TORM plc (NASDAQ:TRMD) Q2 2022 Earnings Conference Call August 18, 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.

Richard Diamond - Castlewood Capital

Anders Karlsen - Kepler Cheuvreux

Operator

Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining TORM plc Six Months Ended and Second Quarter 2022 Results Call. Throughout the recorded presentation, all participants will be 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

Thank you for dialing in, and welcome to TORM's conference call regarding the results for the second quarter and first half year of 2022. My name is Andreas Abildgaard-Hein, and I'm the Head of Investor Relations in TORM. As usual, we will refer to the slides as we speak. And at the end of the presentation, we will open-up for questions.

Please turn to slide 2. Before commencing, I would like to draw your attention to the Safe Harbor statement.

Please turn to slide 3. The results will be presented by Executive Director and CEO, Jacob Meldgaard; and CFO, Kim Balle.

Please turn to slide 4. I will now hand the call over to Jacob.

Jacob Meldgaard

Thanks a lot, Andreas, and good afternoon. Thank you all for dialing in. It's really a pleasure to be – to be here today. We have published our results for the second quarter of 2022. And here, let's get into it.

We achieved an EBITDA of US$153 million, and in terms of profit before tax of US$107 million. The TCE across the fleet ended just shy of 30,000 at 29,622 per day. And here, as per the 14th of August, so that's last Friday, we have then faced two-thirds of the open days here in the third quarter of 2022 at even higher rates at 45,462 per day.

Here, after the end of the second quarter of 2022, we purchased 75% of the shares in Marine Exhaust Technology, reached TORM’s ME Production. ME Production, they produce solutions to reduce air balloon in connection with Marine Transportation. And TORM – we have had an extensive historical relationship with ME Production, including joint ownership of a scrub production facility.