TORM plc (NASDAQ:TRMD) Q1 2023 Earnings Conference Call May 11, 2023 9:00 AM ET

Company Participants

Andreas Abildgaard-Hein - Head, IR

Jacob Meldgaard - CEO and Executive Director

Kim Balle - CFO

Conference Call Participants

Jon Chappell - Evercore

Operator

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the TORM Plc First Quarter 2023 Results Conference Call. All lines have been placed on mute to prevent any background in a way. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to Andreas Abildgaard-Hein, Head of Investor Relations. Please go ahead.

Andreas Abildgaard-Hein

Thank you and welcome to TORM's conference call. We are pleased to have you with us and we have been looking forward to presenting to you the results for the first quarter of 2023. We will refer to the page numbers that we present during our presentation. And at the end you can ask questions if you are on the phone conference.

If you are joining via webcast you have access to ask questions during the presentation as well. After this conference you'll be able to listen to a recording and as usual you can find our presentation and other resident data on our website.

Please turn to slide two, before we start presenting the results, I would like to draw your attention to the Safe Harbor statement.

Please turn to slide three. Today's presenters are as usual, Executive Director and CEO, Jacob Meldgaard; and CFO, Kim Balle.

Please turn to slide four, I will now hand over to Jacob.

Jacob Meldgaard

Thank you, Andreas, and good afternoon, good morning to all. Thanks for connecting with us today for our first quarter 2023 results presentation. During here, the first quarter of 2023, the product tanker market has remained strong with continued high volatility.

We have achieved an EBITDA of $199 million and a profit before tax of $155 million, both of which are reduced by $15 million due to unrealized losses on FFA contracts that we have incurred to secure strong earnings on part of our earning days here in 2023 and into early 2024.

Return on invested capital ended at 29.2% for the quarter, and our balance sheet remains strong at net LTV of 26% and available liquidity of $575 million. This morning, TORM's Board of Directors approved a dividend of $1.46 per share based on the first quarter and we expect that we'll distribute around $121 million here in early June.