Torm PLC (TRMD) 2025 Q4 法說會逐字稿

Hello, and welcome to the TORM full-year 2025 results conference call. (Operator Instructions)

大家好，歡迎參加TORM 2025年全年業績電話會議。（操作說明）

I would now like to turn the conference over to Jacob Meldgaard, CEO. You may begin.

現在我將把會議交給執行長雅各布·梅爾加德。你可以開始了。

Thank you, and welcome to everyone joining us here today. This morning, we released our annual report for 2025, and we are satisfied with the results, which, once again, reflect our strong execution across the business. However, before I now turn to the results, I want to spend a little time talking about TORM and the foundation that enables these results and consistently differentiates TORM in the market. I want to talk about the key pillars of our business that have placed us in a strong position to date and that we believe will continue to do so in the future. We are immensely proud of what we have achieved here at TORM.

謝謝大家，也歡迎今天到場的各位。今天上午，我們發布了 2025 年年度報告，我們對結果感到滿意，這再次反映了我們在整個業務中的強大執行力。不過，在介紹結果之前，我想花點時間談談 TORM 以及促成這些結果並持續使 TORM 在市場上脫穎而出的基礎。我想談談我們業務的關鍵支柱，正是這些支柱使我們迄今為止處於有利地位，我們相信未來也將繼續如此。我們為TORM所取得的成就感到無比自豪。

Our ownership model and culture provides us with a clarity of purpose that streamlines our actions across the business. We are focused each and every day on staying one step ahead of other fleets to make the most of every opportunity. We believe in our ability to deliver on this ambition for our shareholders is a distinct competitive advantage. Underpinning our strategic focus is the platform you will know as One TORM. We believe this is a point of difference that sets us apart.

我們的所有權模式和企業文化為我們提供了清晰的目標，從而簡化了我們在整個業務中的行動。我們每天都專注於比其他船隊領先一步，以充分利用每一個機會。我們相信，我們有能力為股東實現這一目標，這將是我們獨特的競爭優勢。我們策略重點的基礎是您所熟知的 One TORM 平台。我們認為這是我們與眾不同的優勢。

The model was originally built around a spot-oriented strategy to unite the business and accelerate decision-making and response time. It enables us to use real-time data and insights to share our deep expertise at the core of the business at a moment's notice. We are not complacent. Since its inception, we have continuously refined this model using the latest technology, advanced analytics and proprietary data at our disposal to ensure we remain as alert and responsive as we possibly can be. In short, we can identify and capture attractive trading opportunities even in the most challenging markets, and perhaps I should say, especially in challenging markets, exactly the type of markets which now characterize the shipping industry even as we see comparatively fewer headwinds here into 2026.

該模型最初是圍繞以目標為導向的策略構建的，旨在統一業務並加快決策和響應速度。它使我們能夠利用即時數據和洞察力，隨時分享我們在業務核心領域的深厚專業知識。我們絕不自滿。自從這個模型誕生以來，我們不斷利用最新技術、先進分析和專有數據對其進行完善，以確保我們始終保持高度警覺和快速反應。簡而言之，即使在最具挑戰性的市場中，我們也能發現並抓住有吸引力的交易機會；或許我應該說，尤其是在最具挑戰性的市場中，這正是目前航運業的特徵，儘管我們預計到 2026 年，航運業面臨的阻力會相對減少。

For our shareholders, this approach offers a very clear advantage. We believe an industry benchmark for unrivaled consistency, strategic optionality, and financial discipline that you can see once again in our numbers. And here, please turn to slide number 4. In here and on the next two slides, we show the key figures for the quarter and the full year. As always, I'll start with the quarterly numbers to give you a clear picture of how the business is developing.

對於我們的股東而言，這種做法有非常明顯的優勢。我們相信，我們擁有業內無與倫比的穩定性、策略選擇權和財務紀律，這一點您可以從我們的數據中再次看到。請翻到第 4 張投影片。在這裡以及接下來的兩張幻燈片中，我們將展示本季和全年的關鍵數據。像往常一樣，我將從季度數據開始，讓大家清楚地了解公司的發展。

In Q4, TCE came in at USD251 million, slightly above Q3, supported by firm freight rates throughout the quarter. This strong performance resulted in a net profit of USD87 million, which enables us to declare a dividend of $0.70 per share, once again demonstrating our higher earnings translate directly into higher shareholder returns. During the quarter, we were active in the S&P market. We added two 2016-built LR2s and six MR vessels built between 2014 and '18, while divesting one older 2008-built LR2. Several of the vessels were delivered before year-end, bringing our fleet to 93 vessels.

第四季度，TCE 達到 2.51 億美元，略高於第三季度，這得益於本季貨運價格的堅挺。這一強勁的業績帶來了 8,700 萬美元的淨利潤，使我們能夠宣布每股 0.70 美元的股息，再次證明我們更高的收益直接轉化為更高的股東回報。本季度，我們在標普市場非常活躍。我們新增了兩艘 2016 年建造的 LR2 型船舶和六艘 2014 年至 2018 年建造的 MR 型船舶，同時剝離了一艘較舊的 2008 年建造的 LR2 型船舶。年底前已交付多艘船舶，使我們的船隊規模達到 93 艘。

And after completing the remaining deliveries at the start of 2026, our fleet comprises 95 vessels. Importantly, our investments were exceptionally well timed. Based on current broker valuations, the vessels we acquired have already been appreciated by a double-digit US dollar amount. This reflects not only the quality of the assets and our disciplined approach to capital allocation, but also a market that continuously turned more positive, supporting higher asset values across the product tanker space.

2026 年初完成剩餘交付後，我們的船隊將擁有 95 艘船舶。重要的是，我們的投資時機把握得非常好。根據目前的經紀商估值，我們收購的船舶已經增值了兩位數的美元金額。這不僅反映了資產的品質和我們嚴謹的資本配置方法，也反映了市場持續向好，支撐了成品油輪領域資產價值的上漲。

Now turning to slide 5, we show the full-year numbers. These are strong results. A year ago, our TCE guidance was USD650 million to USD950 million, and we closed the year towards the high end with USD910 million. While not matching the all-time high in 2024, it remains a very satisfactory outcome. Freight rates strengthened from the first to the second half of the year and ended at attractive levels.

現在來看第 5 張投影片，我們展示全年數據。這是非常好的結果。一年前，我們對 TCE 的預期為 6.5 億美元至 9.5 億美元，而我們最終以 9.1 億美元接近預期上限結束了這一年。雖然沒有達到 2024 年的歷史最高水平，但這仍然是一個非常令人滿意的結果。從上半年到下半年，貨運價格走強，最終達到令人滿意的水平。

In this environment, TORM achieved fleet-wide rates of USD28,703 per day, which we are very pleased with and which again demonstrates our ability to outperform the broader market. Net profit for the year totaled USD286 million, of which USD212 million is being returned to shareholders. With that overview in place, let us take a step back and look at the broader market dynamics that shape the environment we operate in. And here, please turn to the next slide to slide 7. And after a softer, but still historically strong 2025, product tanker freight rates have now returned to the average levels that were seen in the 2022 to 2024 market.

在這種環境下，TORM 實現了全船隊每天 28,703 美元的費率，我們對此非常滿意，這也再次證明了我們有能力超越整個市場。該年度淨利潤總計 2.86 億美元，其中 2.12 億美元將返還給股東。有了以上概述，讓我們退後一步，看看塑造我們所處經營環境的更廣泛的市場動態。接下來，請翻到下一張投影片，也就是第7張投影片。在經歷了較為疲軟但仍保持歷史強勁勢頭的 2025 年之後，成品油輪運費現已恢復到 2022 年至 2024 年市場的平均水平。

Underlying demand for product tankers has remained steady, and the recent uplift in rates has been driven primarily by developments elsewhere in the tanker complex. The crude market has moved into territory that, while not unprecedented, is extremely rare. VLCC spot rates have surged to the USD200,000 per day range, a unique and record-breaking level, and with charterers reportedly fixing one-year deals above USD110,000 per day. This strength is spilling over into the rest of the market, first into Suezmax and Aframax and then further into clean product tankers. If this momentum continues, we are potentially looking at a very interesting rate environment.

對成品油輪的潛在需求一直保持穩定，近期運價上漲主要是由油輪產業其他領域的發展所推動的。原油市場已經進入了一個雖然並非史無前例，但卻極為罕見的領域。VLCC 現貨租金已飆升至每天 20 萬美元左右，創下歷史新高，據報道，租船人已敲定一年期租約，價格超過每天 11 萬美元。這種強勁勢頭正在蔓延到其他市場，首先是蘇伊士型和阿芙拉型油輪，然後進一步蔓延到成品油輪。如果這種勢頭持續下去，我們可能會迎來一個非常有趣的利率環境。

At the same time, sanctions in the dirty Aframax segment have tightened vessel availability, triggering a large shift of LR2s from clean to dirty trade. This reduction in clean LR2 supply has further supported product tanker earnings. After several years of partial decoupling between segments, the product tanker market is once again being carried by the broader strength in crude. VLCCs, as mentioned in particular, continue to benefit from increased OPEC production, renewed stock building demand from China, heightened geopolitical tensions involving Venezuela and Iran, and further consolidation in the segment. All these factors together have created one of the strongest cross-segment market backdrops we have seen in years.

同時，對污染嚴重的阿芙拉型散裝貨船領域的製裁導致船舶供應緊張，引發了LR2型散裝貨船從清潔貿易向污染貿易的大規模轉移。清潔LR2供應量的減少進一步支撐了成品油輪的效益。在經歷了數年的部分市場脫鉤後，成品油輪市場再次受到原油市場整體強勁表現的支撐。如前所述，VLCC 繼續受益於歐佩克增產、中國重新增加的庫存需求、委內瑞拉和伊朗之間地緣政治緊張局勢加劇以及該領域的進一步整合。所有這些因素共同造就了近年來我們所見到的最強勁的跨領域市場背景之一。

Please turn to slide 8. And here, let's have a look at the product tanker demand side. Seaborne volumes of clean petroleum products have been trending upwards in recent months. However, the overall impact of the Red Sea rerouting has been largely neutral due to lower trade volumes and a partial return to Red Sea transits. Trade volumes from the Middle East and Asia to Europe have started the year at 30% below pre-disruption levels, which is largely a result of lower flows from India amid introduction of an EU ban on imports of oil products derived from Russian crude.

請翻到第8張幻燈片。接下來，我們來看看成品油輪的需求面。近幾個月來，海運清潔石油產品的運輸量呈上升趨勢。然而，由於貿易量下降以及部分貨物恢復通過紅海航線運輸，紅海航線改道的總體影響基本上是中性的。今年以來，中東和亞洲對歐洲的貿易量比疫情爆發前水準低了 30%，這主要是由於歐盟禁止進口源自俄羅斯原油的石油產品，導致來自印度的貿易量減少。

At the same time, an increasing number of vessels have resumed transiting the Red Sea with an, on average, 40% of the clean petroleum product volumes on the Middle East, Asia to Europe route traveling via the Red Sea in 2025. This is up from under 10% in 2024. As a result, we see limited downside risk from a potential full normalization of the Red Sea transit as much of this effect has already been unwound and instead, a likely rebound in clean petroleum trade volumes after the normalization of the transit would increase ton-miles. This is reinforced by the closure of 5% of the refining capacity in Northwest Europe last year, which is driving higher import needs for middle distillates. Additional support comes from sustained strength in crude tanker rates, which limits the crude tanker cannibalization and also from rising clean product ton-miles driven by refinery closures on the US West Coast.

同時，越來越多的船舶恢復了途經紅海的航行，預計到 2025 年，中東、亞洲至歐洲航線上平均有 40% 的清潔石油產品將經由紅海運輸。這一比例高於2024年的不到10%。因此，我們認為紅海運輸完全正常化帶來的下行風險有限，因為這種影響的大部分已經消除，相反，運輸正常化後清潔石油貿易量可能會反彈，從而增加噸英里數。去年西北歐 5% 的煉油產能關閉，進一步加劇了對中間餾分油進口的需求。此外，原油油輪運價的持續走強也提供了支撐，這限制了原油油輪運輸量的相互蠶食；同時，由於美國西海岸煉油廠的關閉，清潔產品噸英里數的增加也提供了支撐。

Kindly turn to slide 9. Let's turn to now the supply dynamics. Newbuilding deliveries have increased here in 2025, but this has not translated into effective growth in the fleet trading clean products. In fact, since the start of 2024, nominal product tanker fleet capacity is up by 8%, yet the capacity actually trading clean today is 1% lower than it was at the beginning of 2024.

請翻到第9頁。現在我們來看看供給動態。2025 年新造船交付量有所增加，但這並沒有轉化為清潔產品貿易船隊的有效成長。事實上，自 2024 年初以來，名目成品油輪船隊運力增加了 8%，但如今實際交易的清潔油輪運力比 2024 年初下降了 1%。

This disconnect is primarily due to sanctions in the Aframax segment, which had incentivized a significant shift of LR2 vessels into duty trades. To illustrate this point, compared to the start of 2025, currently, there are 20 fewer LR2 vessels transporting clean petroleum products and, at the same time, 65 newbuildings have been delivered to the LR2 fleet during the same period. The scale of the sanctions is notable. One in four vessels in the combined Aframax LR2 segment is currently under US, EU, or UK sanctions.

這種脫節主要是由於阿芙拉型船領域的製裁造成的，制裁促使 LR2 型船舶大量轉向關稅貿易。為了說明這一點，與 2025 年初相比，目前運送清潔石油產品的 LR2 型船舶減少了 20 艘，同時，同期 LR2 船隊新增了 65 艘船舶。制裁的規模十分顯著。目前，阿芙拉型 LR2 級船舶中，有四分之一受到美國、歐盟或英國的製裁。

This comes on top of the fact that the order book is already balanced by the high share of overage vessels in this segment. Next slide, please, slide 10. And here, let me just elaborate a little on vessel sanctions. So most sanctioned vessels were added to the list last year. So in 2025 alone, more than 200 Aframax and LR2 vessels were sanctioned.

此外，由於該領域大量船舶處於超齡狀態，訂單量已趨於平衡。請看下一張投影片，第10張投影片。在此，我再詳細闡述一下船舶制裁問題。因此，大多數受制裁的船隻都是去年被列入名單的。因此，僅在 2025 年，就有超過 200 艘 Aframax 和 LR2 型船舶受到製裁。

This is 3.5 times the number of newbuilding deliveries in the segment in 2025, and it is equivalent to almost the entire combined newbuilding program for a three-year period from 2025 to 2027. With 60% of these now sanctioned vessels being older than 20 years, their likelihood of returning to the mainstream market even if sanctions were lifted appears to be limited. And now turn to slide 11, please. Geopolitical developments continue to be a major driver of market dynamics. And in fact, the list of different geopolitical drivers has only gotten longer in the past four years.

這相當於 2025 年該細分市場新造船交付量的 3.5 倍，幾乎相當於 2025 年至 2027 年三年期間整個新造船計畫的總和。由於目前這些受制裁的船隻中有 60% 的船齡超過 20 年，即使解除制裁，它們重返主流市場的可能性似乎也有限。現在請翻到第11張投影片。地緣政治發展仍是市場動態的主要驅動因素。事實上，在過去四年裡，各種地緣政治驅動因素的清單只增不減。

The growing number of policy interventions and geopolitical flash points increases uncertainty and associated inefficiencies. Beyond the policies directly affecting product tankers, developments in the crude tanker market such as a potential tightening of sanctions against Iran, rising OPEC production are also indirectly supportive for product tanker demand. We sincerely hope for a ceasefire between Ukraine and Russia. However, we see the likelihood of trade returning to pre-war levels as very low or nonexistent in the foreseeable future given the EU's clear determination to tighten sanctions. The EU ban on Russian crude oil and oil products has been by far the most significant sanction against Russia in terms of ton-miles.

政策幹預和地緣政治衝突點的增加加劇了不確定性和相關的效率低下。除了直接影響成品油輪的政策之外，原油油輪市場的發展，例如對伊朗可能加強制裁、歐佩克產量上升等，也間接支撐了成品油輪的需求。我們衷心希望烏克蘭和俄羅斯之間能夠停火。然而，鑑於歐盟明確決心加強制裁，我們認為在可預見的未來，貿易恢復到戰前水準的可能性非常低，甚至根本不存在。歐盟對俄羅斯原油和石油產品的禁令，就噸英里數而言，是迄今為止對俄羅斯最嚴重的製裁。

And the new 20th sanction package the EU is working on is potentially adding a full maritime services ban to it, pausing an even larger share of Russian oil flows into the shadow fleet. This would likely further increase the inefficiencies of the fleet trading Russian oil. Please turn to the next slide, slide 12. And in summary, the key geopolitical forces continue to shape this year's market. While a potential normalization of Red Sea transit is unlikely to weigh on the market, the EU's ban on Russian oil will continue to underpin longer trading distances.

歐盟正在製定的第 20 項制裁方案可能會全面禁止海上服務，從而進一步阻止更大比例的俄羅斯石油流入影子船隊。這很可能會進一步加劇俄羅斯石油貿易船隊的低效率。請翻到下一張投影片，第12張投影片。總而言之，關鍵的地緣政治力量將繼續塑造今年的市場格局。儘管紅海過境運輸可能恢復正常不太可能對市場造成壓力，但歐盟對俄羅斯石油的禁令將繼續支撐更長的貿易距離。

On the demand side, ongoing shifts in global refining capacity continue to support ton-mile expansion. On the tonnage supply side, the increase in newbuilding deliveries will be balanced by a growing pool of scrapping candidates and reduced participation from sanctioned vessels, factors that will influence overall tonnage availability and market equilibrium. Against this backdrop, I'm confident that TORM is well positioned to navigate an environment marked by uncertainty and supported by our solid capital structure, strong operational leverage and our fully integrated platform.

在需求方面，全球煉油產能的持續變化持續支撐著噸英里數的成長。在噸位供應方面，新造船交付量的增加將被不斷增長的待拆解船舶數量和已批准船舶參與度的降低所抵消，這些因素將影響整體噸位供應和市場平衡。在此背景下，我相信 TORM 憑藉其穩健的資本結構、強大的營運槓桿和完全一體化的平台，能夠很好地應對充滿不確定性的環境。

So with that, I'll now hand it over to you, Kim, who will take us through the numbers.

那麼，現在就交給你，金，由你來為我們講解這些數字。

Thank you, Jacob. Now please turn to slide 14, and let me walk you through some of the drivers behind our performance this quarter and for the full year. Starting with the market backdrop. The product tanker market stayed strong throughout the fourth quarter, and that supported another solid result for us. For Q4, we delivered TCE of USD251 million, which translated into EBITDA of USD156 million and net profit of USD87 million.

謝謝你，雅各。現在請翻到第 14 頁，讓我帶您了解本季和全年業績背後的幾個驅動因素。首先從市場背景說起。第四季成品油輪市場保持強勁，這也支撐了我們取得又一個穩健的業績。第四季度，我們實現了 2.51 億美元的 TCE，轉化為 1.56 億美元的 EBITDA 和 8,700 萬美元的淨利潤。

Across the fleet, our average TCE came in at USD30,658 per day. Breaking that down, our LR2 earned above USD35,000, LR1s were above $31,000 and MRs were just under USD29,000 per day. For the long-range vessels, these numbers were actually a bit better than we indicated in our Q3 coverage, reflecting continued strong markets, helped in part by very firm crude tanker rates. For the full year, we delivered TCE of USD910 million, EBITDA of USD571 million and net profit of USD286 million. These are solid numbers.

整個船隊的平均 TCE 為每天 30,658 美元。具體來說，我們的 LR2 每天收入超過 35,000 美元，LR1 每天收入超過 31,000 美元，MR 每天收入略低於 29,000 美元。對於遠洋船舶而言，這些數字實際上比我們在第三季報告中指出的要好一些，反映出市場持續強勁，部分原因是原油油輪運價非常堅挺。全年來看，我們實現了 9.1 億美元的 TCE（總有效合約收入）、5.71 億美元的 EBITDA（息稅折舊攤提前利潤）和 2.86 億美元的淨利潤。這些都是可靠的數字。

As expected, earnings moderated from the exceptional levels of last year, but they remain robust and importantly, very much in line with the guidance we shared in November. And turning to shareholder returns. With a strong Q4, earnings per share reached $0.88, and the Board has declared a dividend of $0.70 per share, bringing total dividends for the year to USD2.12 per share. We continue to believe that our capital return framework strikes the right balance, clear, disciplined and supported by robust cash earnings generation. And with that overview in place, let us move to slide 15, where we break down the earnings in more details and talk through the underlying drivers.

正如預期的那樣，盈利較去年的異常水平有所放緩，但仍然強勁，而且重要的是，與我們在 11 月發布的指導意見非常吻合。然後轉向股東回報。第四季業績強勁，每股收益達 0.88 美元，董事會宣布派發每股 0.70 美元的股息，使全年股息總額達到每股 2.12 美元。我們仍然相信，我們的資本回報框架達到了恰當的平衡，清晰、嚴謹，並有強勁的現金收益支持。有了以上概述，讓我們來看看第 15 張投影片，其中我們將更詳細地分析收益，並探討其根本驅動因素。

Slide 15 shows our quarterly revenue progression since Q4 2024. With this quarter's results, we see a meaningful uptick building on the positive trajectory in freight rates and earnings we delivered over recent quarters. It's a clear indication of the favorable market environment we are operating in. For the quarter, we delivered TCE of USD251 million and EBITDA of USD156 million, making our strongest quarterly performance this year. The underlying uplift is driven by firm freight rates supported by solid fundamentals and a positive spillover from the crude tanker segment, as mentioned.

第 15 張投影片顯示了我們自 2024 年第四季以來的季度營收成長。從本季的業績來看，貨運價格和收益在過去幾季取得的積極成長動能基礎上，實現了顯著的提升。這清楚地表明我們所處的市場環境非常有利。本季度，我們實現了 2.51 億美元的 TCE 和 1.56 億美元的 EBITDA，創下今年以來的最佳季度業績。如前所述，根本性的上漲是由穩健的基本面支撐的貨運價格以及原油油輪領域的積極溢出效應所驅動的。

Given our operational leverage, we were well positioned to benefit from what we already see as very attractive freight rates. Please turn to slide 16. Here, we show the quarterly development in net profit and the key share-related metrics. For the fourth quarter, earnings per share came in at $0.88. Our approach to shareholder returns remain clear, disciplined and consistent.

憑藉我們的營運優勢，我們完全有能力從我們認為非常有吸引力的貨運價格中獲益。請翻到第16頁。這裡，我們展示了淨利潤的季度發展以及與股份相關的關鍵指標。第四季每股收益為0.88美元。我們對股東回報的策略依然清晰、嚴謹且始終如一。

We continue to distribute excess liquidity on a quarterly basis while maintaining a prudent financial buffer to safeguard the balance sheet. For Q4, this has resulted in a declared dividend of $0.70 per share, corresponding to a payout ratio of 82%. This is fully aligned with our free cash flow and debt -- after debt repayments and reflects both the strength of our earnings and our ongoing commitment to responsible capital allocation. And now please turn to slide 17. As shown on this slide, broker valuations for our fleet stood at USD3.2 billion at year-end.

我們持續按季度分配多餘的流動資金，同時保持審慎的財務緩衝，以保障資產負債表的安全。第四季度，公司宣布派發每股 0.70 美元的股息，股息率為 82%。這完全符合我們的自由現金流和債務狀況——在償還債務之後，既反映了我們強勁的獲利能力，也反映了我們對負責任的資本配置的持續承諾。現在請翻到第17張投影片。如本投影片所示，截至年底，我們機隊的經紀商估值為 32 億美元。

This reflects a continued positive sentiment in the market and results in an NAV increase to USD2.6 billion. Importantly to note, average broker valuations for the fleet increased by 4.2% during the quarter, driven primarily by higher valuations for our LR2 vessels, which saw the strongest appreciation. This uplift further underscores the improving market backdrop and the quality of our asset base. In the recent quarter -- or sorry, in the central chart, you can see our net interest-bearing debt, which now stands at USD848 million, corresponding to 29.4% in net LTV. The increase reflects the vessels acquired during the quarter, which naturally required incremental funding.

這反映了市場持續的正面情緒，並使淨資產值增加至 26 億美元。值得注意的是，本季船隊的平均經紀商估值增加了 4.2%，這主要是由於我們的 LR2 型船舶估值較高，其增幅最大。這一成長進一步凸顯了市場環境的改善和我們資產基礎的品質。在最近一個季度——或者抱歉，在中心圖表中——您可以看到我們的淨計息債務，目前為 8.48 億美元，相當於淨貸款價值比的 29.4%。這一增長反映了本季購買的船舶，這自然需要額外的資金。

Importantly, even with this investment-driven uptick, our leverage ratio remains within the range that we have maintained over recent quarters, typically between 25% to 30%, underscoring the strength of our conservative capital structure. This stable leverage -- sorry, this stable level continues to provide us with ample financial flexibility to pursue value-accretive opportunities while safeguarding balance sheet resilience across market cycles. On the right, you can see our debt maturity profile. We have USD135 million in borrowings maturing over the next 12 months, excluding lease terminations that have already been refinanced. Beyond that, only modest amounts fall due in the following years.

重要的是，即使有投資推動的成長，我們的槓桿率仍然保持在近幾個季度以來一直維持的範圍內，通常在 25% 到 30% 之間，這凸顯了我們保守資本結構的實力。這種穩定的槓桿率——抱歉，是這種穩定的水平——繼續為我們提供充足的財務靈活性，以追求增值機會，同時在市場週期中保持資產負債表的穩健性。右邊顯示的是我們的債務到期情況。未來 12 個月內，我們有 1.35 億美元的借款到期，這還不包括已經進行再融資的租賃終止款項。除此之外，接下來幾年只有少量款項需要支付。

Overall, our solid balance sheet gives us sustainable financial flexibility to navigate current market conditions with confidence and to pursue value-creating opportunities as they emerge. Now please turn to slide 18. This time, we have added a new slide to show what is actually -- what it actually means for the value creation when we consistently achieve rates above the market average. The MR segment is our largest exposure and a segment where competitors also have meaningful scale, making it the most representative benchmark for the product tanker market. We could, of course, perform a similar comparison for LR2 vessels.

整體而言，我們穩健的資產負債表賦予我們可持續的財務靈活性，使我們能夠自信地應對當前的市場狀況，並在價值創造機會出現時抓住這些機會。現在請翻到第18張投影片。這次，我們新增了一張投影片，展示了當我們持續獲得高於市場平均的利率時，這對價值創造究竟意味著什麼。MR 細分市場是我們最大的投資領域，也是競爭對手規模較大的細分市場，因此它是成品油輪市場最具代表性的基準。當然，我們也可以對 LR2 血管進行類似的比較。

However, the benchmarking becomes less robust as many of our peers operate only a relative small LR2 fleet, limiting the comparability and statistical relevance for such an analysis. That said, based on the data available, a comparable calculation for the LR2 segment would probably show the same picture. As shown on slide 24 in the appendix, we compare the rates we achieved with those of our peer group. Quarter after quarter and year after year, we have consistently delivered rates well above the peer average and in most quarters, even market-leading. This performance is a direct outcome of the One TORM that Jacob discussed and which continues to differentiate us in the market.

然而，由於我們的許多同業僅運作相對較小的 LR2 機隊，基準測試的可靠性降低，這限制了此類分析的可比性和統計相關性。也就是說，根據現有數據，對 LR2 細分市場進行類似的計算，結果也可能相同。如附錄投影片 24 所示，我們將我們所取得的成績與同儕的成績進行了比較。每個季度、每年，我們持續提供遠高於同業平均的利率，並且在大多數季度，甚至處於市場領先地位。這項業績是 Jacob 所討論的 One TORM 的直接成果，也是我們在市場上持續脫穎而出的關鍵。

But on this slide, when we take the analysis a step further by quantifying what that actually means, then, holding everything else equal, we calculate the premium TCE by taking our spot TCE relative to the peer average, multiplying it by our operating base and comparing that figure directly with our dividend in each quarter from 2022 to 2025. This provides a clear transparent view of the tangible financial value created by outperforming the market. Two examples illustrate the impact. In 2022, we returned USD381 million in dividends. Our premium TCE was USD38 million, around 10% of the total dividends paid.

但是，在這張投影片中，當我們進一步分析，量化其實際意義時，在其他條件不變的情況下，我們透過將我們的現貨 TCE 相對於同業平均水平，乘以我們的營運基數，並將該數字與 2022 年至 2025 年每個季度的股息直接比較，來計算溢價 TCE。這清晰透明地展現了跑贏市場所創造的實質財務價值。以下兩個例子說明了其影響。2022年，我們派發了3.81億美元的股息。我們的優質TCE為3,800萬美元，約佔支付股利總額的10%。

And in 2025, based on the first three quarters, the premium reached USD49 million compared to our full year dividend of $212 million, that represents 23% of the total. So the message is clear. Our strong rates have a material and measurable impact on our dividends returned to our shareholders. Across that period, which includes different market conditions, we have returned USD1.6 billion in cash dividends. And our analysis show that premium earnings from the MR fleet accounted for roughly 15% of the total dividends paid over the past four years.

根據前三個季度的數據，2025 年的溢價達到 4,900 萬美元，而我們全年的股息為 2.12 億美元，佔總額的 23%。所以訊息很明確。我們強勁的利率對我們返還給股東的股利產生了實質和可衡量的影響。在此期間，儘管市場環境各不相同，但我們已派發了 16 億美元的現金股息。我們的分析表明，MR 船隊的溢價收益約佔過去四年支付的總股息的 15%。

And now please turn to slide 20 for the outlook. We're stepping into 2026 from a clear position of strength and solid momentum across our business. In Q1, we have already secured 70% of our earnings days at an attractive average TCE of USD34,926 per day. This strong coverage provides a robust foundation for the year and reflects the positive traction we are seeing across all vessel segments. With the coverage already locked in and the encouraging market outlook ahead, we expect TCE earnings of USD850 million to USD1.25 billion and EBITDA of USD500 million to USD900 million.

現在請翻到第 20 頁，了解展望。我們以明顯的實力和強勁的業務發展勢頭邁入 2026 年。第一季度，我們已經確保了 70% 的盈利日，平均每日 TCE 為 34,926 美元，極具吸引力。這一強勁的市場覆蓋率為全年奠定了堅實的基礎，也反映了我們在所有船舶細分市場所看到的積極發展勢頭。由於覆蓋範圍已鎖定，且市場前景令人鼓舞，我們預計 TCE 收益為 8.5 億美元至 12.5 億美元，EBITDA 為 5 億美元至 9 億美元。

Both ranges are based on our midpoint internal forecast, after which we apply a defined range to reflect the uncertainty associated with the full-year outlook and the potential volatility in the market conditions as the year progresses. And we are entering the year with confidence and real momentum behind us.

這兩個範圍都是基於我們的內部預測中點，之後我們應用一個確定的範圍來反映全年展望的不確定性以及隨著一年的進行市場狀況的潛在波動。我們帶著信心和強勁的發展勢頭進入新的一年。

And with this, I will conclude my remarks and hand it back to the operator.

至此，我的發言就結束了，並將麥克風交還給操作員。

(Operator Instructions)

（操作說明）

Frode Morkedal, Clarksons Securities.

弗羅德·莫克達爾，克拉克森證券。

First question I have is on the EBITDA guidance or the revenue guidance. If you could, I'm curious about what type of spot rate assumption you made there? Of course, I understand there's a lot of moving parts in this type of guidance, but let's say, LR2, MR rates in the high end, what are -- what's the implied rate, if you can share that?

我的第一個問題是關於 EBITDA 指引或營收指引。如果可以的話，我很想知道你當時對即期匯率做了怎樣的假設？當然，我知道這類指導涉及很多方面，但比如說，LR2，MR率在高位，那麼－－隱含利率是多少？如果您能分享一下的話。

Frode, I can tell you about our methodology that we use when calculating our guidance for the year. So we take the coverage, the fixed days we have already made for Q1, and then we apply the unfixed days for the rest of the year with the forward curve that we see in the market for the remainder of that period. And then you get to a midpoint. And from that midpoint of TCE, you then deduct our normal cost and get to an EBITDA. And depending on where the freight rates are, we stress that with an interval.

弗羅德，我可以告訴你我們在計算年度業績指引時所使用的方法。因此，我們採用第一季已確定的固定天數作為覆蓋範圍，然後根據市場上剩餘時間的遠期曲線，應用剩餘時間的非固定天數。然後就到了中間點。然後從 TCE 的中點減去我們的正常成本，即可得到 EBITDA。根據運費所在地區的情況，我們會定期強調這一點。

And as they are higher right now, you will see, compared to last year, that the interval is slightly higher than we had a year ago. That is due to both what I just said, the higher rates, freight rates, but also more earning days, of course. So that's the methodology behind. So we are basically building it on what we have achieved already and then the markets.

而且由於它們現在較高，你會發現，與去年相比，這個間隔比一年前略高。這既是因為我剛才說的運費上漲，也是因為貨運費率提高，當然，還有因為收入天數增加。這就是背後的方法論。所以我們基本上是在我們已經取得的成就和市場的基礎上進行建構。

Right. So is it just FFA market or time charter rates that you're looking at or --

正確的。所以，您關注的是自由貿易協定（FFA）市場還是定期租船費率？--

It's forward freight rates.

這是遠期運費。

And can you just say like the midpoint, is that -- roughly is that curve today when you made the guidance?

您能否簡單說明一下，例如中點，也就是－大致來說，當您發布指導意見時，這條曲線現在的位置是多少？

It's around $30,400 across the fleet.

整個車隊的損失約為 30,400 美元。

Right. Okay. That's a good reference point. So yes, but just I wanted to discuss how you see the strength in the crude market impacting the products? Clearly, you talked about the switching.

正確的。好的。那是一個很好的參考點。是的，但我只是想討論一下您認為原油市場的強勢將如何影響成品油市場？顯然，你談到了切換的問題。

I'm curious to know if you think there's more to go there? I have noticed that crude Aframaxes are still trading with quite a significant differential to LR2 spot rates. So yes, curious to hear your views.

我很想知道你是否認為那裡還有更多值得挖掘的地方？我注意到，原油阿芙拉型船的交易價格與LR2型船的現貨價格之間仍然存在相當大的價差。是的，很想聽聽你的看法。

Yes. Obviously, time will tell. But I think clearly, the strength that we are seeing across the crude segments is first and foremost, having a direct one-to-one impact on the behavior of the LR2 fleet and LR2 owners. So the incentive currently to switch from being participating as an LR2 in the CPP market and potentially moving into the crude market is a little depend on whether you are in the Western hemisphere or the Eastern hemisphere. But just as an example, as you point to in the Western hemisphere, there's a clear financial incentive to switch over.

是的。顯然，時間會證明一切。但我認為很明顯，我們在原油領域看到的強勁勢頭首先對路虎LR2車隊和LR2車主的行為產生了直接的一對一影響。因此，目前從參與 CPP 市場 LR2 轉向可能進入原油市場的動力，在某種程度上取決於你身處西半球還是東半球。但舉個例子，正如你所指出的西半球的情況，轉換網路顯然有明顯的經濟誘因。

I think we will see more of that as we showed in the graph. There is basically fewer vessels that are available due to the sanctions regime imposed, especially by the UK and EU, but also by OFAC. So that means that the compliant requirements for our customers, whether it's in CPP or in dirty trade, is serviced by fewer vessels, fewer assets. And that is pushing rates higher as we speak.

我認為我們會看到更多這樣的情況，就像我們在圖表中顯示的那樣。由於制裁制度，特別是英國和歐盟以及美國財政部外國資產管制辦公室（OFAC）的製裁，可用的船隻數量基本上減少了。這意味著，無論是在清潔能源生產還是污染貿易中，我們都能用更少的船舶和更少的資產來滿足客戶的合規要求。而這正在推高利率。

We see term rates rising, and they are not to the extreme volatility that we see in the VLCC segment, but still significantly higher for a one-year charter today than what it was at the beginning of the year. And I think this trend, let's see how it plays out, but I think it is here to stay. So we're quite optimistic in the earning power in the segments, to be honest.

我們看到定期租金上漲，雖然不像超大型油輪 (VLCC) 市場那樣極端波動，但與年初相比，如今一年期租船租金仍然高得多。我認為這種趨勢會持續下去，讓我們拭目以待。坦白說，我們對這些細分市場的獲利能力相當樂觀。

I agree. I guess the acquisition you made, I think it was eight ships, right, in Q4. That was a pretty good timing. I think we discussed it last time, but maybe you could just discuss how you thought about the investment case at the time. Clearly, it's been a -- was a good idea to buy these ships.

我同意。我猜你們在第四季收購的，應該是八艘船吧。時機把握得相當不錯。我想我們上次討論過這個問題，但或許你可以談談你當時對這筆投資的看法。顯然，購買這些船隻是個好主意。

And secondly, what's your view now at this point in time of further opportunities to acquire ships?

其次，您認為目前還有哪些機會可以進一步收購船舶？

Yes. So I think it's like this, that we did -- when we had the conversation, I think also on this call in Q4, I think we illustrated that we are looking at it quite methodically and just saying what is the sweet spot in terms of our expectation of the free cash flow that we can generate from an asset and where is the asset [indiscernible]. And what we identified was these pockets of that we could buy some LR2s and we did some here actually towards sort of mid-December bought a couple of ships. And clearly, today, the price of these assets and one of them is actually only delivering tomorrow is already up by 20%. So if you isolate it out and just say, yes, that's good timing.

是的。所以我覺得情況就是這樣，我們之前討論過這個問題，也包括第四季度的電話會議，我們當時就表明，我們正在非常系統地分析這個問題，並明確指出，就我們預期能夠從某項資產中產生的自由現金流而言，最佳平衡點在哪裡，以及這項資產的具體位置。[無法辨認]。我們發現了一些可以購買 LR2 的小地方，實際上我們在 12 月中旬左右在這裡購買了幾艘船。顯然，今天這些資產的價格已經上漲了 20%，其中一項資產實際上要等到明天才能交付。所以，如果你把它單獨拿出來，然後說，是的，時機很好。

But the backdrop of that is, of course, also that now when we had to sort of do our own thinking around potential other acquisitions, clearly, with assets rising like this, it gets harder to make the next acquisition. So I think we were fortunate about the timing on these eight ships. We actually had hoped, to be very honest, to have upped the end a little on that in terms of number of assets, but they were simply not available at that point in time at attractive prices. So I think we just had to regroup a little. Asset prices are moving quite fast, and we just have to regroup and make sure we still follow our methodology and not get carried away.

當然，其背景也是，現在當我們必須自己思考其他潛在的收購目標時，很明顯，隨著資產不斷成長，進行下一次收購就變得更加困難了。所以我覺得我們很幸運，這八艘船的建造時間恰到好處。坦白說，我們原本希望在資產數量上再增加一些，但當時根本沒有價格合適的資產可供收購。所以我覺得我們只需要稍微調整一下策略。資產價格波動很快，我們必須重新調整策略，確保繼續遵循我們的方法，不要被市場情緒左右。

But I'm optimistic that we can maybe identify a few, let's say, some other deals that sort of fits the bill on our return requirements.

但我樂觀地認為，我們或許可以找到一些其他符合我們退貨要求的交易。

Frode, may I just -- I need to answer your question. You started a bit more precise than what we did, just so it's clear how we do it on the guidance. I just didn't have them in my head, but I have the numbers here. So if you take Q1, we had covered 8,177 days with $34,208. Then we take the uncovered days, that's 25,691 at $30,371.

弗羅德，我可以──我需要回答你的問題嗎？你們的做法比我們更精確一些，這樣就能清楚地說明我們在指導原則中是如何做的。我當時腦子裡沒有這些數字，但我這裡有這些數字。所以，如果你以 Q1 為例，我們已經用 34,208 美元覆蓋了 8,177 天。然後我們計算未涵蓋的天數，即 25,691 天，每天 30,371 美元。

And then you do the math from there. Then you come to a total number of days, operating days and average TCE. And then you get to a TCE and you stress that.

然後你再根據結果進行計算。然後得出總天數、營運天數和平均 TCE。然後你遇到 TCE，你就強調這一點。

Right. That's good. So on the stress test, do you have like a percentage plus/minus or --

正確的。那挺好的。所以，在壓力測試中，你們會給出一個正負百分比之類的數值嗎？--

That's -- we derived it a few years ago, but the way we use it is plus/minus TCE, and it depends on how much the stress depends on what the actual TCE level is. The lower it is, the lower the stress is, the higher it is, the higher the stress is. So it depends on where you are on the actual TCE levels.

那是——我們幾年前推導出的，但我們使用它的方式是加/減 TCE，這取決於壓力在多大程度上取決於實際的 TCE 水平。數值越低，壓力越小；數值越高，壓力越大。所以這取決於你所在地區實際的TCE濃度水準。

Clement Mullins, Value Investors Edge.

克萊門特·穆林斯，《價值投資者優勢》。

I wanted to start by following up on Frode's question on Afras and LR2s. Could you talk a bit about the portion of your LR2 fleet that traded dirty throughout the quarter? And secondly, on the LR1 side, have you seen an increase in the proportion of vessels trading dirty over the past few months?

我想先就 Frode 關於 Afras 和 LR2s 的問題做個後續說明。您能否談談貴公司LR2車隊中，本季進行非法交易的那部分車輛的情況？其次，就 LR1 而言，在過去的幾個月裡，您是否注意到從事非法交易的船舶比例有所增加？

Yes. Thanks for those very precise ones. So I'll start from the back end of this. So we have not really seen that the dirty market has affected the LR1s in our fleet and in our case. And when we look at our vessels and on the spot, we basically have 10% to 20% of our LR2s trading spot dirty.

是的。謝謝你提供的這些非常精確的資訊。那我就從後面說起吧。所以，我們還沒有真正看到髒亂的市場對我們車隊中的路虎LR1造成了影響，就我們而言也是如此。當我們查看我們的船舶和現貨交易情況時，我們發現我們基本上有 10% 到 20% 的 LR2 型船舶在現貨交易中處於不正當狀態。

And then we've got another 10% that is on term charter dirty.

還有 10% 是定期租約下的髒活累活。

That's helpful. And you continue to outperform peers on the MR side with your chartering team doing an excellent job. Could you talk a bit about what portion of your administrative expenses is attributable to the chartering team versus kind of the corporate side? Any color you could provide would be really helpful.

那很有幫助。在 MR 方面，你們繼續超越同行，你們的包機團隊做得非常出色。您能否談談您的行政費用中，包機團隊的費用佔多少，公司營運費用佔多少？如果您能提供任何顏色訊息，那就太好了。

Yes. So we actually don't account like that. We -- as I tried to illustrate also in the beginning, on the One TORM platform, we believe that it's not actually the chartering team that is the secret sauce. It is actually the power of -- that you have in an organization ranging from the employees who bought a ship to the people doing the accounting and operations, technical. And of course, also, as you point to, the chartering team, but their success is not an isolated thing that has to do with their ability, it's the whole structure.

是的。所以我們其實不那樣計算。正如我在一開始試圖在 One TORM 平台上闡明的那樣，我們認為真正的秘訣並不在於包機團隊。實際上，這種力量體現在一個組織中，從購買船舶的員工到從事會計、營運和技術人員，都擁有這種力量。當然，正如你所指出的，包機團隊也功不可沒，但他們的成功並非只取決於他們的能力，而是整個組織結構的結果。

So we don't -- I don't have an answer. I don't know the number. It's not the way we think about --

所以我們沒有——我沒有答案。我不知道這個數字。這不是我們通常的想法。--

There are no further questions at this time. I'll turn the call to Jacob Meldgaard for closing remarks.

目前沒有其他問題了。接下來我將把電話交給雅各‧梅爾德加德，請他作總結發言。

Yes. Thank you very much, everyone, for listening in on the annual report 2025 obviously for TORM. Thank you very much for listening in, and have a great day.

是的。非常感謝各位收聽 TORM 2025 年年度報告。非常感謝您的收聽，祝您有美好的一天。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。