TORM plc (TRMD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la logística marítima, Torm PLC (TRMD) se destaca como una compañía de envío de petroleros global sofisticada que transforma los complejos desafíos de transporte de energía en soluciones sin interrupciones y eficientes. Al aprovechar un modelo de negocio estratégico que equilibra la innovación tecnológica, la excelencia operativa y las asociaciones sólidas, Torm navega las intrincadas aguas del transporte de productos petroleros con notable precisión y adaptabilidad. Su enfoque integral no solo garantiza servicios de envío confiables, sino que también demuestra un compromiso con la sostenibilidad y la logística marítima rentable que los distingue en un mercado global competitivo.

Torm PLC (TRMD) - Modelo de negocio: asociaciones clave

Propietarios de barcos y fletadores de embarcaciones

A partir de 2024, Torm PLC mantiene asociaciones estratégicas con múltiples propietario y fletadores de embarcaciones. La compañía opera una flota de 85 buques, incluidos 58 petroleros MR y 27 LR2 de productos.

Tipo de asociación	Número de asociaciones	Participación de la flota
Acuerdos de la carta a largo plazo	12	42 recipientes
Cartas del mercado spot	Flexible	43 embarcaciones

Empresas de comercio de energía y productos básicos globales

Torm colabora con las principales empresas de comercio de energía globales para transportar productos de petróleo.

• Grupo vitol
• Traficigura
• Glencore
• BP Trading International

Proveedores de combustible de búnker

Torm se asocia con proveedores de combustible Bunker clave para garantizar operaciones eficientes de embarcaciones.

Proveedor	Suministro anual de combustible	Duración del contrato
Península petrolero	350,000 toneladas métricas	Acuerdo de 2 años
Servicios mundiales de combustible	275,000 toneladas métricas	Contrato anual

Sociedades de clasificación y cuerpos regulatorios marítimos

Torm mantiene asociaciones de cumplimiento con organizaciones marítimas internacionales.

• DNV GL
• Oficina Americana de envío (ABS)
• Registro de Lloyd
• Organización Marítima Internacional (OMI)

Proveedores de seguros y servicios financieros

Las asociaciones financieras de Torm incluyen seguros marinos y relaciones bancarias.

Socio financiero	Tipo de servicio	Valor de contrato
Banco Nordeo	Financiación de buques	Capacidad de crédito de $ 450 millones
Finanzas de barco danés	Préstamos a largo plazo	$ 350 millones
Skuld P&I Club	Seguro marino	Cobertura de flota completa

Torm PLC (TRMD) - Modelo de negocio: actividades clave

Transporte marítimo de productos petroleros

Torm PLC opera una flota de 85 embarcaciones a partir de 2023, específicamente centrada en el transporte de petroleros petroleros. La composición de la flota de la compañía incluye:

Tipo de vaso	Número de embarcaciones	Total de tonelaje de peso muerto (DWT)
Mr petroleros	55	3,465,000
Manipulados petroleros	30	1,170,000

Operaciones y gestión del buque del cisterna

La gestión de los vasos de Torm implica:

• Seguimiento global de los barcos 24/7
• Monitoreo del rendimiento en tiempo real
• Gestión de la tripulación para más de 1.200 profesionales de marineros

Mantenimiento y optimización de la flota

Gastos anuales de mantenimiento de la flota: $ 45.2 millones en 2022. Las actividades de mantenimiento incluyen:

• Inspecciones regulares de hojas de secado
• Reparaciones de casco y maquinaria
• Actualizaciones tecnológicas

Estrategias de gestión de riesgos y comercio

Métricas de gestión de riesgos de Torm:

Categoría de riesgo	Estrategia de mitigación	Asignación financiera
Riesgo de mercado	Contratos de cobertura	$ 12.6 millones
Riesgo operativo	Cobertura de seguro	$ 8.3 millones

Cumplimiento de las regulaciones marítimas internacionales

Gasto de cumplimiento: $ 7.5 millones anuales, cubriendo:

• Regulación de azufre de la OMI 2020
• Normas ambientales de Marpol
• Protocolos de seguridad internacionales

Torm PLC (TRMD) - Modelo de negocio: recursos clave

Flota moderna y eficiente en combustible

A partir de 2024, Torm PLC opera una flota de 85 recipientes, incluidos 55 camiones cisterna MR (rango medio) y 30 camiones cisterna LR2 (largo rango 2). Total Fleet Tonnage de peso muerto: 5,838,228 DWT.

Tipo de vaso	Número de embarcaciones	Edad promedio
Mr petroleros	55	7.2 años
Camiones cisterna LR2	30	6.8 años

Equipo experimentado de gestión marítima

El equipo de gestión de Torm comprende 12 ejecutivos senior con un promedio de 18 años de experiencia en la industria marítima.

• CEO: Jesper Kristensen
• CFO: Jacob Meldgaard
• Promedio de tenencia ejecutiva: 9.5 años

Tecnologías avanzadas de navegación y seguimiento de flotas

Inversión en tecnologías digitales: $ 12.4 millones en 2023 para sistemas de gestión de flotas e infraestructura digital.

Tecnología	Monto de la inversión
Software de gestión de flotas	$ 6.2 millones
Sistemas de seguimiento satelital	$ 4.1 millones
Infraestructura de ciberseguridad	$ 2.1 millones

Balance financiero fuerte

Métricas financieras a partir del cuarto trimestre 2023:

• Activos totales: $ 1.87 mil millones
• Equidad de los accionistas: $ 632 millones
• Equivalentes en efectivo y efectivo: $ 187.5 millones
• Deuda neta: $ 1.02 mil millones

Redes y relaciones marítimas globales

Presencia operativa global en regiones marítimas clave:

Región	Número de centros operativos
Europa	4
Asia	3
Oriente Medio	2
América	2

Asociaciones comerciales clave: 18 Acuerdos comerciales a largo plazo con las principales compañías de comercio de petróleo y naves.

Torm PLC (TRMD) - Modelo de negocio: propuestas de valor

Transporte de productos petroleros confiables y eficientes

Torm PLC opera una flota de 85 vasos a partir de 2023, con un tonelaje total de peso muerto (DWT) de aproximadamente 5,4 millones de toneladas. La flota de petroleros petroleras de la compañía genera ingresos anuales de $ 755.4 millones en 2022.

Segmento de flota	Número de embarcaciones	DWT total
Petroleros de productos	55	3.2 millones
Mr petroleros	30	2.2 millones

Soluciones de envío flexibles y adaptables

Torm proporciona servicios de logística marítima global en múltiples regiones geográficas, con áreas de enfoque operativo clave:

• Rutas comerciales del Atlántico Norte
• Corredores de envío mediterráneo
• Redes marítimas asiáticas
• Rutas de transporte de petróleo de Medio Oriente

Flota de embarcaciones de alta calidad y bien mantenida

Edad promedio de la flota: 7.2 años, con inversión de reemplazo de embarcaciones de $ 312.5 millones en 2022. Tasa de utilización de la flota: 95.6%.

Tipo de vaso	Edad promedio	Costo de reemplazo
Petroleros de productos	6.8 años	$ 185 millones
Mr petroleros	7.5 años	$ 127.5 millones

Compromiso con la sostenibilidad ambiental

Torm ha comprometido $ 45.7 millones a mejoras ambientales, que incluyen:

• Sistemas de tratamiento de agua de lastre
• Cumplimiento de combustible de bajo azufre
• Modificaciones de eficiencia energética

Servicios de logística marítima rentables

Costo operativo por barco: $ 6,800 por día. Gastos operativos totales en 2022: $ 428.3 millones. Margen de beneficio: 12.4%.

Categoría de costos	Gasto anual	Porcentaje de ingresos
Gastos operativos de la embarcación	$ 275.6 millones	36.5%
Gastos de viaje	$ 152.7 millones	20.2%

Torm PLC (TRMD) - Modelo de negocio: relaciones con los clientes

Acuerdos contractuales a largo plazo

Torm PLC mantiene contratos de la carta de tiempo a largo plazo con clientes clave en el petrolero de productos y los segmentos de petroleros químicos. A partir del cuarto trimestre de 2023, la cobertura de la carta de tiempo de la compañía se encuentra en:

Tipo de vaso	Cobertura de contrato a largo plazo	Duración promedio del contrato
Petroleros de productos	62%	2.3 años
Camiones cisterna químicos	58%	2.1 años

Servicio al cliente personalizado

Torm proporciona gestión dedicada de la relación con el cliente a través de:

• Gerentes de cuentas especializados para cada cliente principal
• Soporte operativo 24/7
• Logística personalizada y soluciones de envío

Plataformas de comunicación digital

Torm utiliza plataformas digitales avanzadas para las interacciones del cliente:

Plataforma digital	Funcionalidad	Tasa de adopción del cliente
Torm Webtrack	Seguimiento de embarcaciones en tiempo real	87%
Sistema de informes digitales	Informes de rendimiento automatizados	92%

Gestión de relaciones basada en el desempeño

Las métricas clave de rendimiento para las relaciones con los clientes incluyen:

• Tasa de entrega a tiempo: 96.5%
• Preservación de integridad de carga: 99.8%
• Puntuación de satisfacción del cliente: 4.7/5

Informes operativos transparentes

Torm proporciona transparencia operativa integral a través de:

Tipo de informes	Frecuencia	Nivel de detalle
Informes de rendimiento del buque	Mensual	Detallado
Informes de impacto ambiental	Trimestral	Integral

Torm PLC (TRMD) - Modelo de negocio: canales

Equipo de ventas directas

Torm PLC mantiene un equipo de ventas dedicado de 87 profesionales marítimos a partir de 2023, centrándose en la participación directa del cliente en los mercados de envío clave.

Composición del equipo de ventas	Número
Personal de ventas directas totales	87
Ejecutivos de ventas senior	22
Gerentes de ventas regionales	15

Conferencias y exposiciones de la industria marítima

Torm participa en 12-15 conferencias marítimas internacionales anualmente, dirigiendo los mercados de envío clave en Europa y Asia.

• Participación anual en la conferencia de envío de Hamburgo
• Compromiso de la Semana Marítima de Singapur
• Semana de envío internacional de Londres

Plataforma en línea y comunicación digital

Los canales digitales de Torm incluyen un sitio web corporativo con 127,000 visitantes anuales y plataformas de comunicación digital activas.

Canal digital	Métrica
Visitantes anuales del sitio web corporativo	127,000
Seguidores de LinkedIn	8,500
Plataformas de comunicación digital	4

Envío de corredores e intermediarios

Torm colabora con 23 corredores de envío internacionales en los mercados marítimos globales.

• Colaboración con corredores de primer nivel como Clarksons y Simpson Spence Young
• Red que cubre Europa, Asia y América del Norte

Eventos de redes de la industria

Torm se involucra en 40-45 eventos de redes de la industria anualmente, representando un canal estratégico para el desarrollo de negocios.

Categoría de eventos de redes	Participación anual
Eventos marítimos internacionales	22
Foros de envío regional	18
Conferencias de carga especializadas	5

Torm PLC (TRMD) - Modelo de negocio: segmentos de clientes

Empresas comerciales de petróleo y petróleo

Torm atiende a las principales empresas comerciales de petróleo con una composición de flota específica:

Tipo de cliente	Número de clientes activos	Volumen de transporte anual
Comerciantes internacionales de petróleo	42	5.2 millones de toneladas métricas
Distribuidores de petróleo regionales	27	3.8 millones de toneladas métricas

Corporaciones del sector energético

Los segmentos de clientes del sector energético clave incluyen:

• ExxonMobil Corporation
• BP PLC
• Shell internacional
• Corporación Chevron

Comerciantes internacionales de productos básicos

Cliente de comercio de productos básicos de Torm profile:

Categoría de comerciante	Cuota de mercado	Valor anual del contrato
Comerciantes de productos básicos globales	18%	$ 487 millones
Comerciantes de productos básicos regionales	12%	$ 276 millones

Fabricantes de productos químicos e industriales

Segmentos de clientes en transporte químico:

• Basf se
• Dow Chemical Company
• Lyondellbasell Industries

Empresas de envío y logística globales

Desglose del cliente de la logística de envío:

Segmento logístico	Número de asociaciones	Contribución anual de ingresos
Proveedores de logística global	19	$ 312 millones
Operadores de logística regional	34	$ 218 millones

Torm PLC (TRMD) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de los buques

En 2023, la flota de Torm consistió en 85 embarcaciones con un tonelaje total de peso muerto (DWT) de aproximadamente 1,4 millones. La edad promedio de la embarcación fue de 7,2 años. Los costos totales de inversión de embarcaciones para 2023 fueron de $ 521.4 millones.

Tipo de vaso	Número de embarcaciones	Edad promedio	Costo de mantenimiento por barco
Petroleros de productos	55	6.8 años	$ 1.2 millones/año
Mr petroleros	30	7.5 años	$ 1.5 millones/año

Combustible y gastos operativos

Los gastos anuales de combustible para Torm en 2023 totalizaron $ 243.6 millones. Los gastos operativos por barco promediaron $ 6,500 por día.

• Costo de combustible de búnker: $ 450 por tonelada métrica
• Relación de eficiencia operativa: 92.5%
• Consumo de combustible: 25-30 toneladas métricas por día por barco

Salarios de la tripulación y entrenamiento

Los gastos totales relacionados con la tripulación para 2023 fueron de $ 89.7 millones. Salario de tripulación anual promedio por mar: $ 45,000.

Categoría de tripulación	Número de tripulación	Salario anual promedio	Costo de capacitación por tripulación
Oficiales	340	$65,000	$5,200
Calificaciones	680	$35,000	$3,500

Costos de cumplimiento regulatorio

Los gastos anuales de cumplimiento regulatorio en 2023 ascendieron a $ 17.3 millones, lo que representa el 3.2% de los costos operativos totales.

• IMO 2020 Cumplimiento de la regulación de azufre: $ 4.5 millones
• Costos de certificación ambiental: $ 3.8 millones
• Cumplimiento de seguridad y seguridad: $ 9 millones

Gastos de gestión de seguros y riesgos

Los gastos totales de gestión de riesgos y gestión de riesgos para 2023 fueron de $ 22.1 millones.

Tipo de seguro	Cantidad de cobertura	Prima anual
Casco y maquinaria	$ 1.2 mil millones	$ 12.4 millones
Protección y indemnización	$ 1.5 mil millones	$ 7.2 millones
Cobertura de riesgo adicional	$ 500 millones	$ 2.5 millones

Torm PLC (TRMD) - Modelo de negocio: flujos de ingresos

Ingresos de la carta de tiempo

Para el año fiscal 2023, Torm PLC reportó ingresos de la carta de tiempo de $ 361.1 millones. La tasa de equivalente de la carta de tiempo promedio (TCE) para el período fue de $ 14,800 por día en su flota de petroleros de productos.

Desglose de ingresos de la carta de tiempo	Cantidad (USD)
Product Bailer Time Charters	$ 361.1 millones
Tasa promedio diaria de TCE	$14,800

Ingresos de la carta de viaje

En 2023, Torm PLC generó ingresos de la carta de viaje por un total de $ 187.5 millones. La compañía operaba una flota de 85 embarcaciones, con 55 petroleros de productos y 30 buques MR.

Detalles de la carta de viaje	Cantidad (USD)
Ingresos de la carta de viaje total	$ 187.5 millones
Buques de flota totales	85

Tasas de transporte de carga

Las tarifas de transporte de carga de Torm PLC para 2023 ascendieron a $ 276.3 millones, con una porción significativa derivada del transporte de productos de petróleo global.

• Ingresos totales de transporte de carga: $ 276.3 millones
• Segmentos de transporte primario: productos de petróleo, productos químicos

Servicios de gestión de activos

La Compañía generó $ 42.7 millones de los servicios de gestión de activos en 2023, incluida la gestión de buques y el soporte técnico.

Fuentes de ingresos de gestión de activos	Cantidad (USD)
Servicios de gestión de embarcaciones	$ 35.2 millones
Servicios de soporte técnico	$ 7.5 millones

Consultoría de logística marítima

Los ingresos de consultoría de logística marítima de Torm PLC alcanzaron los $ 18.6 millones en 2023, proporcionando servicios de asesoramiento especializados a clientes de la industria marítima.

• Ingresos de consultoría de logística marítima total: $ 18.6 millones
• Tipos de servicio de consultoría: optimización de rutas, análisis de eficiencia de flota

TORM plc (TRMD) - Canvas Business Model: Value Propositions

You want to know what TORM plc is offering customers and investors right now, late in 2025. It comes down to locking in revenue and delivering on a purpose-built fleet.

High earnings visibility is a core part of the pitch, which is smart when the market is normalizing after the highs of previous years. As of the Q3 2025 update, TORM plc had secured a significant portion of its expected revenue for the year. For the full year 2025, 89% of the earning days have been fixed at an average rate of USD/day 28,281. That leaves only 11% of the earning days, equivalent to 3,625 days, open to spot market fluctuations.

The fundamental service is the reliable, safe, and efficient global transport of clean petroleum products. TORM plc operates a wholly owned fleet specifically configured for this, currently standing at 92 vessels as of the Q3 2025 announcement. To support this global reach, the company maintains 10 offices across Denmark, India, the Philippines, Singapore, the UK, the UAE, and the US, supported by 3600 seafarers and 400 office colleagues.

This operational capability is underpinned by the market-leading operational efficiency via the One TORM model. This integrated platform is designed to balance market responsiveness with efficiency, safety, and transparency. The proof point here is that TORM delivered its strongest quarterly result so far in 2025 in the third quarter.

The fleet structure offers flexibility across vessel classes (LR2, LR1, MR) for diverse trade routes. You can see how the rates differ across the segments, which shows the ability to capture value on different routes. Here's a snapshot of the coverage and average rates as of October 31, 2025, for the remaining Q4 2025 earning days, alongside the full-year fixed rates:

Vessel Class	Full Year 2025 Fixed Rate (USD/day)	Q4 2025 Coverage (%)	Q4 2025 Fixed Rate (USD/day)
LR2	USD/day 28,281 (Overall)	65%	USD/day 33,726
LR1	USD/day 28,281 (Overall)	48%	USD/day 27,907
MR	USD/day 28,281 (Overall)	52%	USD/day 28,949

For Q3 2025 specifically, the achieved TCE rates per day by class were LR2 at USD/day 38,685, LR1 at USD/day 29,508, and MR at USD/day 28,632.

Finally, the commitment to high shareholder returns via quarterly dividend payouts remains a key feature. TORM plc definitely pays dividends four times a year. For the third quarter of 2025, the Board approved an interim dividend of USD 0.62 per share, totaling an expected payment of USD 60.7m. This payout represented 78% of net profit for the quarter, showing a strong distribution policy in action. The TTM dividend yield as of late 2025 is reported at 16.11%.

You should keep these key metrics in mind when assessing the current value proposition:

• Full Year 2025 Fixed Coverage: 89%
• Q3 2025 Interim Dividend Per Share: USD 0.62
• Fleet Size (as of Q3 2025): 92 vessels
• Q3 2025 Return on Invested Capital: 13.8%
• Q3 2025 Basic EPS: USD 0.79

Finance: draft 13-week cash view by Friday.

TORM plc (TRMD) - Canvas Business Model: Customer Relationships

TORM plc manages customer relationships through a dual strategy balancing secured revenue streams with opportunistic spot market exposure. This structure is supported by a dedicated commercial team focused on securing the longer-term engagements that underpin stability.

Dedicated commercial team managing long-term Time Charter (TC) contracts is evident in the high level of forward coverage achieved across the fleet. As of 31 October 2025, TORM plc had fixed 89% of the earning days for the full-year 2025, securing an average rate of USD/day 28,281. This substantial fixed book, representing the equivalent of 3,625 days remaining open, provides a foundational revenue base.

The relationship-driven approach for securing favorable long-term charters is the mechanism supporting this fixed coverage. This strategy aims to lock in rates that provide a predictable return profile, insulating a portion of the fleet from immediate downside volatility. For the final quarter of 2025, TORM plc had covered 55% of the earning days as of 31 October 2025, at an average rate of USD/day 30,156.

Transactional spot market engagement for maximizing daily TCE rates targets the remaining portion of the fleet. This flexibility allows TORM plc to capture peak market rates when they occur. For instance, the average Time Charter Equivalent (TCE) rate achieved in the third quarter of 2025 was USD/day 31,012, generating TCE earnings of USD 236.4m for that period. The unfixed days represent the direct exposure to these daily market fluctuations.

The balance between fixed and spot exposure varies by vessel class, reflecting tailored commercial strategies for different market segments. You can see the forward view for Q4 2025 below:

Vessel Class	Q4 2025 Coverage (as of Oct 31, 2025)	Average Fixed Rate (USD/day)
LR2	65%	USD/day 33,726
LR1	48%	USD/day 27,907
MR	52%	USD/day 28,949

The commitment to high-touch service for major oil companies and national oil companies is a critical, though less quantifiable, aspect of the relationship strategy. The company explicitly notes the risk associated with the loss of a large customer or significant business relationship in its forward-looking statements. This indicates that maintaining these key relationships is paramount to securing the high-value, long-term charters that support the fixed coverage.

The operational focus on customer service is supported by fleet activity, such as the sale and delivery of the two 2008-built MR vessels, TORM Discoverer and TORM Voyager, during the third quarter of 2025, suggesting active fleet management aligned with customer requirements.

• TCE earnings for 9M 2025 totaled USD 658.7m.
• Adjusted EBITDA for 9M 2025 was USD 426.0m.
• The company's liquidity position as of 30 September 2025 was USD 652.3m.

Finance: draft 13-week cash view by Friday.

TORM plc (TRMD) - Canvas Business Model: Channels

You're looking at how TORM plc gets its product tankers in front of customers to move refined oil products and chemicals. It's a mix of direct control and using the wider market infrastructure.

Direct sales/chartering via in-house commercial management team

TORM plc uses its in-house commercial team, guided by leadership like CEO Jacob Meldgaard, to manage a significant portion of its chartering activities. This team is central to deploying the fleet of approximately 90 owned and operated vessels. The integrated operating model aims for market-leading performance, which is reflected in the Time Charter Equivalent (TCE) earnings generated. For the third quarter of 2025, TORM plc generated TCE of USD 236.4m. The direct management allows for focused deployment across their key vessel classes, which are the LR2, LR1, and MR segments. Here's a look at the average daily rates achieved by these classes in that quarter:

Vessel Class	Q3 2025 Average TCE Rate (USD/day)
LR2	38,685
LR1	29,508
MR	28,632

The overall average TCE rate achieved by TORM plc in Q3 2025 was USD/day 31,012. This direct chartering capability is a core part of the One TORM business model.

Shipbrokers and chartering exchanges for spot market fixtures

While the in-house team handles direct business, shipbrokers and chartering exchanges are definitely used to fix the remaining open capacity, especially in the volatile spot market. This is how TORM plc manages its forward coverage. As of October 31, 2025, for the full-year 2025, 89% of the earning days had been fixed at an average rate of USD/day 28,281. The remaining 11% of the earning days, equivalent to 3,625 days, remained open and subject to market fluctuations, which would be where broker activity is most concentrated. The coverage breakdown by vessel class shows where the forward-looking chartering efforts were focused:

Vessel Class	% Covered for Full Year 2025 (as of Oct 31)	Average Fixed Rate (USD/day)
Overall	89%	28,281
LR2	65%	33,726
LR1	48%	27,907
MR	52%	28,949

A change of just USD/day 1,000 in freight rates is estimated to impact EBITDA by approximately USD 4m, showing the sensitivity of unhedged days.

Global presence through 10 offices for local market access

TORM plc maintains a global footprint to ensure local market access and operational support for its worldwide activities. The company operates 10 offices across key maritime and commercial hubs. This network supports the 3,300 seafarers and 350 office colleagues around the world. The physical presence is structured to support the 'One TORM' network-based organization. The locations include:

• Denmark (Head Office in Hellerup)
• United Kingdom (London)
• USA (Houston)
• Singapore
• UAE (Dubai)
• India (Mumbai, New Delhi, Pune)
• Philippines (Manila, Cebu)

The London office, for example, is listed as a key location, with the Annual General Meeting held there in April 2025.

Digital platforms for real-time vessel tracking and performance data

The company relies on its integrated business and operations model, 'One TORM,' which includes leveraging digital tools. While specific proprietary platform names aren't detailed in the latest reports, the strategy involves using digital platforms to monitor market trends and optimize cargo routing decisions. This digital layer helps balance market responsiveness and operational efficiency across the commercial and technical divisions. The ability to track vessels in real-time, often via AIS data, is a recognized industry necessity for optimizing deployment and managing risk in the current market complexity driven by geopolitical volatility and sanctions.

TORM plc (TRMD) - Canvas Business Model: Customer Segments

You're looking at the core clientele for TORM plc (TRMD), the shipping giant that moves refined oil products globally. Honestly, the customer base is concentrated, which is typical for this capital-intensive sector, meaning the loss of one major charterer definitely impacts the top line.

TORM plc operates a fleet of approximately 90 product tanker vessels, though after planned acquisitions and divestments by late 2025, the expected fleet size is 92 vessels. The scale of their operations is reflected in the 2025 (TTM) revenue figure, which stands at €1.19 Billion. The business model relies heavily on securing long-term contracts, often time charters, with these large entities.

The primary customer types TORM serves, based on the nature of their product tanker business, include the following groups:

• Major integrated oil companies (e.g., ExxonMobil, Shell)
• Large independent oil and commodity trading houses
• National oil companies (NOCs) requiring long-haul transport
• Refineries and petrochemical producers needing product distribution

The financial commitment from these customer segments provides a degree of revenue visibility. As of 30 September 2025, TORM plc had contractual rights to future charter hire income as a lessor, showing committed forward business:

Time Horizon	Charter Hire Income (USDm) as of 30 Sep 2025
Received within one year	43.2
Received between one and two years	18.5

The health of these relationships is crucial, as TORM explicitly notes the risk associated with the loss of a large customer or significant business relationship. The Time Charter Equivalent (TCE) earnings for the first nine months of 2025 totaled USD 658.7m, and the full-year 2025 guidance for TCE earnings was narrowed to a range of USD 875 - 925m. This revenue is generated by deploying their fleet, where Q3 2025 TCE rates varied by vessel class:

• LR2 vessels: USD/day 38,685
• LR1 vessels: USD/day 29,508
• MR vessels: USD/day 28,632

The overall financial performance, which is a direct result of securing these customer contracts, saw the Adjusted EBITDA for the Group total USD 159.4m for the third quarter of 2025. You see, the entire structure hinges on these large-scale, often long-term, agreements with the energy majors and traders.

TORM plc (TRMD) - Canvas Business Model: Cost Structure

You're looking at the hard costs that drive TORM plc's operations as of late 2025. For a tanker company, the cost structure is heavily weighted toward variable, market-sensitive expenses, but fixed costs still matter, especially when the market softens.

Vessel Operating Expenses (OPEX): Crewing, Maintenance, Insurance

Vessel Operating Expenses, or OPEX, are the costs to keep the ships running day-to-day, regardless of whether they are chartered out. While I don't have the final, fully broken-down 2025 OPEX total yet, we can look at the daily run-rate context. For the full year 2024, the average OPEX per day was reported at USD 7,477. Keep in mind that TORM plc noted that the major refinancing executed in July 2025 is anticipated to reduce their cash break-even rate, partly due to expected lower maintenance cost. This suggests a slight downward pressure on the 2025 OPEX compared to prior years, even with inflation elsewhere.

The key components of OPEX that you need to track are:

• Crewing costs, which are relatively fixed per vessel.
• Scheduled and unscheduled maintenance expenses.
• Insurance premiums for hull and machinery, and protection and indemnity.

Voyage Expenses: Fuel (Bunker), Port Charges, Canal Fees

Voyage expenses are the variable costs tied directly to a specific journey, making them highly sensitive to market conditions and fuel prices. For the first nine months of 2025, TORM plc's total costs for Port expenses, bunkers, commissions, and other cost of goods sold amounted to USD 321.2m. This was a slight decrease of USD 7.4m compared to the same period in 2024 (USD 328.6m). Honestly, this was driven by lower bunker expenses offsetting higher port expenses.

Here's a look at the cost breakdown for the third quarter of 2025:

Cost Component	Q3 2025 Amount (USD millions)	Comparison to Q3 2024
Port expenses, bunkers, commissions, and other COGS	105.9m	On par (Q3 2024 was USD 106.0m)
Estimated Voyage Expense (TCE calculation basis)	106.6m	Implied from TCE/Revenue gap

If you look at the difference between Time Charter Equivalent (TCE) earnings and total revenue for Q3 2025, the implied voyage expense was around USD 106.6 million for the quarter. That's the number that moves the needle when charter rates change.

Interest Expense on Debt, Higher Due to Refinancing in 2025

The debt structure saw a significant change in 2025, which directly impacts the interest expense line. In July 2025, TORM plc secured financing commitments of up to USD 857m to refinance two existing syndicated loans and lease agreements covering 22 vessels. This new structure was designed to extend the maturity profile, but the interest cost for the period reflects the existing and new arrangements.

For the three months ended September 2025, the reported Interest Expense was kr -151 Mil. On a trailing twelve months (TTM) basis ending September 2025, the Interest Expense was kr -494 Mil. Looking at the USD reporting, the Interest Expense for the TTM ending September 2025 was $-74.1 Mil. This is higher than the 2024 full-year figure of $-70 Mil, which aligns with the expectation that refinancing and a growing fleet size would influence this cost, though the refinancing was aimed at more attractive terms.

Capital Expenditure for Fleet Renewal and Scrubber Retrofitting

Capital expenditure (CapEx) is focused on maintaining and upgrading the fleet to meet both commercial and environmental standards. TORM plc is actively managing its fleet size and composition. As of the Q3 2025 report, the planned fleet size, following agreed transactions, will be 92 vessels. This involves both sales and acquisitions:

• Sold/Delivered in Q3 2025: Two 2008-built MR vessels (TORM Discoverer and TORM Voyager).
• Agreed for Q4 2025 delivery: An additional four 2014-built MR vessels.

While specific 2025 CapEx figures for newbuilds or scrubber retrofits aren't explicitly detailed in the latest reports, the refinancing itself covered lease agreements, which often relates to financing asset purchases or upgrades. Historically, TORM plc was committed to installing 50 scrubbers, with most completed by early 2021, so major scrubber CapEx is likely behind them, shifting focus to fleet renewal through second-hand purchases and newbuilding options.

Finance: draft 13-week cash view by Friday.

TORM plc (TRMD) - Canvas Business Model: Revenue Streams

You're looking at how TORM plc actually brings in the money, which, for a product tanker company, boils down to moving refined oil products from point A to point B. The core of it is the Time Charter Equivalent (TCE) earnings, which is essentially the daily rate they get for their ships, minus the voyage costs like fuel and port fees. It's a good proxy for their operating profitability before fixed costs.

For the first nine months of 2025, TORM plc generated total TCE earnings of USD 658.7m, which included unrealized losses on derivatives amounting to USD 11.6m. This compares to 9M 2024's TCE of USD 920.1m. The third quarter of 2025 itself saw TCE earnings of USD 236.4m, though this figure included unrealized losses on derivatives of USD 7.3m for the quarter. Honestly, the market is normalizing after the highs of the prior year, but geopolitical volatility still underpins the sector.

We can break down the operational performance for the period closest to November 2025:

• Q3 2025 fleetwide average TCE rate was USD/day 31,012.
• LR2 vessels achieved an average TCE rate of USD/day 38,685 in Q3 2025.
• LR1 vessels achieved an average TCE rate of USD/day 29,508 in Q3 2025.
• MR vessels achieved an average TCE rate of USD/day 28,632 in Q3 2025.

The revenue stream isn't purely spot-driven, though. TORM plc actively locks in revenue from fixed-rate Time Charter contracts to provide earnings visibility. As of October 31, 2025, they had fixed 89% of their total earning days for the full year 2025 at a weighted average rate of USD/day 28,281. That leaves 11% of the earning days, equivalent to 3,625 days, open to spot market fluctuations.

Here's a quick look at the key figures driving the revenue picture as of the Q3 2025 report:

Metric	Q3 2025 Amount	9M 2025 Amount
Time Charter Equivalent Earnings (TCE)	USD 236.4m	USD 658.7m
Reported Revenue	USD 342.6m	N/A
Net Profit	USD 77.6m	USD 199.2m

The company's forward-looking guidance reflects this mix of spot exposure and fixed coverage. TORM plc subsequently narrowed and increased its full-year 2025 TCE guidance. The expectation is now for total TCE earnings to fall within the range of USD 875m to USD 925m, with the midpoint landing at USD 900m.

Finally, a non-core, opportunistic income stream comes from the sale and purchase of vessels, which helps optimize the fleet age and size. During Q3 2025, TORM plc completed the sale and delivery of the two 2008-built MR vessels, TORM Discoverer and TORM Voyager. Plus, they sold the 2007-built MR vessel TORM Adventurer while agreeing to acquire the 2010-built LR2 vessel SKS Driva (renamed TORM Gauri), with both deliveries set for Q4 2025. To be defintely clear, TORM also agreed to acquire four additional 2014-built MR vessels in the fourth quarter. Following these transactions, the fleet size is expected to reach 92 vessels.

Finance: draft the Q4 2025 cash flow projection incorporating the expected vessel deliveries by next Wednesday.