Denmark´s Torm specialist carrier of refined oil products is heading for even bigger profit this year with a larger fleet, after the company achieved in 2023 a historically high Ebitda of $848m, compared to $743m in 2022, and a net profit for the year of $648m, against the $563m in 2022.

The owner which operates a fleet of approximately 90 product tanker vessels said it had acquired 22 newer eco vessels in 2023 and divested 11 of its oldest vessels.

This year Torm acquired one additional LR2 vessel in a partly share based transaction with issuance of approximately 0.6 million shares. The company bought in total nine LR2, seven LR1 vessels and seven MR vessels.

The year 2023 ended strongly for Torm after a year of favorable market conditions and now the shipowner expects Ebitda to be in the range of $700–1,050m, based on the current fleet size, including published acquisitions and divestments of vessels.

Jacob Meldgaard, chief executive of Torm, commented on the company’s financial results, mentioning that the “company’s earnings set new records for the company, surpassing 2022.”

“Through strategic fleet expansion and modernization, we not only capitalized on the market conditions and delivered significant value to our shareholders, but we also ensured that TORM is well positioned for future years,” Meldgaard said.

Source: Torm