TORM plc (NASDAQ:TRMD) Q3 2023 Earnings Conference Call November 9, 2023 8:00 AM ET
Company Participants
Andreas Abildgaard-Hein - Investor Relations
Jacob Meldgaard - Executive Director and Chief Executive Officer
Kim Balle - Chief Financial Officer
Conference Call Participants
Jon Chappell - Evercore
Bendik Nyttingnes - Clarksons Securities
Operator
Thank you for standing by. My name is Dana Ken and I’ll be your conference operator today. At this time, I would like to welcome everyone to the TORM plc Nine Months and Third Quarter 2023 Results Conference Call. [Operator Instructions] I would now like to turn the call over to Andreas Abildgaard-Hein. Please go ahead.
Andreas Abildgaard-Hein
Welcome to TORM’s conference call. We are pleased to have you with us. Today, we will present the results for the third quarter and first 9 months of 2023. We will refer to the page numbers during the presentation. During the call, you can ask questions via the webcast, which we will address at the end of the conference. If you are joining via phone conference, you can ask live questions at the end. After this conference call, you will be able to listen to a recording. 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 our Safe Harbor statement.
Please turn to Slide 3. Today’s presenters are, as usual, Executive Director and CEO, Jacob Meldgaard; and CFO, Kim Balle.
Please turn to Slide 4. I will now hand over to Jacob.
Jacob Meldgaard
Well, thank you, Andreas and good afternoon, good morning to all. Thank you for connecting with us for our third quarter 2023 results presentation. And we are pleased to present yet another quarter with healthy financial performance. Our results in the first 9 months of 2023 were historically strong despite temporary softness in the third quarter, which was related to a decline in freight rates over the summer. We realized a TCE of $244 million in the third quarter and an EBITDA of $178 million. The decline in earnings in the third quarter is, as I mentioned, the result of a temporary drop in freight rates over the summer across all vessel types. And while the product stocks in the third quarter of last year were being replenished before the sanctioning of Russian oil. This year, we still see that stocks are being drawn down to very low levels.