Torm PLC (NASDAQ:TRMD) Q1 2022 Earnings Conference Call May 11, 2022 11:00 AM ET
Company Participants
Andreas Abildgaard-Hein - VP, Head, Group Treasury & IR
Jacob Meldgaard - CEO & Executive Director
Kim Balle - CFO
Conference Call Participants
Jonathan Chappell - Evercore ISI
Magnus Fyhr - H.C. Wainwright & Co.
Operator
Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining TORM plc First Quarter 2022 Results Call. [Operator Instructions].
I would now like to turn the conference over to Andreas Abildgaard-Hein. Please go ahead.
Andreas Abildgaard-Hein
Thank you. Thank you for dialing in, and welcome to TORM's conference call regarding the results for the first quarter 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 our 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
Thank you, Andreas, and good morning to all of you in the U.S., and good afternoon. Thank you for dialing in. It's truly a pleasure to be here. Today, we published our results for the first quarter of 2022. As you can see at the end of February 2022, TORM had fixed 85% of the open days in the first quarter of 2022 at $15,569 per day. And then due to a number of factors the market firmed during the remainder of the quarter, and we ended at $16,743 per day.
Now that is then put it into perspective, the current market, we are trading our vessels above $40,000 per day for our fleet. Now since the demand recovery finally materialized in product tanker rates, we ended with an EBITDA of $60.4 million, and we had a profit before tax of $10.7 million. This equates a return on invested capital of 4.4%. Now in the largest segment, the MR, the rates we achieved were $16,462 per day whereas the LR vessel class obtained rates above $8,000.
Now looking into the second quarter of 2022, changing traveling patterns, increase in supply of products and thereby meeting an increased demand, that mean that we've secured spot bookings at $28,348 per day. And we have again outperformed our peers in the largest segments in the MRs.