TORM plc, a leading carrier of refined oil products, announced its full-year results for 2023 and provided a financial outlook for 2024. The company reported a record-breaking year with time charter equivalent earnings (TCE) reaching USD 1,084 million, an increase from USD 982 million in 2022. EBITDA also rose to USD 848 million from USD 743 million, and net profit for the year was USD 648 million, up from USD 563 million. The strong performance was attributed to favorable market conditions, strategic fleet expansion, and modernization, which positioned TORM well for future years. The product tanker market in 2023 was influenced by geopolitical tensions and refinery dislocation, leading to increased ton-mile demand and supporting a positive supply and demand situation. TORM's fleet expansion included the acquisition...Show More

TORM plc, a leading carrier of refined oil products, announced its full-year results for 2023 and provided a financial outlook for 2024. The company reported a record-breaking year with time charter equivalent earnings (TCE) reaching USD 1,084 million, an increase from USD 982 million in 2022. EBITDA also rose to USD 848 million from USD 743 million, and net profit for the year was USD 648 million, up from USD 563 million. The strong performance was attributed to favorable market conditions, strategic fleet expansion, and modernization, which positioned TORM well for future years. The product tanker market in 2023 was influenced by geopolitical tensions and refinery dislocation, leading to increased ton-mile demand and supporting a positive supply and demand situation. TORM's fleet expansion included the acquisition of 22 eco vessels and the divestment of 11 older vessels in 2023, with an additional LR2 vessel acquired in Q1 2024. The company's fleet now totals 90 vessels. TORM's Board of Directors has recommended a final dividend of USD 1.36 per share, with an expected total dividend payment of approximately USD 126 million. The dividend is subject to approval at the annual general meeting, with a payment date set for April 24, 2024. For 2024, TORM expects TCE earnings to be in the range of USD 1.0 – 1.35 billion and EBITDA to be between USD 700 – 1,050 million, based on the current fleet size. As of March 4, 2024, TORM had covered 25% of the 2024 earning days at an average rate of USD/day 44,089. The company also amended its Distribution Policy, removing the earmarked proceeds mechanism and continuing quarterly distributions based on excess liquidity. A webcast and conference call for investors and analysts were scheduled for March 7, 2024.