Torm Plc (TRMD): modelo de negócios [Jan-2025 Atualizado]

No mundo dinâmico da logística marítima, o Torm Plc (TRMD) se destaca como uma sofisticada empresa global de transporte naval que transforma desafios complexos de transporte energético em soluções perfeitas e eficientes. Ao alavancar um modelo de negócios estratégico que equilibra a inovação tecnológica, a excelência operacional e as parcerias robustas, o Torm navega pelas intrincadas águas do transporte de produtos petrolíferos com notável precisão e adaptabilidade. Sua abordagem abrangente não apenas garante serviços de remessa confiáveis, mas também demonstra um compromisso com a sustentabilidade e a logística marítima econômica que os diferencia em um mercado global competitivo.

Torm Plc (TRMD) - Modelo de Negócios: Principais Parcerias

Proprietários de navios e fretadores

A partir de 2024, o Torm Plc mantém parcerias estratégicas com vários proprietários de navios e fretadores de embarcações. A empresa opera uma frota de 85 navios, incluindo 58 MR e 27 petroleiros de produtos LR2.

Tipo de parceria	Número de parcerias	Envolvimento da frota
Acordos de fretamento de longo prazo	12	42 navios
Cartas de mercado à vista	Flexível	43 navios

Empresas de comércio de energia e commodities globais

Torm colabora com as principais empresas globais de comércio de energia para transportar produtos petrolíferos.

• Grupo Vitol
• Trafigura
• Glencore
• BP Trading International

Fornecedores de combustível de bunker

A Torm faz parceria com os principais fornecedores de combustível de bunker para garantir operações eficientes de embarcações.

Fornecedor	Fornecimento anual de combustível	Duração do contrato
Petróleo da Peninsula	350.000 toneladas métricas	Contrato de 2 anos
Serviços de combustível mundial	275.000 toneladas métricas	Contrato anual

Sociedades de classificação e órgãos regulatórios marítimos

A Torm mantém parcerias de conformidade com organizações marítimas internacionais.

• Dnv gl
• American Bureau of Shipping (ABS)
• Registro de Lloyd
• Organização Marítima Internacional (IMO)

Provedores de seguros e serviços financeiros

As parcerias financeiras de Torm incluem relações de seguro marítimo e bancos.

Parceiro financeiro	Tipo de serviço	Valor do contrato
Nordea Bank	Financiamento de embarcações	Linha de crédito de US $ 450 milhões
Finanças de navio dinamarquês	Empréstimos de longo prazo	US $ 350 milhões
Skuld P&I Club	Seguro marítimo	Cobertura completa da frota

Torm plc (TRMD) - Modelo de negócios: atividades -chave

Transporte marítimo de produtos petrolíferos

A Torm Plc opera uma frota de 85 embarcações a partir de 2023, focada especificamente no transporte de petróleo de petróleo. A composição da frota da empresa inclui:

Tipo de embarcação	Número de embarcações	Tonelagem total de peso morto (DWT)
Sr. Tankers	55	3,465,000
Handsize tanques	30	1,170,000

Operações e gerenciamento de embarcações de tanques

O gerenciamento de embarcações de Torm envolve:

• 24/7 de rastreamento global de embarcações
• Monitoramento de desempenho em tempo real
• Gerenciamento de tripulação para mais de 1.200 profissionais do mar de marinheiros

Manutenção e otimização da frota

Despesas anuais de manutenção da frota: US $ 45,2 milhões em 2022. As atividades de manutenção incluem:

• Inspeções regulares de escala a seco
• Reparos de casco e máquinas
• Atualizações tecnológicas

Estratégias de gerenciamento e negociação de riscos

As métricas de gerenciamento de riscos de Torm:

Categoria de risco	Estratégia de mitigação	Alocação financeira
Risco de mercado	Contratos de hedge	US $ 12,6 milhões
Risco operacional	Cobertura de seguro	US $ 8,3 milhões

Conformidade com os regulamentos marítimos internacionais

Despesas com conformidade: US $ 7,5 milhões anualmente, cobrindo:

• Regulamento de enxofre de 2020 da IMO
• Marpol Padrões Ambientais
• Protocolos internacionais de segurança

Torm plc (TRMD) - Modelo de negócios: Recursos -chave

Frota de navios-tanque moderna e com eficiência de combustível

A partir de 2024, o Torm Plc opera uma frota de 85 navios, incluindo 55 tanques de RM (média) e 30 Tankers LR2 (longo alcance 2). Tonelagem de peso morto total da frota: 5.838.228 dwt.

Tipo de embarcação	Número de embarcações	Idade média
Sr. Tankers	55	7,2 anos
Tanques LR2	30	6,8 anos

Equipe de gerenciamento marítimo experiente

A equipe de gerenciamento da Torm compreende 12 executivos seniores com uma média de 18 anos de experiência na indústria marítima.

• CEO: Jesper Kristensen
• CFO: Jacob Meldgaard
• PRODIÇÃO EXECUTIVO Média: 9,5 anos

Navegação avançada e tecnologias de rastreamento de frota

Investimento em tecnologias digitais: US $ 12,4 milhões em 2023 para sistemas de gerenciamento de frotas e infraestrutura digital.

Tecnologia	Valor do investimento
Software de gerenciamento de frota	US $ 6,2 milhões
Sistemas de rastreamento de satélite	US $ 4,1 milhões
Infraestrutura de segurança cibernética	US $ 2,1 milhões

Balanço Financeiro Forte

Métricas financeiras a partir do quarto trimestre 2023:

• Total de ativos: US $ 1,87 bilhão
• Equidade dos acionistas: US $ 632 milhões
• Caixa e equivalentes em dinheiro: US $ 187,5 milhões
• Dívida líquida: US $ 1,02 bilhão

Rede marítima global e relacionamentos

Presença operacional global nas principais regiões marítimas:

Região	Número de hubs operacionais
Europa	4
Ásia	3
Médio Oriente	2
Américas	2

Principais parcerias comerciais: 18 acordos comerciais de longo prazo com grandes empresas de negociação e navegação por petróleo.

Torm plc (TRMD) - Modelo de negócios: proposições de valor

Transporte de produtos petrolíferos confiáveis ​​e eficientes

A Torm Plc opera uma frota de 85 embarcações a partir de 2023, com uma tonelagem total de peso morto (DWT) de aproximadamente 5,4 milhões de toneladas. A frota de petróleo de petróleo da empresa gera receita anual de US $ 755,4 milhões em 2022.

Segmento de frota	Número de embarcações	Dwt total
Tanques de produtos	55	3,2 milhões
Sr. Tankers	30	2,2 milhões

Soluções de remessa flexíveis e adaptáveis

O Torm fornece serviços de logística marítima global em várias regiões geográficas, com as principais áreas de foco operacional:

• Rotas comerciais do Atlântico Norte
• Corredores de transporte mediterrâneo
• Redes marítimas asiáticas
• Rotas de transporte de petróleo do Oriente Médio

Frota de vaso bem conservada e bem conservada

Idade média da frota: 7,2 anos, com investimento de substituição de embarcações de US $ 312,5 milhões em 2022. Taxa de utilização da frota: 95,6%.

Tipo de embarcação	Idade média	Custo de reposição
Tanques de produtos	6,8 anos	US $ 185 milhões
Sr. Tankers	7,5 anos	US $ 127,5 milhões

Compromisso com a sustentabilidade ambiental

Torm comprometeu US $ 45,7 milhões a atualizações ambientais, incluindo:

• Sistemas de tratamento de água de lastro
• Conformidade com o combustível de baixo teor de enxofre
• Modificações de eficiência energética

Serviços de logística marítima econômica

Custo operacional por embarcação: US $ 6.800 por dia. Despesas operacionais totais em 2022: US $ 428,3 milhões. Margem de lucro: 12,4%.

Categoria de custo	Despesa anual	Porcentagem de receita
Despesas operacionais de embarcações	US $ 275,6 milhões	36.5%
Despesas de viagem	US $ 152,7 milhões	20.2%

Torm plc (TRMD) - Modelo de negócios: relacionamentos com o cliente

Acordos contratuais de longo prazo

A Torm Plc mantém contratos de fretamento de longo prazo com os principais clientes nos segmentos de petroleiro e petroleiro químico. A partir do quarto trimestre 2023, a cobertura da Charter Time da empresa fica em:

Tipo de embarcação	Cobertura de contrato de longo prazo	Duração média do contrato
Tanques de produtos	62%	2,3 anos
Tanques químicos	58%	2,1 anos

Atendimento ao cliente personalizado

O Torm fornece gerenciamento dedicado de relacionamento com o cliente por meio de:

• Gerentes de conta especializados para cada cliente principal
• Suporte operacional 24/7
• Soluções de logística e remessa personalizadas

Plataformas de comunicação digital

O Torm utiliza plataformas digitais avançadas para interações com clientes:

Plataforma digital	Funcionalidade	Taxa de adoção do cliente
TORM Webtrack	Rastreamento de embarcações em tempo real	87%
Sistema de relatórios digitais	Relatórios de desempenho automatizados	92%

Gerenciamento de relacionamento baseado em desempenho

As principais métricas de desempenho para o relacionamento com os clientes incluem:

• Taxa de entrega no tempo: 96,5%
• Preservação de integridade de carga: 99,8%
• Pontuação de satisfação do cliente: 4,7/5

Relatórios operacionais transparentes

Torm fornece transparência operacional abrangente através de:

Tipo de relatório	Freqüência	Nível de detalhe
Relatórios de desempenho dos navios	Mensal	Detalhado
Relatórios de impacto ambiental	Trimestral	Abrangente

Torm plc (TRMD) - Modelo de negócios: canais

Equipe de vendas diretas

A Torm Plc mantém uma equipe de vendas dedicada de 87 profissionais marítimos a partir de 2023, com foco no envolvimento direto do cliente nos principais mercados de remessa.

Composição da equipe de vendas	Número
Pessoal de vendas diretas totais	87
Executivos de vendas seniores	22
Gerentes de vendas regionais	15

Conferências e exposições da indústria marítima

Torm participa de 12 a 15 conferências marítimas internacionais anualmente, visando os principais mercados de remessa na Europa e na Ásia.

• Participação anual na conferência de remessa de Hamburgo
• Engajamento da semana marítima de Cingapura
• Semana Internacional de Envio de Londres

Plataforma online e comunicação digital

Os canais digitais da Torm incluem um site corporativo com 127.000 visitantes anuais e plataformas de comunicação digital ativa.

Canal digital	Métricas
Site corporativo visitantes anuais	127,000
Seguidores do LinkedIn	8,500
Plataformas de comunicação digital	4

Corretores de remessa e intermediários

Torm colabora com 23 corretores internacionais de remessa nos mercados marítimos globais.

• Colaboração com corretores de primeira linha como Clarksons e Simpson Spence Young
• Rede cobrindo a Europa, Ásia e América do Norte

Eventos de rede da indústria

O Torm se envolve em 40-45 eventos de rede da indústria anualmente, representando um canal estratégico para o desenvolvimento de negócios.

Categoria de evento de rede	Participação anual
Eventos marítimos internacionais	22
Fóruns de remessa regional	18
Conferências de carga especializadas	5

Torm plc (TRMD) - Modelo de negócios: segmentos de clientes

Empresas de comércio de petróleo e petróleo

Torm serve às principais empresas de comércio de petróleo com uma composição de frota específica:

Tipo de cliente	Número de clientes ativos	Volume anual de transporte
Comerciantes internacionais de petróleo	42	5,2 milhões de toneladas métricas
Distribuidores regionais de petróleo	27	3,8 milhões de toneladas métricas

Corporações do setor de energia

Os principais segmentos de clientes do setor energético incluem:

• ExxonMobil Corporation
• BP plc
• Shell International
• Chevron Corporation

Comerciantes internacionais de commodities

Cliente de comércio de commodities de Torm profile:

Categoria de trader	Quota de mercado	Valor anual do contrato
Comerciantes globais de commodities	18%	US $ 487 milhões
Comerciantes regionais de commodities	12%	US $ 276 milhões

Fabricantes de produtos químicos e industriais

Segmentos de clientes em transporte químico:

• BASF SE
• Dow Chemical Company
• LyondellBasell Industries

Empresas globais de remessa e logística

Remessa Logística do cliente Aparelhamento do cliente:

Segmento de logística	Número de parcerias	Contribuição anual da receita
Provedores de logística global	19	US $ 312 milhões
Operadores de logística regional	34	US $ 218 milhões

Torm plc (TRMD) - Modelo de negócios: estrutura de custos

Aquisição e manutenção de embarcações

Em 2023, a frota de Torm consistia em 85 navios com uma tonelagem total de peso morto (DWT) de aproximadamente 1,4 milhão. A idade média da embarcação foi de 7,2 anos. Os custos totais de investimento em embarcações para 2023 foram de US $ 521,4 milhões.

Tipo de embarcação	Número de embarcações	Idade média	Custo de manutenção por embarcação
Tanques de produtos	55	6,8 anos	US $ 1,2 milhão/ano
Sr. Tankers	30	7,5 anos	US $ 1,5 milhão/ano

Despesas operacionais e de combustível

As despesas anuais de combustível para o Torm em 2023 totalizaram US $ 243,6 milhões. As despesas operacionais por embarcação tiveram uma média de US $ 6.500 por dia.

• Custo do combustível de bunker: US $ 450 por tonelada
• Razão de eficiência operacional: 92,5%
• Consumo de combustível: 25-30 toneladas métricas por dia por embarcação

Salários e treinamento da tripulação

As despesas totais relacionadas à tripulação em 2023 foram de US $ 89,7 milhões. Salários médios anuais da tripulação por marítimo: US $ 45.000.

Categoria de tripulação	Número de tripulação	Salário médio anual	Custo de treinamento por tripulação
Oficiais	340	$65,000	$5,200
Classificações	680	$35,000	$3,500

Custos de conformidade regulatória

As despesas anuais de conformidade regulatória em 2023 totalizaram US $ 17,3 milhões, representando 3,2% do total de custos operacionais.

• IMO 2020 Regulamento de enxofre Conformidade: US $ 4,5 milhões
• Custos de certificação ambiental: US $ 3,8 milhões
• Conformidade de segurança e segurança: US $ 9 milhões

Despesas de seguro e gerenciamento de riscos

As despesas totais de seguro e gerenciamento de riscos para 2023 foram de US $ 22,1 milhões.

Tipo de seguro	Quantidade de cobertura	Premium anual
Casco e máquinas	US $ 1,2 bilhão	US $ 12,4 milhões
Proteção e indenização	US $ 1,5 bilhão	US $ 7,2 milhões
Cobertura de risco adicional	US $ 500 milhões	US $ 2,5 milhões

Torm plc (TRMD) - Modelo de negócios: fluxos de receita

Receitas de fretamento do tempo

Para o ano fiscal de 2023, o Torm Plc registrou receitas de charter de tempo de US $ 361,1 milhões. A taxa média de equivalente a fretamento de tempo (TCE) para o período foi de US $ 14.800 por dia em sua frota de petroleiros de produtos.

Time Charter Receita Recutação	Quantidade (USD)
Cartas de tempo dos petroleiros do produto	US $ 361,1 milhões
Taxa média de TCE diária	$14,800

Receitas de fretamento de viagem

Em 2023, a Torm Plc gerou receitas de fretamento de viagem, totalizando US $ 187,5 milhões. A empresa operava uma frota de 85 navios, com 55 petroleiros e 30 navios de Sr..

Detalhes da fretamento da viagem	Quantidade (USD)
Receita total de fretamento de viagem	US $ 187,5 milhões
Vasos de frota total	85

Taxas de transporte de carga

As taxas de transporte de carga da Torm Plc em 2023 totalizaram US $ 276,3 milhões, com uma parcela significativa derivada do transporte global de produtos de petróleo.

• Receitas totais de transporte de frete: US $ 276,3 milhões
• Segmentos de transporte primário: produtos petrolíferos, produtos químicos

Serviços de gerenciamento de ativos

A Companhia gerou US $ 42,7 milhões da Asset Management Services em 2023, incluindo gerenciamento de embarcações e suporte técnico.

Fontes de receita de gerenciamento de ativos	Quantidade (USD)
Serviços de gerenciamento de embarcações	US $ 35,2 milhões
Serviços de suporte técnico	US $ 7,5 milhões

Consultoria de logística marítima

As receitas de consultoria de logística marítima da Torm Plc atingiram US $ 18,6 milhões em 2023, fornecendo serviços de consultoria especializados a clientes da indústria marítima.

• Receitas de consultoria total de logística marítima: US $ 18,6 milhões
• Tipos de serviço de consultoria: otimização de rotas, análise de eficiência da frota

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.