Torm A/S (DK:TRMD.A) has released an update.
Torm A/S reports a robust first quarter in 2024, with time charter equivalent earnings rising to $330.7 million and a net profit of $209.2 million, up from $265.0 million and $153.6 million in the same period last year. The positive results were fueled by favorable market conditions, geopolitical tensions affecting shipping routes, and a strong performance of the tanker market despite a slight dip in freight rates towards the quarter’s end. The company also completed the delivery of newly acquired vessels, expanding its fleet and leveraging strong market dynamics for future growth.
For further insights into DK:TRMD.A stock, check out TipRanks’ Stock Analysis page.
