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Research

TORM (One-pager): Guidance narrowed toward mid-point amid stabilizing markets

Torm
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Read the latest TORM One-pager update following the Q1 2025 results. The One-pager includes a brief description of TORM, an update on the product tanker market, the latest financials, and valuation perspectives relative to peers. It also outlines several key investment risks and key investment reasons.

TORM delivered solid Q1 2025 results, with TCE Earnings of USD 214 million and EBITDA of USD 136 million, broadly in line with the previous quarter. Freight rates have stabilized after softening in late 2024. While the market remains volatile, TORM’s strong operational platform and commercial execution continue to secure competitive rates. TORM has narrowed its FY2025 guidance towards the midpoint of its range, now expecting TCE earnings of USD 700-900 million and EBITDA of USD 400-600 million, reflecting a more stable but still historically above-average market environment. TORM continued distributing quarterly dividends with a dividend of USD 0.4/share declared in connection with the Q1 results.

To learn more about TORM, its updated outlook for 2025, and beyond, read the full One-pager or catch up on the latest Q1 2025 earnings presentation with CFO Kim Balle (in Danish). Link: https://www.inderes.dk/videos/torm-praesentation-af-regnskabet-for-1-kvartal-2025

Disclaimer: HC Andersen Capital receives payment from TORM for a DigitalIR/corporate visibility subscription agreement / Philip Coombes 13 May 2025 09:34. updated 09:40

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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