# Torm Plc Q1 2024 results

**URL:** <https://discussion.fool.com/t/torm-plc-q1-2024-results/104898>\
**Category:** Shipping News\
**Created:** [May 10, 2024, 2:27am UTC](https://discussion.fool.com/t/torm-plc-q1-2024-results/104898 "2024-05-10T02:27:28Z")\
**Posts on this page:** 2\
**Page:** 1

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**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\
**Post date:** [May 10, 2024, 2:27am UTC](https://discussion.fool.com/t/torm-plc-q1-2024-results/104898/1 "2024-05-10T02:27:28Z")

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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.

> **[Q1-2024-Report-Final2.pdf](https://www.torm.com/files/doc_financials/2024/q1/Q1-2024-Report-Final2.pdf)**
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> 1554.23 KB

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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**Author:** ![HohumYNWA](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/hohumynwa/32/1511_2.png) [@HohumYNWA](https://discussion.fool.com/u/HohumYNWA)\
**Post date:** [July 5, 2024, 12:30am UTC](https://discussion.fool.com/t/torm-plc-q1-2024-results/104898/2 "2024-07-05T00:30:53Z")

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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.

> **[original.pdf](https://static.seekingalpha.com/uploads/sa_presentations/996/101996/original.pdf)**
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> 1151.05 KB

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.