Financial Data and Key Metrics Changes - TORM reported a TCE of USD 208 million for Q2 2025, consistent with previous quarters, resulting in a net profit of USD 59 million and an EBITDA of USD 127 million [4][18][27] - The average TCE rates were USD 26,700 per day, with LR2s above USD 35,000, LR1s slightly above USD 27,000, and MRs around USD 23,000, indicating stable freight rates [18][19] - The company declared a dividend of USD 0.40 per share, representing a payout ratio of 67% [22] Business Line Data and Key Metrics Changes - The product tanker market has shown resilience, with benchmark earnings for MR and LR2 vessels reflecting a healthy uptick due to increased trade flows and limited growth in the CPP trading fleet [6][8] - Tonne miles have increased significantly, driven by a surge in East to West middle distillate trades, reaching a sixteen-month high [7][8] Market Data and Key Metrics Changes - Trade volumes have surged, particularly in the middle distillate sector, with inventories in North West Europe falling, necessitating increased imports [7][8] - Refinery closures in North West Europe and the U.S. West Coast are expected to reduce local product supply, increasing demand for imports [9][10][11] Company Strategy and Development Direction - TORM is focusing on fleet optimization by divesting older vessels to maintain a modern and efficient fleet [4] - The company has raised its full-year guidance for TCE earnings to USD 800 million to USD 950 million, reflecting a stronger earnings outlook [27] Management's Comments on Operating Environment and Future Outlook - Management noted that despite geopolitical uncertainties, market sentiment remains positive, with strong momentum entering Q3 [5] - The company expects continued support for trade flows and vessel utilization, driven by geopolitical factors and refinery closures [8][16] Other Important Information - TORM has secured commitments for up to USD 857 million in refinancing, enhancing liquidity and financial flexibility [24][25] - The average age of the fleet is the highest in two decades, with a significant portion of older vessels under sanctions, impacting fleet utilization [14][16] Q&A Session Summary Question: What has caused the consistency in TCE over the last nine months? - Management acknowledged the remarkable stability and indicated that it does not restrict operational flexibility, with potential for upside as market dynamics evolve [30][31] Question: Will the payout ratio increase in the future? - Management expects the payout ratio to be higher in 2026 due to a decrease in cash flow breakeven [33][34] Question: What is driving the upside in MR rates? - The increase in CPP on the water and reduced cannibalization from crude tankers have contributed to the uptick in MR rates [41][42] Question: Are asset values stabilizing? - Management believes asset prices are stabilizing and could rise if freight rates improve [48][50] Question: When will the positive effects of refinery closures be seen? - The closures in Europe are expected to impact the market positively by the end of 2025, while U.S. West Coast closures will take effect in about a year [58][60] Question: What is the impact of the Russian price cap change? - Management indicated uncertainty regarding the impact but noted that many sanctioned vessels may not easily return to mainstream trades [62][64]

Q2 2020 Highlights - Q3 2020至今，VLCC 48%的租船业务以大约每天60300美元的价格成交[8] - Q3 2020至今，Suezmax 48%的租船业务以大约每天36500美元的价格成交[8] - Q2 2020 VLCC 平均即期汇率（spot rate）为每天81500美元，而2019年同期为每天23250美元[8] - Q2 2020 VLCC 平均期租汇率（time charter rate）为每天39250美元，而2019年同期为每天27250美元[8] - Q2 2020 Suezmax 平均即期汇率为每天60750美元，而2019年同期为每天17250美元[8] - Q2 2020 Suezmax 平均期租汇率为每天29750美元，而2019年同期为每天30500美元[8] - 公司将季度净收入的80%返还给股东，包括通过股票回购1亿美元和现金分红9600万美元[11] Financial Performance - Q2 2020 收入为434691000美元[14] - Q2 2020 净利润为259631000美元[14] - 截至2020年6月，公司拥有11亿美元的可用流动资金，包括现金和循环信贷[20] Market Outlook - VLCC 船队中有20%的船只船龄超过15年，在未来7个季度面临检验[26] - 截至2022年第一季度末，有147艘船龄超过15年的VLCC需要进行特殊检验[27]