TORM plc's (NASDAQ:TRMD) Q1 2021 Earnings Conference Call May 11, 2021 9:00 AM ET Company Participants Morten Agdrup - Head of Corporate Finance and Strategy Jacob Meldgaard - Executive Director and CEO Kim Balle - Chief Financial Officer Conference Call Participants Jon Chappell - Evercore Ulrik Bak - SEB Operator Good day and thank you for standing by and welcome to TORMÂ's First Quarter Results. 2021 Conference Call. Currently all participants are in listen-only mode. After the speakersÂ' presentation, t ...

1 1 2 M AY 2 0 2 1 Q1 2021 RESULTS ■ TORM | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

1 1 M A R C H 2 0 2 1 FULL-YEAR AND Q4 2020 RESULTS ■ TORM | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) [_] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR [_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ OR [_] SHELL COMPA ...

TORM plc (NASDAQ:TRMD) Q4 2020 Results Earnings Conference Call March 1, 2021 9:00 AM ET Company Participants Finn Petersen - Investor Relations Manager Jacob Meldgaard - Executive Director and CEO Kim Balle - Chief Financial Officer Conference Call Participants Jon Chappell - Evercore Anders Wennberg - Catella Ulrik Bak - SEB Operator Ladies and gentlemen, thank you for standing by. And welcome to TORM’s Annual Report 2020. At this time, all participants are in listen-only mode. After the speakers’ present ...

TORM plc (NASDAQ:TRMD) Q3 2020 Earnings Conference Call November 11, 2020 9:00 AM ET Company Participants Morten Agdrup - IR Jacob Meldgaard - Executive Director and CEO Kim Balle - CFO Conference Call Participants Ulrik Bak - SEB Jon Chappell - Evercore Anders Karlsen - Danske Bank Climent Molins - Value Investor's Edge Operator Ladies and gentlemen, thank you for standing by and welcome to the TORMÂ's Q3 2020 Results Call. At this time, all participants are in a listen-only mode. After the speakers' prese ...

1 11 N O V E M B E R 2 0 2 0 Q3 2020 RESULTS TELECONFERENCE ■ TORM | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Data and Key Metrics Changes - In Q2 2020, TORM realized a profit before tax of $71 million, with a total of $128 million for the first half of the year [7] - The average TCE rates for the fleet were $25,274 per day in Q2 2020 and $24,465 per day for the first half [7] - Return on invested capital (ROIC) was 18.5% for Q2 and 17.1% for the first half, with earnings per share of DKK 11.6 for the first six months [7][8] Business Line Data and Key Metrics Changes - The LR segment achieved average rates of $32,732 per day for LR2 and $31,655 for LR1, while the MR segment achieved rates of $23,012 per day and Handysize segment rates were $15,270 per day [12] - TORM's operational performance in the MR segment outperformed the peer group average, achieving rates of $23,012 per day compared to a peer average of $19,512 per day, translating into additional earnings of $34 million for the first six months [25] Market Data and Key Metrics Changes - By the end of Q2 2020, approximately 4% of clean trading tonnage was still in floating storage, down from 14% at its peak in early May [15][18] - The U.S. Gulf market remained strong, supported by increasing exports and tight vessel availability, with 35% of TORM's MR fleet positioned in the Americas [15][16] Company Strategy and Development Direction - TORM is focused on ongoing fleet renewal, having sold 7 older vessels for $66 million, which supports the company's strategic flexibility and ability to capitalize on market opportunities [9][11] - The company aims to maintain a balanced strategy in positioning vessels across different basins to maximize earnings potential [26] Management's Comments on Operating Environment and Future Outlook - Management noted that while the market is currently experiencing volatility due to COVID-19, there are positive indicators for underlying demand recovery [22][48] - The order book to fleet ratio for product tankers is at a historically low level, which is expected to support product tanker rates over the longer term [21] Other Important Information - TORM announced a dividend distribution of $63 million or $0.85 per share, aligning with its distribution policy of 25% to 50% of net income [8][33] - The company has a strong liquidity position with available liquidity of $302 million as of June 30, 2020, and a net loan to value of 47% [30][31] Q&A Session Summary Question: Capital allocation plans in light of the dividend payout - Management indicated that the strong performance allows for a 50% dividend payout, with plans to utilize remaining capital for potential market opportunities [39] Question: Market dynamics and inventory levels - Management noted that inventories have peaked and are in a de-stocking phase, with expectations for a positive trajectory in underlying demand [47][48] Question: Future vessel sales or acquisitions - Management stated that future decisions on vessel sales or acquisitions will depend on market conditions and pricing [49] Question: Dividend distribution rationale and share buybacks - Management explained that the decision to distribute 50% of net income was based on a strong balance sheet and cash availability, while also considering share buybacks as a potential strategy [50]

1 1 7 A U G U S T 2 0 2 0 Q2 2020 RESULTS ■ TORM | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Data and Key Metrics Changes - In Q1 2020, TORM reported a positive EBITDA of $102 million and a profit before tax of $57 million, translating to $0.76 per share, which is higher than the adjusted full-year result for 2019 [11][59] - The return on invested capital was positive at 15.4% for Q1 2020, considered an attractive level [11] - The average TCE rate for the product tanker fleet was $23,643 per day, with the MR segment achieving an average TCE rate of $22,461 per day [10][16] Business Line Data and Key Metrics Changes - The LR2 segment achieved average rates of $29,108 per day, while LR1 rates were $24,329 per day, and Handysize segment rates were $20,649 per day [16] - TORM's MR segment outperformed the peer group average, achieving rates of $22,461 per day compared to a peer average of $18,821 per day, resulting in additional earnings of $19 million in Q1 [52] Market Data and Key Metrics Changes - The product tanker market experienced significant volatility in Q1 2020, influenced by COVID-19 and OPEC+ events, leading to a strong start to the year [9][15] - As of early May 2020, TORM's total coverage for Q2 was 69% at $29,188 per day, with MR segment coverage at 65% at $26,511 per day [26][58] Company Strategy and Development Direction - TORM has focused on maintaining efficient operations and safety during the COVID-19 pandemic, with a strong operational focus enhancing results despite market challenges [8][6] - The company has committed to installing scrubbers on 49 vessels, with 37 already installed, to enhance operational efficiency [13] - TORM's strategy includes positioning vessels in basins with the highest earning potential, with a balanced approach to exposure in East and West markets [54] Management's Comments on Operating Environment and Future Outlook - Management noted that uncertainties around COVID-19's impact on the global economy and oil demand remain, with the timing and speed of recovery being key factors for the product tanker market [25][27] - The company expects continued volatility in the market in the short to medium term, but sees positive long-term drivers such as low order book and refinery dislocation [51] Other Important Information - TORM refinanced $496 million in debt, extending maturities until 2026, providing a solid foundation for future operations [14] - The net asset value was estimated at $993 million as of March 31, 2020, corresponding to $13.3 per share, with shares trading at DKK 54 [66] Q&A Session Summary Question: Duration of contract coverage and desire to lock-in elevated rates - Management indicated that liquidity for longer-term deals has been subdued due to economic uncertainty, affecting the shipping markets [75] Question: Capital allocation and dividend policy amidst uncertainty - Management stated that the dividend policy remains at 25% to 50% of net profit, but evaluations will be made in August based on market conditions [79] Question: Q2 fixings and market dynamics - Management explained that Q2 bookings reflect rates from March, with operational storage affecting realized rates [91] Question: Expectations for supply and demand balance in the oil market - Management noted that it is too early to provide precise data points, expecting volatility due to ongoing economic uncertainties [106] Question: Logistical issues and demurrage rates - Management observed that logistical issues have eased slightly but remain high, with demurrage rates following market trends [118]