Torm Plc Stock Price, News & Analysis

TORM plc (NASDAQ: TRMD) has announced a capital increase through the issuance of 262,294 A-shares, with a nominal value of USD 2,622.94, following the exercise of Restricted Share Units as part of its incentive program. The new shares were subscribed for in cash at DKK 0.08 per A-share.

The new ordinary shares will carry standard rights, including dividend eligibility from the issuance date, and are expected to be listed on Nasdaq Copenhagen. Following this capital increase, TORM's total share capital stands at USD 982,518.10, comprising 98,251,808 A-shares, one B-share, and one C-share, all with a USD 0.01 par value. The A-shares carry 98,251,808 votes, while the B and C shares maintain specific voting rights.

TORM plc has announced its upcoming Annual General Meeting (AGM) scheduled for Wednesday, 16 April 2025 at noon London time. The company has released the formal notice and complete proposals to be discussed at the meeting.

TORM plc has announced a new long-term incentive program, granting 1,326,087 Restricted Share Units (RSUs) to certain employees and an additional 255,200 RSUs to Executive Director Jacob Meldgaard. The RSUs are structured as restricted stock options, vesting over three years with one-third vesting annually starting January 1, 2025.

The exercise price is set at DKK 162.38 per TORM A-share, calculated as the 90-day average preceding the 2024 Annual Report plus a 15% premium. Vested RSUs can be exercised within 360 days of each vesting date. The theoretical market value of the RSU allocation is USD 4.1 million, calculated using the Black-Scholes model with a current share price of DKK 120.40 and estimated volatility of 42.5%.

TORM plc has announced an increase in its share capital by issuing 19,494 A-shares, raising a nominal value of USD 194.94. This capital increase was executed without pre-emption rights for existing shareholders, with shares subscribed in cash at DKK 47.4 each. The total share capital after this increase is now USD 812,332.71, divided into 81,233,269 A-shares and one B-share and C-share, each of USD 0.01. The new shares will be listed on Nasdaq in Copenhagen on December 21, 2021, and will confer standard rights to dividends.

TORM plc has raised its share capital by issuing 106,121 A-shares following the exercise of Restricted Share Units. Of these, 81,310 shares were subscribed at DKK 47.4 each, while 24,811 shares were subscribed at DKK 43.4 each. The new ordinary shares, with a nominal value of USD 0.01, will be eligible for dividends and other rights from the issuance date and are expected to be listed on Nasdaq Copenhagen on November 23, 2021. Following this increase, TORM’s total share capital is USD 812,137.77.

The third quarter of 2021 presented significant challenges for TORM due to restricted crude supply leading to historically low product tanker freight rates. TORM reported an EBITDA of USD 30.4m, a drop from USD 43.4m in Q3 2020, and a loss before tax of USD -14.1m compared to a profit of USD 1.0m in the previous year. TCE rates also declined, averaging USD/day 12,854 versus USD/day 16,762 in 2020. Despite these challenges, TORM maintained operational efficiency and liquidity, reporting cash flow from operations of USD 12.0m and available liquidity of USD 185.5m as of September 30, 2021.

TORM plc (ticker: TRMD) will release its Q3 2021 financial results on November 10, 2021, with a live webcast presentation starting at 09:00 AM Eastern Time. Interested participants can join the conference call by dialing +45 3271 4988 or +1 (760) 294 1674 for US connections. A replay of the conference call will be accessible on TORM's website until March 1, 2022. TORM, a leading carrier of refined oil products, operates a fleet of approximately 80 vessels, emphasizing safety and environmental responsibility.

TORM plc announces that OCM Njord Holdings S.à.r.l. holds 53,812,989 shares, equating to 66.35% of TORM's total share capital and 93.67% of voting rights. This includes 53,812,988 A-shares and one C-share with special voting rights. TORM, a leading carrier of refined oil products, operates a fleet of approximately 80 modern vessels and is listed on Nasdaq in Copenhagen and New York (ticker: TRMD).

TORM plc announced a capital increase of 54,905 A-shares, resulting from the exercise of Restricted Share Units. The new shares, priced at DKK 43.4 each, have a nominal value of USD 0.01 and will not offer pre-emption rights to existing shareholders. Following this issuance, TORM's share capital rises to USD 811,076.56, comprising 81,107,654 A-shares. The shares are expected to be listed on Nasdaq Copenhagen on August 27, 2021, and provide rights to dividends. TORM operates a fleet of about 80 vessels, focused on transporting refined oil products worldwide.