Torm Plc Q1 2024 results

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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.

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I was perusing something on Torm, and noticed that SeekingAlpha got around to releasing Torm Plc results on June 24, 2024, whereas the company had done so on May 08, 2024.

My data from the OP had been grabbed from Torm’s site. I think I had a typo on the leverage - it should be around 25%, not 21% as I original suggested. Given the tighter supply side, 25% is still a very manageable level. Torm still have a fair number of older vessels (greater than > 15 yo) that likely get disposed prior to next drydocking. My guess is, Torm has some staff scouring the market for 2nd hand replacements in the interim.