Torm Plc Stock Price, News & Analysis

TORM plc has increased its share capital by 17,511 A-shares, resulting from the exercise of Restricted Share Units. The new A-shares were subscribed at DKK 43.4 per share, totaling a nominal value of USD 175.11. No pre-emption rights were granted to existing shareholders. Following this capital increase, TORM's share capital is now USD 749,698.56, comprising 74,969,854 A-shares. The new shares will be traded on Nasdaq Copenhagen starting April 7, 2021, and will carry rights to dividends and voting.

TORM plc has increased its share capital by issuing 58,271 A-shares following the exercise of Restricted Share Units, resulting in a capital increase of USD 582.71. The shares were subscribed at DKK 43.4 each, without pre-emption rights for existing shareholders. The new shares, effective for dividends and other rights, will trade on Nasdaq Copenhagen starting March 23, 2021. Post-issuance, TORM's capital totals USD 749,523.45 across 74,952,343 A-shares and additional shares with unique voting rights.

TORM plc announced a grant of 1,099,919 Restricted Share Units (RSUs) to certain employees as part of its long-term incentive program aimed at improving company performance and share price. Each RSU will vest over three years starting January 1, 2022, with an exercise price set at DKK 53.5, representing a 15% premium on the average share price. Executive Director Jacob Meldgaard is set to receive 255,200 RSUs. The theoretical market value of this RSU allocation is estimated at USD 3.0 million. The allocation will impact TORM's P&L with USD 1.7 million in 2021, USD 0.9 million in 2022, and USD 0.4 million in 2023.

TORM plc has increased its share capital by 31,054 A-shares, resulting from the exercise of Restricted Share Units. This capital increase was executed without pre-emption rights for existing shareholders, with 20,632 shares subscribed at DKK 43.4 and 10,422 shares at DKK 47.4 per A-share. Following this, the total share capital of TORM amounts to USD 748,940.74 divided into 74,894,072 A-shares. The new shares will be listed on Nasdaq in Copenhagen on 16 March 2021 and grant rights to dividends from the issuance date.

TORM plc has announced the complete proposals for its Annual General Meeting (AGM) scheduled for 14 April 2021. The company is a leading carrier of refined oil products, operating roughly 80 modern vessels worldwide. TORM's shares are traded on NASDAQ Copenhagen and NASDAQ New York under the ticker symbols TRMD A and TRMD. The press release includes forward-looking statements about potential risks affecting the business, such as market fluctuations, COVID-19 impacts, and operational costs.

TORM reported a solid EBITDA of USD 272m for 2020, up from USD 202m in 2019, amidst significant market disruptions from COVID-19 and the OPEC+ oil price war. The company declared USD 71m in dividends while achieving a net profit of USD 122m adjusted for non-recurring items. However, the profit before tax declined to USD 90m from USD 167m. TORM's fleet increased through newbuild contracts and acquisitions, with a market value of USD 1,585m as of year-end. The company also focused on environmental goals, reducing emissions by 22% since 2008.

TORM has agreed to acquire eight MR product tanker vessels from TEAM Tankers for USD 82.5 million and 5.97 million shares. This deal will elevate TORM’s fleet to 83 vessels. The vessels, built between 2007 and 2012 at Brodotrogir, feature enhanced cargo capabilities, improving trading flexibility. Financing terms are favorable, involving a Syndicated Term Facility of up to USD 67 million and an additional USD 28 million from Hamburg Commercial Bank. The vessels' market value is estimated at USD 148 million, indicating a notable asset increase.

TORM plc (TRMD) will release its 2020 financial results on March 1, 2021. The results will be discussed during a conference call scheduled for 9:00 AM ET. Interested participants can join by dialing +45 3272 0417 or +1 (646) 741 3167, and using conference ID 3627758. A live webcast will also be available on TORM's website. A replay of the conference call can be accessed until March 15, 2021. TORM operates around 80 vessels and is a leading carrier of refined oil products globally.

TORM plc has announced a capital increase of 7,089 A-shares, following the exercise of Restricted Share Units. The new shares, priced at DKK 43.4 each, are issued without pre-emption rights for existing shareholders. After the increase, TORM's total share capital stands at USD 748,630.20, with 74,863,018 A-shares. The new shares will be listed on Nasdaq Copenhagen on January 27, 2021, and provide dividend rights. TORM operates a large fleet of modern vessels, focusing on safety and environmental responsibility.