TORM (One-pager): Strong markets continue thus far in 2024, following 2023 record result
Read the latest TORM One-pager update following the FY 2023 results. The One-pager includes a brief description of TORM, an update to the product tanker market outlook, latest financials, valuation perspectives relative to a peer group and outlines several key investment risks and key investment reasons.
Product tanker markets remained strong in 2023 with continued elevated ton-miles, supported by sanctions on Russia, increased refinery dislocations, a low order book net of expected scrapping, low clean petroleum products (CPP) inventories, and the Red Sea and Panama Canal disruptions. TORM has returned significant value to shareholders via dividends since 2022, which analysts expect can continue in 2024, and 2025.
To learn more read the full One-pager or catch up with the presentation of the annual results presentation with TORM CEO Jacob Meldgaard and CFO Kim Balle.
Presentation link: https://www.inderes.dk/videos/torm-praesentation-af-arsrapporten-2023
Disclaimer: HC Andersen Capital receives payment from TORM for a DigitalIR/Corporate Visibility subscription agreement./ Philip Coombes 15:25 25/03/2024.
Torm
TORM is a leading international owner and operator of product tankers, transporting refined oil products. TORM is listed on Nasdaq Copenhagen and on the Nasdaq US, with a wholly owned fleet of approx. 90 vessels (mostly scrubber-fitted), spanning all large product tanker vessel segments with a focus on LR2, LR1, and MR. TORM has a majority shareholder in Oaktree Capital Management (55%). TORM engages in vessel trading to ensure fleet renewal and pursue secondary market opportunities that are accretive to NAV.
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