Q4 2024 Torm PLC Earnings Call Transcript
Key Points
- TORM PLC (TRMD) achieved a new all-time high in TCE earnings of $1.135 billion for 2024.
- The company reported a net profit of $612 million and a return on invested capital of 24.3% for the full year.
- Fleet efficiency, disciplined cost management, and a well-executed commercial strategy are key strengths for TORM PLC (TRMD).
- The company has a strong capital structure and operational leverage, positioning it well to navigate market uncertainties.
- TORM PLC (TRMD) is committed to sustainability, having achieved a 40% reduction in carbon intensity by the end of 2024, meeting the IMO 2030 target ahead of schedule.
- Freight rates decreased in the fourth quarter of 2024, with fleet-wide rates dropping to $25,775 per day.
- The normal seasonal strengthening of the market did not materialize in the fourth quarter, impacting earnings.
- Geopolitical risks and market uncertainties introduce a wide range of potential earnings outcomes for 2025.
- The company's earnings per share for Q4 decreased significantly to $0.77 compared to $2.18 in the same period last year.
- The U.S. proposal to tax Chinese-built tonnage could impact TORM PLC (TRMD)'s operations and market strategy.
Thank you for standing by. My name is Pam, and I will be your conference operator today. At this time, I would like to welcome everyone to the TORM 2024 annual report conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)
Thank you. I would now like to turn the conference over to CEO, Jacob Meldgaard. You may begin.
Thank you. And a warm welcome to everyone joining us on the call here today. As you all know, this morning, we released our annual report for the full year of 2024. And I dare say that all in all, it was a very satisfactory year for TORM, but also a year that has demonstrated that we operate in a volatile industry influenced by a wide range of external factors that we need to take into consideration.
As usual, I'll start with a few comments on our business and how we're doing. And then I will provide you with our take on the current
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