Welcome to our dedicated page for Torm news (Ticker: TRMD), a resource for investors and traders seeking the latest updates and insights on Torm stock.
TORM plc operates a global product tanker fleet that transports refined oil products, including gasoline, jet fuel, naphtha and diesel. Company news commonly covers fleet and shipping-market disclosures alongside governance actions for an issuer whose A-shares trade on Nasdaq Copenhagen and Nasdaq New York.
Recurring updates include annual general meeting notices and voting results, dividend and capital-return policy references, share-capital increases tied to Restricted Share Units, long-term incentive program grants, director and executive securities transactions, and major-shareholder announcements under Danish capital-market rules.
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.
TORM plc disclosed a significant transaction involving major holdings on September 15, 2020. Oaktree Capital Group Holdings GP, LLC reported a crossing of the voting rights threshold, holding 71.17% of voting rights through its subsidiary, OCM Njord Holdings S.à.r.l., which manages 53,252,767 A-shares. This marks an increase from the previous position of 70.32%. The transaction is part of Oaktree's strategy to consolidate its influence in TORM plc, a non-UK issuer.
TORM plc has received notification of a significant change in major holdings, with Oaktree Capital Group Holdings GP, LLC and its associated entity, OCM Njord Holdings S.à.r.l., increasing their voting rights to 70.32%. This change was acknowledged on September 11, 2020, after the threshold was crossed on September 9, 2020. The total number of voting rights now stands at 52,567,981, compared to the previous holding of 69.16%. The acquisition highlights the influence Oaktree Capital now has over TORM's decision-making processes.
TORM plc announced a significant transaction involving its securities, as notified to the FCA. DW Partners, LP reported a change in holdings, crossing a threshold with a resulting ownership of 2.85% in voting rights attached to shares as of August 26, 2020. This new position reflects a decrease from the previous 3.92%. The total number of voting rights in circulation is 74,760,653, with the notification completed on August 27, 2020.
TORM reported a robust financial performance for the first six months of 2020, achieving a profit before tax of USD 128m and USD 63m in dividends for shareholders. The second quarter saw TCE rates increase to USD 25,274/day, yielding an EBITDA of USD 119m. Vessel sales contributed to this success, with seven older vessels sold for USD 66m. Positive cash flow from operations reached USD 163.1m. TORM's liquidity as of June 30 was USD 302.3m, positioning the company favorably amidst market uncertainties.