It is against a sad background, but Russia's attack on Ukraine has been a decisive factor for the shipping company Torm's fantastic net profit of DKK 563 million. dollar in 2022. This is historically high and more than three times higher than the combined results of the past four years.

Russia's war against Ukraine meant a comprehensive restructuring of the transport routes for the import of oil to Europe. Today, the oil has to be sourced further afield and, together with limited growth in the product tanker fleet, this led to an extremely high utilization rate of the existing fleet, resulting in record high rates.

And Torm understood those conditions to the extent of doing business last year.

Thus, turnover increased from DKK 620 million. dollar in 2021 to 1.44 billion dollars in 2022. Operating earnings before depreciation etc. (EBITDA) more or less quadrupled from 188 million dollars to 743 million dollars, while the bottom line thus hit the historical record of 563 million. dollar.

In comparison, the Nordic region achieved a total net profit of DKK 177 million from 2018 to 2021. DKK

“We believe that the integrated One TORM platform is what enables us to invest and operate vessels and achieve one of the highest returns on our investments among our peers in the product tanker industry. In 2022, Torm achieved a return of 28.1 percent. of the invested capital," write the chairman of Torm, Christopher H. Boehringer, and CEO Jakob Meldgaard in their comments to the accounts.

The record result also trickles down heavily on the company's shareholders, who can look forward to a total dividend payment in 2022 of 4.62 dollars per share. Share - approx. DKK 33 - corresponding to a total of DKK 379 million. dollar

In advance, the shareholders have been able to enjoy a pure price celebration for the share, which at the start of 2022 was traded at around DKK 52, but has since skyrocketed and today trades at around DKK 230.

In relation to the outlook for the current year, the shipping company expects to land an operating profit (EBITDA) of DKK 750 million. dollar - 1.1 billion dollar, which is on par with - or higher than - the record level from 2022 of 743 million. dollar.

Torm states today that the company has purchased three 10-year-old MR tankers for a total of DKK 97 million. dollar and thus has a fleet of 88 product tankers, of which 13 LR2, 15 LR1 and 60 in the MR class.