Financial Data and Key Metrics Changes - In Q3 2024, the company reported a profit of $40.3 million, or $0.18 per share, with an adjusted profit of $42.5 million, or $0.19 per share, reflecting a decrease of $37.8 million from the previous quarter primarily due to lower time charter earnings [4][5] - Time charter earnings fell from $283 million in the previous quarter to $248 million in Q3 2024 [4] - Operating expenses increased by $3.1 million from the previous quarter, attributed to a decrease in supply rate and costs related to a change in ship management [5] Business Line Data and Key Metrics Changes - The company achieved daily rates of $34,300 for VLCCs, $35,100 for Suezmax, and $31,400 for LR2/Aframax fleets in Q3 2024 [3] - For Q4 2024, 75% of VLCC days are booked at $83,300 per day, 75% of Suezmax days at $60,600, and 51% of LR2/Aframax days at $42,200 [3] Market Data and Key Metrics Changes - Oil in transit has reached record highs, with export volumes increasing, particularly from the Americas and the Atlantic Basin [10] - Year-on-year, Middle Eastern producers' exports are up by 1.2 to 1.3 million barrels per day for October [10] - The company noted logistical challenges around the trade of sanctioned export oil, particularly affecting Lukoil and Rosneft [10] Company Strategy and Development Direction - The company is focusing on maintaining a strong balance sheet and liquidity, with $819 million in cash and cash equivalents as of September 30, 2025 [6] - The fleet consists of 41 VLCCs, 21 Suezmax tankers, and 18 LR2 tankers, all ECO vessels, with a strategy to capitalize on the VLCC-centric trade pattern [6][12] - The company is optimistic about the tanker market's longevity due to limited growth in the compliant tanker fleet and strong oil export fundamentals [20] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the current market developments, indicating a positive outlook for the tanker industry [2] - The company anticipates a sustained contango structure in the oil market, which could lead to inventory builds and increased demand for compliant vessels [12][20] - Management highlighted that the tanker market is experiencing high utilization and strong oil exports, with limited growth in the compliant tanker fleet [20] Other Important Information - The company has no meaningful debt maturities until 2030 and no new building commitments, allowing for flexibility in financial management [6] - The average cash-based breakeven rates for the next 12 months are estimated at approximately $26,000 per day for VLCCs, $23,300 for Suezmax, and $23,600 for LR2 tankers [7][8] Q&A Session Summary Question: Is the company looking to deleverage the balance sheet while maintaining dividends? - Management stated that they are different from peers and are not particularly comfortable with low loan-to-value ratios, indicating a conservative approach to financial management [22][24] Question: How do older ships become less efficient without being scrapped? - Management explained that older vessels face high insurance costs and limited trading options, making them less efficient in the compliant oil market [26][29] Question: What is the outlook for the dark fleet and its impact on the market? - Management noted an increasing number of vessels sitting idle and discussed potential solutions for recycling sanctioned vessels [34][36] Question: How does the current market environment affect vessel demand? - Management indicated that the current market is tight, with no signs of weakness, and highlighted key fundamentals supporting the market [65][70] Question: What is the outlook for Q1 compared to Q4? - Management expressed optimism for Q1, citing strong fundamentals that were not present in Q4 of the previous year [66][70]

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]