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Torm | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  May 9 17:02
Summary by Moomoo AI
TORM plc, a leading carrier of refined oil products, reported strong interim results for the first quarter ended March 31, 2024. The company achieved a significant increase in time charter equivalent earnings (TCE) to USD 330.7 million, up from USD 265.0 million in the same period of 2023. EBITDA also rose to USD 265.8 million from USD 198.5 million, and net profit increased to USD 209.2 million from USD 153.6 million in the previous year. The robust product tanker market, driven by geopolitical tensions and low fleet growth, contributed to TORM's positive performance, with average TCE rates reaching USD 43,152 per day. The company's fleet expansion, completed with the delivery of vessels acquired in 2023, and the sale of one MR vessel, TORM Eric, expected in Q2 2024, have positioned TORM...Show More
TORM plc, a leading carrier of refined oil products, reported strong interim results for the first quarter ended March 31, 2024. The company achieved a significant increase in time charter equivalent earnings (TCE) to USD 330.7 million, up from USD 265.0 million in the same period of 2023. EBITDA also rose to USD 265.8 million from USD 198.5 million, and net profit increased to USD 209.2 million from USD 153.6 million in the previous year. The robust product tanker market, driven by geopolitical tensions and low fleet growth, contributed to TORM's positive performance, with average TCE rates reaching USD 43,152 per day. The company's fleet expansion, completed with the delivery of vessels acquired in 2023, and the sale of one MR vessel, TORM Eric, expected in Q2 2024, have positioned TORM to capitalize on favorable market conditions. TORM's Board of Directors approved an interim dividend of USD 1.50 per share, reflecting a payout of 73% of the net profit adjusted for the profit from the sale of vessels. The company's strong financial position is further underscored by a net asset value (NAV) of USD 3,176.6 million as of March 31, 2024, up from USD 2,560.2 million the previous year, and a liquidity position of USD 719.0 million, including restricted cash and undrawn credit facilities.

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