TORM plc (TRMD) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by. My name is Janice and I will be your conference operator today. At this time, I would like to welcome everyone to the TORM first quarter 2025 results. All lines have been placed on mute to prevent any background noise. After the speaker remarks, we will have a question and answer session. If you would like to ask questions during this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Jacob Melkart, CEO. Please go ahead. Thank you. Thank you, Janice, and a warm welcome to everyone joining us on the call today. This morning, we released our report with the interim results for the first quarter of 2025. TORM achieved a solid result in the quarter in line with our expectations, but again, it was a quarter that has been influenced by a wide range of external factors that we need to take into consideration. The first quarter reflected a more stable market environment compared to the volatility we experienced in the latter half of last year. PCE amounted to US$214 million, thus broadly in line with the previous quarter, signaling early signs of stabilization following the declines we saw in the second half of 2024. Fleet-wide freight rates remained consistent with the levels seen in the fourth quarter, enabling us to deliver solid earnings. For the quarter, we achieved a net profit of US$63 million, demonstrating that while our income has normalized compared to the elevated levels a year ago, we continue to generate strong and sustainable results. I would also like to highlight that we successfully divested several older vessels. Despite a quiet secondhand market with buyers and sellers struggling to align ...