Torm PLC's stock surged 5.59% in pre-market trading on Thursday, following the release of the company's annual report for 2024 and financial outlook for 2025.
The Danish product tanker company reported a strong performance in 2024, with time charter equivalent (TCE) earnings of $1.13 billion and an EBITDA of $851 million. Torm's net profit for the year stood at $612 million, driven by increased ton-mile demand and a favorable supply-demand balance in the product tanker market.
However, Torm cautioned that the market dynamics had shifted in the latter part of 2024, signaling potential challenges ahead. As a result, the company expects lower TCE earnings of $650-950 million and EBITDA of $350-650 million in 2025, reflecting the unpredictable geopolitical changes and their impact on the industry.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.