TORM plc (NASDAQ:TRMD) Q4 2022 Earnings Conference Call March 16, 2023 10:00 PM ET

Company Participants

Andreas Abildgaard-Hein - Head of Investor Relations

Jacob Meldgaard - Chief Executive Officer & Executive Director

Kim Balle - Chief Financial Officer

Conference Call Participants

Jon Chappell - Evercore

Operator

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome and thank you for joining TORM plc Fourth Quarter and Full Year 2022 Results Call. Throughout today's recorded presentation, all participants will be in a listen only mode. The presentation will be followed by a question-and-answer session. [Operator Instructions]

It's my pleasure and I would now like to turn the conference over to Mr. Andreas Abildgaard-Hein, Head of IR. Please go ahead, sir.

Andreas Abildgaard-Hein

Thank you. Welcome to TORM's conference call. We have been looking forward to presenting to you the results for the fourth quarter and full year 2022. We'll refer to the slides that we present during our presentation. And at the end of the presentation, you will get the possibility to ask questions. After this conference call, you will be able to listen to a recording of the call. And as usual, you can find our presentation and other relevant data on our website.

Please turn to Slide 2. Before we start presenting the results, I would like to draw your attention to the Safe Harbor statement. Please turn to Slide 3. The results will, as usual, be presented by Executive Director and CEO, Jacob Meldgaard, and CFO, Kim Balle.

Please turn to Slide 4. I will now hand over to Jacob.

Jacob Meldgaard

Thank you, Address, and good afternoon, good morning to all. Thank you for connecting with us today for our Q4 and full year 2022 presentation. The headline of today's call is that, the very strong product tanker markets have continued here into the fourth quarter of 2022 and that the underlying factors have also continued into 2023, no visible signs as of now as to when the market return. We have today presented the strongest results for the second quarter in a row. This means that we for the fourth quarter of 2022 achieved an EBITDA of $267 million and a profit before tax of $222 million. Our fourth quarter average TCE ended at $47,520 per day across the fleet and above $45,000 per day across our MR business. For the full year 2022 with our average TCE rate of $34,154 per day, we reached a total EBITDA of $743 million and a profit before tax of $557 million. With this, we ended with a return on invested capital of 29.2% for the year.