TORM plc (NASDAQ:TRMD) Q1 2024 Earnings Conference Call May 8, 2024 8:00 AM ET
Company Participants
Mikael Larsen - Head, IR
Jacob Meldgaard - Executive Director and CEO
Kim Balle - CFO
Conference Call Participants
Jon Chappell - Evercore
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the TORM First Quarter 2024 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] As a reminder, today's call is being recorded.
I will now hand today's call over to Mikael Larsen. Please go ahead.
Mikael Larsen
Thank you for joining us today and welcome to the TORM first quarter of 2024 earnings conference call. On the call with me today are, as usual, Jacob Meldgaard, our CEO and Executive Director; and Kim Balle, our CFO.
This morning, we released our company announcement for our results for the first quarter of the year. Information discussed on this call is based on information as of today and may include forward-looking statements that involve risk and uncertainty. Thus, as always, I would like to draw your attention to the Safe Harbor statement on Slide 2.
Today's call will be recorded and available for replay later at our website, torm.com. As usual, we will start with a short presentation followed by a Q&A session, where we will be happy to answer any questions that you may have for us.
And now I would like to introduce our CEO, Jacob Meldgaard, who will kick off on Slide 4.
Jacob Meldgaard
Well, thank you, Mikael and of course, thank you, everybody for joining us on our call today. I am pleased to report that, again this quarter, TORM achieved a strong financial performance with TCE of $331 million and EBITDA of $266 million.
The fundamentals that have been supporting the positive rate environment for some time now does remain intact and thus, we continue to see increased global demand for transportation of refined oil products and similarly, only limited fleet growth. In addition, attacks in the Red Sea have led to rerouting of vessels and thereby added further to the ton-mile demand.
Over the course of the previous quarters, we have both acquired additional secondhand vessels and divested some of our oldest vessels and thereby, both renewing and adding to our total fleet capacity.
In the first quarter, we had divested one of our older MR vessels and after delivering this to the new owners, we will have a fleet size of 89 vessels. Thus we have increased the size of our fleet compared to the same quarter last year and on top of this, we have increased our exposure to the long-haul segment.