05/08
Danish product tanker company Torm (TRMD) reported their Q1 2025 results. Included in the release
- TCE revenue of $214M
- EBITDA of $135.8M
- Adj Net Profit of $60.8M
- Declared Q1 div of 40c/sh
I was expecting a revenue drop vs last year. The significance of the drop was an unknown. Yes, it is a major drop when TCE fleet avg declines from $43,152 daily to $26,807 daily. On a comparable basis, div dropped from $1.50/sh to $0.40/sh. At the current payout, still a decent income play. Have to go dig deeper into the fleet age. But, I think they might be slightly better than INSW on the MR2 avg age.