• Maersk, but for refined oil products.
• A global floating Kinder Morgan, transporting fuels.
• FedEx for refined petroleum products, delivered by ship.

• Refined Oil Product Transportation: Provides global seaborne transportation services for refined petroleum products such as gasoline, jet fuel, and diesel oil, utilizing a fleet of product tankers.

TORM primarily sells its services to other companies. Its customers are generally not publicly disclosed by name due to the competitive and confidential nature of the global shipping and chartering market. Instead, TORM serves a broad range of entities that require the transportation of refined petroleum products and chemicals. These customers typically fall into the following categories:

1. Major Integrated Oil & Gas Companies

   These global energy giants are involved in exploration, production, refining, and marketing of petroleum products. They charter tankers to move crude oil to refineries and refined products from refineries to distribution points worldwide.

   • Shell plc (SHEL)
   • Exxon Mobil Corporation (XOM)
   • BP p.l.c. (BP)
   • Chevron Corporation (CVX)
   • TotalEnergies SE (TTE)

2. National Oil Companies (NOCs) and State-Owned Entities

   Many state-owned oil companies are significant players in the global oil and refined products market, requiring extensive shipping capacity for their international trade.

   • Saudi Arabian Oil Co. (Saudi Aramco) (ARAMCO - listed on Tadawul, Saudi Arabia)
   • Petrobras (Petróleo Brasileiro S.A.) (PBR)

3. Commodity Trading Houses

   These firms specialize in the buying, selling, and logistical management of physical commodities, including crude oil, refined products, and chemicals, often chartering vessels to execute their trades.

   • Glencore plc (GLEN - listed on the London Stock Exchange)
   • (Many other major trading houses like Vitol, Trafigura, Gunvor, and Mercuria are privately held and are significant charterers in the market.)

Jacob Meldgaard, CEO / Executive Director

Jacob Meldgaard has been the Chief Executive Officer of TORM A/S since April 2010 and an Executive Director of TORM plc. He has over 30 years of shipping experience and is a member of the Board of Danish Shipping and Danish Ship Finance. Prior to joining TORM, Mr. Meldgaard served as Executive Vice President of the Danish shipping company NORDEN and held various positions with J. Lauritzen and A.P. Moller-Maersk.

Kim Balle, CFO

Kim Balle joined TORM in 2019 and brings more than 25 years of finance experience. He previously served as CFO of CASA A/S, a private equity-owned company, and DLG. Mr. Balle also held a position as Head of Corporate Banking in Danske Bank.

Jesper S. Jensen, Head of Technical Division

Jesper S. Jensen has been with TORM since 2014 and possesses over 25 years of shipping experience. His prior roles include positions with Clipper and A.P. Moller-Maersk. He also serves as Chairman at ME Production China and is on the Board of Directors at Clean Shipping Alliance.

Lars Christensen, Head of Projects

Lars Christensen joined TORM in 2011 and has more than 30 years of shipping experience. Before TORM, he worked with Navita Ship, Maersk Broker, and EA Gibson.

The global energy transition and decarbonization efforts leading to a secular decline in demand for refined oil products.

Here are 3-5 expected drivers of future revenue growth for TORM (TRMD) over the next 2-3 years:

1. Sustained Strong Freight Rates: TORM anticipates continued robust freight rates in the product tanker market. This is primarily fueled by ongoing geopolitical tensions, such as rerouting due to disruptions in the Red Sea and sanctions on Russian oil products, which create inefficiencies and increase demand for product tanker services. TORM's guidance and recent performance indicate that favorable market conditions are supporting attractive time charter equivalent (TCE) rates.
2. Fleet Expansion and Modernization: The company is actively engaged in fleet optimization through strategic acquisitions of second-hand vessels and the divestment of older tonnage to maintain a modern and commercially attractive fleet. This expansion directly increases available earning days, thereby enhancing the capacity to generate revenue. For example, TORM acquired nine LR2 vessels from Q4 2023 to Q1 2024 and entered into an agreement to acquire eight second-hand MR vessels in early Q3 2024, with deliveries extending into the second half of 2024.
3. Increased Ton-Mile Demand: Geopolitical developments, including the Red Sea disruptions and trade recalibration following sanctions, have led to longer sailing distances for product tankers. This results in an increase in ton-mile demand, meaning vessels spend more time at sea transporting cargo, which directly translates to higher time charter equivalent (TCE) earnings and, consequently, greater revenue for TORM.
4. Strategic Long-Term Charter Agreements: TORM has demonstrated its ability to secure favorable long-term time charter agreements, providing revenue visibility and stability. An example includes a three-year time charter for a vessel at rates above the prevailing market. This strategy allows the company to lock in profitable rates, contributing to consistent revenue streams regardless of short-term spot market fluctuations.

Share Repurchases

• In March 2020, TORM completed a share buyback program, repurchasing 180,500 Class A shares for an aggregate amount of approximately $1.35 million (DKK 9,194,425).
• As of March 2020, TORM stated it had no current intention to purchase further A-shares after the completion of this program.
• TORM's distribution policy indicates that share repurchases will be considered in addition to dividends as a means of distributing excess liquidity.

Share Issuance

• In June 2025, TORM increased its share capital by issuing 11,236 A-shares, with a nominal value of USD 112.36, as a result of exercised Restricted Share Units within its incentive program. The shares were subscribed for cash at DKK 0.08 per share.
• In September 2025, TORM announced a Long Term Incentive Program, granting 1,293,434 Restricted Share Units (RSUs) to employees and 500,000 RSUs to the Executive Director, with a strike price of one US cent and a vesting date of October 1, 2028.

Capital Expenditures

• TORM's capital expenditures were $319.79 million in 2020, $119.96 million in 2021, $510.19 million in 2022, $583.50 million in 2023, and $376.40 million in 2024.
• The company has been focused on strategic fleet expansion and modernization.
• In the fourth quarter of 2025, TORM agreed to acquire an additional four 2014-built MR vessels, which will increase its fleet to 92 vessels upon completion of these transactions. TORM is also repurchasing leased vessels, having repurchased 13 of 22, with two more purchase options exercised for delivery in late 2025 and early 2026, and the remainder scheduled for 2026.