For as long, we have the luxury in terms that we got a one time platform. So we are not discriminating against The 8 we are looking at what gives us over time the highest return on our invested capital. And that includes vessels that are between 2015 20. But if you look at it, then historically, I think The average age of assets that we have been selling are somewhere in the very high teens. So it seems logical That when and if we dispose of assets is in that age bracket.

Speaker 2

So I would expect Over time, that there will be further disposals of vessels in that age range. That seems totally plausible.

Speaker 1

Thank you. Then we have one more question for you, Jacob. Are you mostly committed to spot markets and hitch with FFOs.

Speaker 2

Yes, that has been at least the way we have placed the market since, Let's say, Q1 of last year when we saw the market have a step change, we think that there is value to be had In being open to the spot market with this high volatility, just as an example, we're experiencing that Exactly, let's say, 2 months ago in the middle of June, the spot market for our MRs in the U. S. Gulf would be hovering around Earning of 20,000 and today as we speak it's probably closer to 50,000. And I think To sort of close down that optionality of being able to also have These spikes in the market, we I think we benefit as a company and our shareholders benefit from still being able to be open to that. And then we from time to time do a hedge when and if we think that the value on FFA It's significantly close to where we think the market will be then we will utilize that.

Speaker 2

Could we do TCR? I think Clearly, if some of our clients, top tier clients came to us and requested Tonnage for longer period, of course, we are willing to do that at a price also.

Speaker 1

And a question for you, team. Your staffing cost has increased significantly since 1 year ago. Is this something you can put some more details on? And do you expect the G and A to stay around at the current level?

Speaker 3

Thank you very much for that question. Well spotted. If we take SG and A, admin cost in general, That is one of the common KPIs we have across the OneForm platform. So every employee has that as a KPI, Meaning that we are in some super focused on maintaining and have a strict cost focus. So the underlying SG and A level is very much under control.

Speaker 3

We have key KPIs on it and And we want to maintain it more or less at the levels we have for quite a while. But as we published in conjunction with the annual report, the Board of Directors have Decided

Speaker 4

at that point

Speaker 3

in time that they wanted to grant an NC program for selected employees. In turn, a retention program running over 3.5 years And when you have a program like that, you need to provision for that in your accounts, and we've done that over the 3.5 years. So you will see That the SG and A is higher in the coming period, but it is non cash and it is a provision for that potential program And that will expire in 2026. It is a one off program. So, but well spotted.

Speaker 3

Thank you very much.

Speaker 1

Yes. One more question for you, Jacob. There's a widespread conversation regarding challenges Post 15 years, yet how substantial are the expenses associated with extending a ship's service life? Yes.

Speaker 2

So we are very comfortable with the calculations that we're doing. Obviously, we have a significant number of vessels In our fleet today that are over 15 years and we also have experience with previous vessels Having them operating efficiently in our fleet when they are over 15. So what we the way we see it is actually It is quite dependent on the general maintenance of the individual vessel. So I don't think you can like put A one to one to say on every vessel is going to be X or Y. But what we see here is that in order To pass what is called the Cap 1 requirements when you are 15 years old, there is an extra associated cost A CapEx of between $500,000 to $1,000,000 that is dependent to that.

Speaker 2

But of course, you are also Extending the useful life towards the general market, the same market as a vessel that is below 15 years And so far, we've been very pleased with the results that we get out of it on the One Zone platform. I don't think that it can be easily replicated. So I don't think that what I'm explaining here necessarily fits 1 to 1 with other operational platforms. But all in all, the NPV for us making this additional investment

Speaker 1

Thank you very much. There are no further questions. So this concludes the earnings Conference call regarding the results for the second quarter and first half year of twenty twenty three. Thank you for participating.

Operator

You may now all disconnect.

Powered by Quartr

Key Takeaways

  • TORM delivered its strongest Q2 ever with a TCE of USD 308 k/day, adjusted EBITDA up 23% YoY to USD 199 m, profit before tax up 72% to USD 284 m, a 33.9% RoIC, net LTV of 29% and USD 497 m in liquidity, and approved a USD 1.50/share dividend (~USD 126.6 m).
  • The fleet expanded to 87 vessels after taking delivery of 7 LR1s and 3 MRs, acquiring 10 secondhand ships in H1 2023 and selling one, lifting NAV to USD 2.5 bn; TORM targets 2010–2015 vintage tonnage for future acquisitions and plans selective disposals of older vessels.
  • Sanctions-driven trade shifts have boosted EU import ton-miles by 40% and elevated freight volatility; TORM has hedged 74% of Q3 at ~USD 30 534/day and expects a Q4 upswing backed by diesel arbitrage spreads, inventory draws and strong refinery margins.
  • Supply fundamentals remain supportive with only a 2.8% annualised product-tanker orderbook growth, significant Middle East refinery additions fueling long-haul flows, and potential negative net fleet growth in H2 2020s as older vessels reach scrapping age.
  • TORM’s MR fleet outperformed peers by an average of USD 33 862/day over the past four quarters, demonstrating the value of its OneTone integrated platform and strategic positioning in premium trades.
A.I. generated. May contain errors.
Earnings Conference Call
TORM Q2 2023
00:00 / 00:00