Torm Plc Stock Price, News & Analysis

TORM has increased its share capital by issuing 12,405 A-shares due to the exercise of Restricted Share Units. The new shares were subscribed at DKK 43.4 each, totaling a nominal value of USD 124.05. These shares are ordinary, offer full rights including dividend entitlements, and will be listed on Nasdaq in Copenhagen on June 1, 2021. Following this capital increase, TORM's share capital stands at USD 780,452.07, divided into 78,045,207 A-shares, one B-share, and one C-share. Transfer restrictions may apply in certain jurisdictions.

TORM has increased its share capital by 564,232 A-shares, equivalent to USD 5,642.32, following the delivery of the MR vessel Team Adventurer from an earlier acquisition. The shares were subscribed in relation to a USD 5.2 million loan note and are priced at USD 9.2 per A-share. Post-transaction, TORM's total share capital is USD 780,328.04, with 78,032,802 A-shares. The new shares will be listed on Nasdaq Copenhagen by May 31, 2021, and will not confer pre-emption rights to existing shareholders.

TORM has announced a capital increase of 782,546 A-shares, raising USD 7,825.46, following the delivery of the MR vessel Team Cavatina. This capital increase is part of a prior agreement to acquire eight MR product tankers from Team Tankers Deep Sea Ltd. The shares were issued without pre-emption rights for existing shareholders, with a subscription price of USD 9.2 per A-share. Following this transaction, TORM's total share capital will amount to USD 774,685.72. The new shares will be admitted to trading on Nasdaq Copenhagen on 26 May 2021.

TORM reported a 2021 Q1 EBITDA of USD 18.9m, a sharp decline from USD 101.5m in the same period last year. The company faced weaker TCE rates at USD/day 13,493, down from USD/day 23,642. A loss before tax of USD -21.1m contrasts with a profit of USD 56.8m in 2020. Despite challenges from COVID-19 and OPEC+ quotas, TORM acquired three LR2 vessels and issued shares to finance the acquisition of eight MR vessels. As of March 31, 2021, TORM's liquidity stood at USD 329.4m.

TORM has announced the acquisition of three fuel-efficient LR2 vessels, enhancing its fleet capabilities. The total purchase price for the vessels, Nissos Schinoussa, Nissos Heraclea, and Nissos Therassia, is USD 120.8 million, with expected delivery in Q2 and Q3 of 2021. Financing for two vessels is secured at USD 60 million through Danish Ship Finance, while the third will be financed via a sale and leaseback deal for USD 32.2 million. Additionally, TORM will gain USD 6 million in liquidity from the sale of the MR vessel TORM Carina.

TORM plc (ticker: TRMD) will release its financial results for Q1 2021 on May 12, 2021. A conference call is scheduled for 9:00 am ET, where results will be discussed. Participants can dial in using +45 3272 0417 or +1 (646) 741 3167. A live webcast will also be available on TORM’s website. The call can be replayed until May 26, 2021. TORM operates a fleet of about 80 vessels, focusing on safety and environmental responsibility. The company warns that forward-looking statements may differ from actual results due to various market uncertainties.

TORM has announced a capital increase of USD 8,248.64 through the issuance of 824,864 A-shares following the delivery of the MR vessel Team Amorina. The new shares, priced at USD 9.2 each, were funded by a USD 7.6 million loan note. Existing shareholders have no pre-emption rights, and a majority of the new shares will be under a 40-day lock-up. After this increase, TORM's total share capital rises to USD 766,860.26 across 76,686,024 A-shares. The new shares are set to be listed on Nasdaq Copenhagen on April 22, 2021.

TORM plc has announced an increase in share capital by issuing 14,178 A-shares due to the exercise of Restricted Share Units. This capital increase occurred without pre-emption rights for current shareholders. Out of the new shares, 7,089 were subscribed for in cash at prices of DKK 43.4 and DKK 47.4 per A-share. The new shares will be listed on Nasdaq in Copenhagen on 20 April 2021, allowing holders to receive dividends and other rights. Following this increase, TORM's share capital totals USD 758,611.62.

TORM plc announced the successful passing of all resolutions at its Annual General Meeting held on April 14, 2021. Key highlights include eligible votes totaling 75,353,612 and a voting participation rate of 68.58%. The Company reported a solid EBITDA of USD 272m for 2020, with a shareholder distribution of USD 71m, primarily through dividends. Additionally, TORM committed to a 40% CO₂ emission reduction by 2030 and took steps to renew its fleet, improving operational efficiency and financial performance.