TORM plc, a leading transporter of refined petroleum products, reported a robust financial performance for the fiscal year ended December 31, 2023. The company's revenue increased to $1,520.4 million, up from $1,443.4 million in the previous year. This growth was primarily driven by a strong product tanker market with higher freight rates. Time Charter Equivalent (TCE) earnings for the Tanker segment rose to $1,083.8 million, a 9% increase compared to 2022, supported by trade recalibration due to sanctions against Russian product exports. Adjusted Gross Profit also saw a significant rise to $874.1 million, compared to $781.8 million in the prior year, mainly due to higher freight rates and a decrease in port expenses, bunkers, and commissions. EBITDA improved to $847.9 million, up from $743.1 million, with operating profit reaching $698.6 million...Show More

TORM plc, a leading transporter of refined petroleum products, reported a robust financial performance for the fiscal year ended December 31, 2023. The company's revenue increased to $1,520.4 million, up from $1,443.4 million in the previous year. This growth was primarily driven by a strong product tanker market with higher freight rates. Time Charter Equivalent (TCE) earnings for the Tanker segment rose to $1,083.8 million, a 9% increase compared to 2022, supported by trade recalibration due to sanctions against Russian product exports. Adjusted Gross Profit also saw a significant rise to $874.1 million, compared to $781.8 million in the prior year, mainly due to higher freight rates and a decrease in port expenses, bunkers, and commissions. EBITDA improved to $847.9 million, up from $743.1 million, with operating profit reaching $698.6 million, an increase from $601.4 million in 2022. The net profit for the year stood at $648.0 million, an $85 million increase from the previous year's $562.6 million. The company's financial health was further evidenced by a Loan-to-Value (LTV) ratio for the Tanker segment of 27.6%, reflecting a stable debt position. TORM's strategic vessel acquisitions and disposals, along with effective cost management, contributed to the positive financial outcomes. The company's future plans include continued investment in fleet expansion and upgrades to maintain competitiveness in the evolving shipping industry.