Reported earlier today
- Rev of $358.1M
- Net profit of $119.4M
- TCE of $33K daily
- Declared div of $1.46/sh
Lots of additional good data on Slide 2, including more than a few vessel exits and vessel additions the next few months.
- Sale of (older??) 2 LR1 vessels during Q3, but delivery during Q4
-  Sale of 1 LR1 and 2 MR2 tankers during the current quarter.
- Acquisition of 4 2015-2016 MR2 vessels for ~$156M
- Acquisition of 8 LR2 vessels (2010 - 2012 builds) for ~$400M
- Claim is that all acquisitions are eco-product tankers (I thought “eco” started in 2015??). Vessels are financed with some combination of cash and shares
Though not heavily leveraged, credit to Torm management for financing with a combination of cash and equity. Assume Torm were open to some leverage, 33.3% (or 1/3 of the two deals) could mean around $200M to cash reserves. If deals go as planned, Torm expands its fleet to around 93 vessel by end of Q1 2024