Torm Plc Stock Price, News & Analysis

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.

TORM plc has announced its financial calendar for 2021, outlining key dates for stakeholders. The Annual Report for 2020 will be released on March 1, 2021, followed by the deadline for shareholder submissions on March 3, 2021. The Annual General Meeting is scheduled for April 14, 2021. Additionally, the company will disclose its quarterly financial results on May 12, 2021, August 10, 2021, and November 3, 2021. TORM is one of the leading carriers of refined oil products, operating a fleet of approximately 80 vessels.

TORM plc has increased its share capital by issuing 3,333 A-shares due to the exercise of Restricted Share Units. The new shares, subscribed at DKK 43.4 each, will not offer pre-emption rights to existing shareholders. Following this capital increase, TORM's total share capital is now USD 748,559.31, distributed over 74,855,929 A-shares, one B-share, and one C-share. The new shares will be admitted for trading on Nasdaq in Copenhagen on December 22, 2020, and entitle holders to dividends and other shareholder rights.

TORM plc has increased its share capital by issuing 24,811 A-shares, resulting from the exercise of Restricted Share Units. The new shares, priced at DKK 43.4 each, will not have pre-emption rights for existing shareholders. Following this capital increase, TORM's total share capital is now USD 748,525.98, divided into 74,852,596 A-shares and additional B and C shares. The new shares are expected to be listed on Nasdaq Copenhagen on December 7, 2020, and carry rights to dividends. Transfer restrictions may apply outside of Denmark.

TORM reported a positive financial result for Q3 2020, marking its fourth consecutive quarter of profitability. The company achieved TCE rates of USD 16,762/day and an EBITDA of USD 43.4 million, impacted by an USD 8 million provision related to cargo claims. Net profit before tax was USD 1 million, with EPS at USD 0.01. Notably, cash flow from operations was strong at USD 52.5 million. TORM's liquidity stood at USD 288.7 million while net interest-bearing debt was USD 713.1 million. The firm continues to adapt amid the pandemic, maintaining operations and focusing on the well-being of its crew.

TORM plc (ticker: TRMD) will announce its Q3 2020 financial results on Wednesday, 11 November 2020. A conference call will be held at 9:00 am ET for investors, with dialing details provided for participation. The presentation is available for download on TORM's investor website, which will also host a live webcast of the event. A telephonic replay will be accessible until 25 November 2020. TORM, a leading carrier of refined oil products, operates approximately 80 vessels globally, committed to safety and environmental responsibility.