TORM (One-pager): Bottom taken out of guidance as strong markets continue
Read the latest TORM One-pager update following the Q1 2024 results. The One-pager includes a brief description of TORM, an update to the product tanker market, latest financials, valuation perspectives relative to a peer group, and outlines several key investment risks and key investment reasons.
In Q1 2024, TORM continued experiencing strong product tanker markets as demand remained high, particularly with low on-land inventory levels, ton-miles remained elevated, due to refinery dislocations and avoidance of the Red Sea, and the net orderbook remained low. As a result, TORM continues returning value to shareholders via dividends, declaring USD 1.50 per share for the quarter, and TORM also took the bottom out of its guidance, now expecting TCE income of USDm 1,100-1,350 (previously USDm 1,000-1,350) and EBITDA of USDm 800-1,050 (previously USDm 700-1,050).
To learn more about TORM and its outlook for the remainder of 2024 and beyond, catch up on the latest Q1 2024 earnings presentation with TORM CFO Kim Balle.
Link: https://www.inderes.dk/videos/torm-praesentation-af-q1-2024
Disclaimer: HC Andersen Capital receives payment from TORM for a DigitalIR/corporate visibility subscription agreement./ Philip Coombes 11:30 21.05.2024
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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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