TORM plc (NASDAQ:TRMD) Q3 2022 Earnings Conference Call November 10, 2022 9:00 AM 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

Anders Karlsen - Kepler Cheuvreux

Operator

Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the TORM plc Third Quarter 2020 Results Call. Throughout today's recorded presentation, all participants are in a listen-only mode. The presentation will be followed by 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

Welcome to TORM's conference call on the results for the third quarter and first nine months of 2022. I am Andreas Abildgaard-Hein, and I'm heading Investor Relations for TORM. As usual, we will refer to the slides as we speak. At the end of the presentation, we will open up for questions. Subsequent to this conference call, you'll be able to listen to a recording of the call and as usual, fine the presentation and other relevant material on our website.

Please turn to slide two. Before commencing, I would like to draw your attention to our safe harbor statement. Please turn to slide three. The results will, as usual, be presented by Executive Director and CEO, Jacob Meldgaard; and CFO, Kim Balle.

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

Jacob Meldgaard

Thank you, Andreas, and good morning or good afternoon to all, and thank you for connecting with us here today. We have - as I'm sure you've seen, today, presented the strongest results from our operations on record. For the third quarter of 2022, we achieved an EBITDA of US$262 million and a profit before tax of US$217 million.

Our TCE for the quarter ended at $44,376 per day across the fleet and above $40,000 per day across our MR business, which is the largest segment in Hovik [ph] At the last Friday, TORM had fixed 55% of our open days in the fourth quarter of the year at US$45, 257 per day. And the market is currently trading at similar levels.

TORMs for the record has approved a dividend of US$1.46 per share based on the third quarter results. We expect to distribute just around US$119 million, which brings us to a total of around US$166 million of distributed 2022 earnings thus far. The distributions are in line with the distribution policy, which we announced earlier in the year.