Torm Plc Q1 2024 results

Grrr! Torm (TRMD) announced results on 05/08 in “stealth” mode again. Seems like SeekingAlpha missed the news

  • Rev of $444.1M
  • TCE earnings of $330.7M
  • Net profit of $209.2M
  • TCE (across fleet) of $43,152 daily
  • Declared dividend of $1.50/sh
  • Added a 2nd hand LR2 in Q1 2024 & will take delivery of 2 LR2 from late 2023 acquisition
  • Will sell an older MR2 in Q2 2024.

Like INSW, TRMD is lightly geared - debt around 21%. The company appear to have taken a similar approach to fleet mgmt. Upgrade fleet by selling older 2nd hand vessels and replace them with newer 2nd vessels. Tonne-miles could support high rates in Q2 2024 and beyond.

Share-price responded well to results - making a new 52-week high above $37/sh, prior to pulling back slightly.