Torm A/S ( (TRMD) ) has released its Q3 earnings. Here is a breakdown of the information Torm A/S presented to its investors.
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Torm A/S is a leading shipping company specializing in the transportation of refined oil products, operating in the maritime industry with a significant fleet of product tankers.
In the third quarter and the first nine months of 2024, Torm A/S maintained robust financial performance despite seasonal fluctuations, with slightly increased freight rates compared to the previous year. The company’s strong earnings are attributed to its strategic fleet expansion and favorable market conditions.
Key financial highlights for the third quarter of 2024 include a time charter equivalent (TCE) earnings of USD 263.4 million, an adjusted EBITDA of USD 190.9 million, and a net profit of USD 130.7 million, reflecting a solid performance compared to the same period in 2023. For the first nine months of 2024, Torm achieved a TCE of USD 920.1 million and an adjusted EBITDA of USD 709.2 million, demonstrating significant growth from the previous year. The company also expanded its fleet with the acquisition of second-hand MR vessels, which contributed to the increase in available earning days and overall profitability.
Looking ahead, Torm A/S remains optimistic about its performance in the coming months, with strategic coverage of earning days in Q4 2024 and beyond. The management continues to focus on fleet optimization and market opportunities to sustain its financial growth and shareholder value.
