1 2 Ma y 2 0 1 6
Q1 2016 RESULTS
2
SAFE HARBOR STATEMENT
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and statements other than statements of historical facts. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions generally identify forward-looking statements.
The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, the Company cannot guarantee that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward- looking statements include the strength of the world economy and currencies, changes in charter hire rates and vessel values, changes in demand for “ton miles” of oil carried by oil tankers, the effect of changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in TORM’s operating expenses, including bunker prices, dry-docking and insurance costs, changes in the regulation of shipping operations, including requirements for double hull tankers or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents, political events or acts by terrorists.
In light of these risks and uncertainties, you should not place undue reliance on forward-looking statements contained in this release because they are statements about events that are not certain to occur as described or at all. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.
Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
3
• Highlights
• Product Tanker Market Overview and Outlook
• Financial and Operating Performance
AGENDA
4
Product tanker
market
Corporate
events
• TORM anticipates to distribute USD 25m in dividends in September 2016 with the intention to subsequently distribute 25 to 50% of Net
Income on a semi-annual basis
• New corporate structure of the TORM Group has been established including the insertion of a UK parent company, TORM plc, a delisting of
TORM A/S and a listing of TORM plc on Nasdaq Copenhagen
• Squeeze-out process ongoing in which TORM plc will acquire the remaining shares from the non-accepting TORM A/S minority shareholders
• TORM has secured financing for the LR2 newbuildings of up to USD 115m (up to 60%) at attractive terms
Sales &
Purchase
• Delivery of the last three MR newbuildings during the first quarter of 2016
• Second-hand values have been under pressure due to limited available financing and an increase in sale candidates
• The value of TORM’s product tanker fleet has decreased by USD 140m (~7%) in the first quarter of 2016
Q1 2016
Results
HIGHLIGHTS FOR THE FIRST QUARTER OF 2016
• EBITDA of USD 70m and Profit before tax of USD 31m, which is in line with guidance
• RoIC of 10% and Earnings per share of USD 0.5 (or DKK 3.3)
• Net Asset Value estimated at USD 1,069m, corresponding to a NAV/share of USD 16.8 or DKK 109.1
• For the full year 2016, TORM expects:
‒ EBITDA in the range of USD 250-330m
‒ Profit before tax in the range of USD 100-180m
2016
guidance
• TORM’s achieved product tanker freight rates across segments has been at USD/day ~20,000, which is in line with the fourth quarter of 2015
despite a generally softer market
• Refinery utilization has been high throughout the first quarter of 2016, however negatively impacted by high gasoline and diesel stocks and a
warm winter in the northern hemisphere
• In the East, a high number of newbuilding deliveries have negative impacted the market
5
EBITDA OF USD 70M AND A POSITIVE PBT OF USD 31M FOR Q1 2016
• EBITDA of USD 70m and a positive profit
before tax of USD 31m for Q1 2016
• Q1 2016 Equity of USD 1,001m and
cash and cash equivalents of USD 123m
• Q1 2016 RoIC of 10.1% and Earnings
per share of USD 0.5 (or DKK 3.3)
• Q1 2016 Tanker freight rates of USD/day
19,845
USDmQ1 2016
Pro forma
Q1 2015* Q4 2015
Pro forma
2015*
P&L
TCE Earnings 138 146 129 582
Gross profit 80 88 73 361
Sale of vessels 0 0 0 0
EBITDA 70 77 62 319
Profit before tax 31 43 28 188
Balance sheet
Equity 1,001 833 976 976
NIBD 605 652 612 612
Cash and cash equivalents 123 59 168 168
Key figures
Earnings per share (USD) 0.5 - 0.5 -
Returm on Invested Capital (RoIC) 10.1% 14.4% 8.9% 14.1%
Net Asset Value (NAV) 1,069 - 1,169 1,169
Number of vessels (#) 81 78 78 78
Tanker TCE/day (USD) 19,845 22,876 19,757 22,879
Tanker OPEX/day (USD) 7,400 7,346 7,331 7,193
* Pro forma figures for 2015 presented as though the Restructuring occurred as of 1 January 2015 and include the combined TORM and Njord fleet
6
• Highlights
• Product Tanker Market Overview and Outlook
• Financial and Operating Performance
AGENDA
7
PRODUCT TANKER FREIGHT RATES EASED DURING Q1 2016 YET PARTLY OVERPERFORMED Q4 2015 RATES
Source: Clarksons. Spot earnings: LR2: TC1 Ras Tanura-> Chiba, LR1: TC5 Ras Tanura-> Chiba and MR: average basket of Rotterdam->NY, Bombay->Chiba, Mina Al Ahmadi->Rotterdam, Amsterdam->Lome,
Houston->Rio de Janeiro, Singapore->Sidney
FREIGHT RATES IN ‘000 USD/DAY
West
• The market was impacted by high gasoline and diesel stocks in addition
to a warmer-than-usual winter in the northern hemisphere
• The MRs benefitted from increased flows of mixed aromatics from
Europe to China, while diesel flows from the US to Europe eased
• High product stockpiles resulted in discharge delays, impacting the
market positively
• The LR market was positively impacted by the increase in mixed
aromatic trade from Europe to China
• Naphtha arbitrage trade from Europe to the Far East was relatively low
• West African CPP imports stated to increase towards the end of Q1
East
• The market continued to benefit from the recent ramp-up in refinery
capacity in Saudi Arabia and the United Arab Emirates, generating
demand for primarily LR tonnage going both east and west
• During Q1 both the LR and MR markets were negatively impacted by an
increased number of vessels from the mixed aromatic transfers to China
and the delivery of newbuildings – at the same time, long-haul cargoes to
bring tonnage from East to West were scarce, and partly covered by
larger crude tankers carrying refined oil products on their virgin voyage
• The palm oil market was lower than expected due to reduced production
• Some refinery maintenance in the Middle East was observed towards the
end of the quarter
8
DEMAND FOR PRODUCT TANKERS SET TO BE DRIVEN BY GASOLINE TRADE
Note: * US gasoline and distillates demand growth forecast for 2016 is based on EIA STEO April 2016
Sources: EIA, IEA, TORM Research
• After relatively weak refinery margins in Q1 due to high
stockpiles and subdued demand for gasoil/ diesel, margins in
the Atlantic have started to recover on increased gasoline
demand
• Refineries are expected to continue to ramp up runs to meet
strong summer gasoline demand, forecasted to grow by close
to 0.5m b/d y-o-y in Q2 (driven by Asia and North America)
• US gasoline demand rose at the fastest annual rate in almost
40 years in February – FY 2016 growth is set to slow down
from the 2015 level but remain well above the average seen
during 2000-2015
• A shift in China’s demand towards higher quality gasoline
continues to draw in gasoline blending components from
Europe
• Summer holiday season in the northern hemisphere is
expected to lift jet fuel trade
• After weak performance in Q1, global gasoil/diesel demand is
likely to get some support from increased power sector
demand in the Middle East, yet global oversupply and
consequently stockpiles are expected to increase
• Over longer term, refinery rationalization will continue in
Europe and the Pacific, while more capacity will be added in
Asia and the Middle East supporting long-haul trade
• Ton-mile demand for product tankers is forecast to grow by
slightly above 6% p.a. during 2016-2018
US OIL DEMAND GROWTH, Y-O-Y
m b/d
REFINERY NET EXPANSIONS AND OIL DEMAND GROWTH 2014-2018
‘000 b/d
9
SUPPLY OUTLOOK FOR THE PRODUCT TANKER FLEET VARIES BY SEGMENT
NET FLEET GROWTH Y-O-Y (NO. OF VESSELS) • Product tanker ordering was very limited in Q1,
posting the lowest level since Q1 2011
• Product tanker deliveries totaled 3.4m dwt during
Q1 which combined with limited scrapping activity
resulted in a 2% net fleet growth in Q1
• Product tanker order book to total fleet ratio fell by
2.4 percentage points from the end of Q4 2015 to
18.2% at the end of Q1 2016
• In 2016, the fleet is forecasted to expand by 5-6%
in terms of no. of vessels (~7% in terms of dwt)
• The LR2 and LR1 segments are set to lead the
growth, while the MR growth is expected to slow
down from the 2015 level
• The total product tanker fleet is forecasted to grow
by an average of 5% p.a. during 2016-2018 in
terms of no. of vessels (6% in terms of of dwt)
Notes: Increase calculated basis number of vessels. The number of vessels by the beginning of 2016 was: LR2 285, LR1 325, MR 1,496, Handy 678 (includes chemical vessels).
Net fleet growth: Gross order book adjusted for expected scrapping and delivery slippage.
Source: TORM Research
2005-2014 average fleet growth for
LR2, LR1, MR and Handysize
%
10
• Ordering of product tanker newbuildings
has been very limited so far this year
• Second-hand prices came under pressure,
as the list of sales candidates remains
historically long – this resulted in hardly any
second-hand activity as the cap between
owners’ and buyers’ price ideas remained
too wide
• Similarly, lack of financing contributed to
the low activity in the newbuilding and
second-hand markets
Source: Clarksons
USDm
LR1 - Newbuilding MR - Newbuilding
USDm
MR - 5 yr. Second-Hand
USDk/day
MR 1Yr T/C
VESSEL PRICE DEVELOPMENT
LR2 - Newbuilding
PRODUCT TANKER VESSEL PRICES
11
• Highlights
• Product Tanker Market Overview and Outlook
• Financial and Operating Performance
AGENDA
12
Unfixed days
2017 2018
27,569
4,015
17,520
2,5553,479
26,749
3,995
17,599
2,5142,640
Q2 – Q4 2016
19,102
2,837
13,018
1,8371,409
HandyMRLR1LR2
Illustrative change in cash flow generation potential for the TORM fleet
∆ Average TCE/day Q2 – Q4 2016 2017 2018
USD 2,000 38.2 53.4 55.1
USD 1,000 19.1 26.7 27.6
USD (1,000) (19.1) (26.7) (27.6)
USD (2,000) (38.2) (53.4) (55.1)
USDm
# of days
Of total earning days 87% 93%
TORM HAS SIGNIFICANT OPERATING LEVERAGE IN THE
PRODUCT TANKER MARKET
93%
13
Notes:
• Peer gorup is based on Ardmore (split by ECO and ECO-modified), d’Amico, Frontline 2012, Norden, BW, Teeday Tankers and Scorpio
• Q1 2016 figures are missing for Frontline 2012, Teekay Tankers
• BW reporting is based on prospectus in 2015
USD/day
PEER COMPARISON SHOWS THAT TORM HAS CONTINUED TO PERFORM COMMERCIALLY DESPITE FINANCIAL DIFFICULTIES AND AN OLDER FLEET
14
PRO FORMA OPEX HAS SHOWN A FLAT TREND
7,500
7,000
6,500
0
10,000
9,500
9,000
8,500
8,000
USD/operating day
Handysize
MR
LR1
LR2
Q1 16Q4 15Q3 15Q2 15Q1 15Q4 14Q3 14
15
TORM operates on a fully integrated commercial and
technical platformTORM has trimmed administration expenses significantly
Admin. expenses (quarterly avg. in USDm)
• TORM’s operational platform handles all commercial and
technical operation
• The integrated business model provides TORM with the highest
possible trading flexibility and earning power
• TORM manages
‒ ~80 vessels commercially
‒ ~75 vessels technically
• TORM has a global reach with offices in Denmark, India, the
Philippines, Singapore, the UK and the USA
• Average admin cost per earning day for Q1 of USD/day 1,550
• Outsourced technical and commercial management would
affect other line items of the P&L
TORM HAS A FULLY INTEGRATED BUSINESS MODEL AND ADMIN EXPENSES ARE TRENDING SIGNIFICANTLY DOWN
0 2 4 6 8 10 12 14 16 18 20 22 24
2015*
2014
2013
2012 -52%
1Q 2016
2011
2010
2009
2008
* Pro forma figures for 2015 presented as though the Restructuring occurred as of 1 January 2015 and include the combined TORM and Njord fleet
16
TORM’S NET ASSET VALUE ESTIMATED AT USD 1,069M
36123173
728210
Net Asset
Value
1,069
Working
Capital
CashCommitted
CAPEX
Outstanding
debt
Total vessel
value
1,812
Value of
newbuildings
Value of
vessels
on water
1,602
LTV of 50%
• Based on broker values, TORM’s vessels
including newbuildings were estimated at
USD 1,812m as of 31 March 2016
• With an outstanding debt of USD 728m
and committed CAPEX of USD 173m,
TORM’s Loan-to-Value was at 50%
ensuring a strong capital structure
• Adjusting for cash and working capital,
TORM’s Net Asset Value (NAV) was
estimated at USD 1,069m
• On a per share basis*, the NAV was
estimated at USD 16.8 and DKK 109.5
31 March figures, USDm
* Calculated based on 63,826,439 shares and USD/DKK fx rate of 6.54
17
TORM has, in order to allow for dividend
payments, terminated the cash sweep
mechanism under the term facility and will
start to pay fixed amortization from third
quarter of 2016
Ample headroom under our attractive
covenant package:
Loan-to-Value (depending on facility)
Minimum liquidity: USD 75m*
Minimum book equity ratio: 25%
(adjusted for market value of vessels)
* Of which USD 20m must be cash or cash equivalent
** Excludes any potential financing related to the share repurchase conducted in the squeeze-out of up to a maximum of approximately USD 35m
57
13973
8669728
Hereafter
304
2020
repayment
2019
repayment
2018
repayment
2017
repayment
ROY 2016
repayment**
Debt as of
31 Mar. 2016
1738662
24
Total201820172016
75123
Available
debt facility
Cash position
CAPEX commitments Available liquidity
CAPEX and liquidity as of 31 March 2016 (USDm)
TORM is well-positioned to service future
CAPEX and debt commitments
TORM has obtained binding committment
for financing of the LR2 newbuildings of
up to USD 115m (up to 60% financing)
with 12 years maturity at attractive terms
Strong operational cash flows expected in
2016
Scheduled debt repayments (USDm)
100% 9% 12% 10% 19% 8% 42%
TORM HAS A FAVOURABLE FINANCING PROFILE AND STRONG LIQUIDITY POSITION
Financing of LR2
newbuildings
Total available
liquidity
313
198
115
18
EBITDA
(USDm)
Profit before
tax (USDm)
Earnings per
Share (USD)
2016 full-year result USD/day 1,000
freight rate change
250 – 330 +/- 19
100 –180 +/- 19
+/- 38
+/- 38
+/- 0.3
FORECASTED EBITDA IN THE RANGE OF USD 250M TO USD 330M FOR FY2016
With 19,102 unfixed earning days as of 31 March 2016, TORM’s financial result is highly exposed to freight
rate fluctuations
USD/day 2,000
freight rate change
1.7 – 2.8
Earning per
Share* (DKK)+/- 2.011.2 – 18.3
* Earning per Share in DKK is calculated assuming an USD/DKK fx rate of 6.53 and 63.8m shares
+/- 0.6
+/- 3.9
19
TORM INTENDS TO DISTRIBUTE 25 TO 50% OF NET INCOME FOLLOWING AN INITIAL FIXED PAYMENT OF USD 25M IN Q3 2016
TORM’s distribution policy Ongoing share purchase
Initial dividend in September
• Expected fixed dividend by September 2016 of USD
25.0m. With semi-annual distributions, this corresponds to;
− USD 0.783 pr. share (approx. DKK 5.10)*
− Yield of 6.0%** based on share price from 11 May 2016
Policy onwards
• 25 to 50% of net income distributed semi-annually either
as dividend and/or share repurchase
• Policy will be periodically reviewed
* Assuming fx rate of 6.51 USD/DKK and 63.8m shares outstanding
** Assuming share parice of DKK 84.5, fx rate of 6.51 USD/DKK and 63.8m shares outstanding
Corporate Reorganization
• On 15 April 2016, TORM established a new corporate
structure of the TORM Group including the insertion of
a UK parent company, TORM plc, a delisting of TORM
A/S and a listing of TORM plc on Nasdaq Copenhagen
• The Corporate Restructuring was supported by 95.9%
of TORM A/S’ shareholders, and TORM plc will acquire
the shares from the remaining TORM A/S minority
shareholders not accepting the transfer
• TORM plc may purchase shares for an amount of up
to approx. USD 35m covering up to 4.1% of the
outstanding TORM A/S shares
• Final outcome to be announced 25 May 2016
APPENDIX
21Strong capital structure Selective fleet growth
One TORM – Superior integrated operating platformPure-play product tanker owner
TORM AIMS TO BE REGARDED AS THE REFERENCE COMPANY IN THE PRODUCT TANKER SEGMENT
One TORM – Superior integrated operating platform
Global
scaleOne
TORM
Financial
flexibilityGrowth
Active in all large segments to meet customer demands
~80 owned product tankers
Primarily spot-orientated
Limited T/C-in (off-balance sheet)
commitments
In-house technical and commercial management (preferred by
customers)
Enhanced responsiveness to
customers and higher TCEs
Cost-efficient without leakages
May serve as consolidator
Selective growth based on
projected financial returns
In-house S&P team with relationships with
brokers, yards, banks and shipowners
Focused on profitabilityModerate debt levels with
attractive debt profile
Financial strength to pursue growth
Strong balance sheet gives a competitive advantage
when pursuing vessel acquisitions from lenders and yards
Semi-annual distribution policy of 25 to 50% of net income (after
fixed payment of USD 25m in September 2016)
22
FLEET UPDATE
PER 31.03.2016
Please note: TORM has the option to purchase up to six additional vessels within the LR2, LR1 or MR segment with expected delivery in 2018 and 2019
# of vessels
Q4 2015 Changes Q1 2016 Changes EoY 2016 Changes EoY 2017 Changes EoY 2018
Owned vessels
LR2 8 - 8 - 8 1 9 3 12
LR1 7 - 7 - 7 - 7 - 7
MR 48 3 51 - 51 - 51 - 51
Handysize 11 - 11 - 11 - 11 - 11
Total 74 3 77 - 77 1 78 3 81
Charter-in vessels
LR2 2 - 2 - 2 - 2 -2 0
LR1 0 - 0 - 0 - 0 - 0
MR 2 - 2 - 2 -2 0 - 0
Handysize 0 - 0 - 0 - 0 - 0
Total 4 - 4 - 4 -2 2 -2 0
Total fleet 78 3 81 - 81 -1 80 1 81
23
Seafarers: ~3,000
• 1,300 Filipino seafarers
• 1,100 Indian seafarers
• 170 Danish seafarers
• 200 Croatian seafarers
• 30 Polish seafarers
TORM offices: ~270
A world-leading product
tanker company
• 125+ years of history
• A leading product tanker
owner
Listed on Nasdaq
Copenhagen
Key facts Global footprint based on regional power and presence
TORM employees:
TORM AT A GLANCE
24
Oil product supply chain
Exploration Transportation Refining Transportation Storage/distribution
Crude
oil
Fuel oil Con-
densate
Diesel/
gasoil
Jet fuel/
kero-
sene
Naph-
tha
Gaso-
line
MTBE Ethanol Vege-
table oil
Biofuel
”Dirty products” ”Clean products”
Typical refined oil products carried on TORM’s vessels
PRODUCT TANKERS HAVE COATED TANKS AND HAVE SPECIALLY DESIGNED CARGO SYSTEMS WITH FLEXIBILITY TO TRANSPORT A WIDE RANGE OF DIFFERENT PRODUCTS
25
Jacob Meldgaard
▪ Executive Director in TORM plc
▪ CEO of TORM A/S since April 2010
▪ Previously Executive Vice President of the Danish shipping company NORDEN where he was in charge of the company’s dry cargo division
▪ Prior to that he held various positions with J. Lauritzen and A.P. Møller-Mærsk
▪ More than 20 years of shipping experience
Mads Peter Zacho
▪ Chief Financial Officer
Lars Christensen
▪ Head of Projects
Executive Director
Senior Management
Christian Søgaard-Christensen
▪ Head of Corporate Support
Jesper S. Jensen
▪ Head of Technical Division
MANAGEMENT TEAM WITH AN INTERNATIONAL OUTLOOK AND MANY YEARS OF SHIPPING EXPERIENCE
26
OAKTREE IS THE MAJORITY SHAREHOLDER AND
OWNERSHIP HAS BECOME MORE DISPERSED
TORM’s shares are listed on Nasdaq
Copenhagen under the ticker TRMD A
Shares
• 61.2m A shares, one B share and one C
share (+ up to 2.6m TORM A/S A shares
being squeezed out)
• The B and C shares have certain voting
rights
• A Share has a nominal value of USD/share
0.01
For further company information,
visit TORM at www.torm.com
Share information Ownership has become more dispersed
3162
10001 0
6
1010
100
627
38
TotalRetailInstitutionalOaktree DW unknownParticipants
in
Restructuring
Shareholdings as at Restructuring 2015, %
Estimated shareholdings as at April 2016, %
27
REPORTED KEY FIGURES
USDm* Q1 2016 Q1 2015 2015
Revenue 194 67 540
EBITDA 70 24 210
Profit/(loss) before tax 31 15 127
Balance sheet
Total assets 1,847 645 1,867
Equity 1,001 499 976
NIBD 605 101 612
Cash and cash equivalents 123 37 168
Cash flow statement
Operating cash flow 71 30 214
Investment cash flow -65 -41 -159
Financing cash flow -53 10 75
Financial related key figures
EBITDA margin 36% 36% 39%
Equity ratio 54% 77% 52%
Return on invested capital (RoIC) 10% 11% 13%
* The financial results for 2015 will reflect Oaktree activities in the period from January 2015 until completion of TORM’s Restruc turing (13 July 2015) and the combined entity from completion of TORM’s Restructuring until 31 December 2015.
28
TORM TANKER SPOT RATES VERSUS INDUSTRY BENCHMARK
Source: Clarksons, Spot earnings: LR2: TC1 (Ras Tanura-> Chiba), LR1: TC5 (Ras Tanura-> Chiba), MR: average basket of Rotterdam->NY, Bombay->Chiba, Mina Al Ahmadi->Rotterdam,
Amsterdam->Lome, Houston->Rio de Janeiro, Singapore->Sidney, Handysize: average basket of Augusta->Lavera, Tuapse->Agioi Theodoroi.
TORM spot vs. industry benchmark Q1 2016 (USD/day)
TORM spot vs. industry benchmark last 12 months (USD/day)
Note: Benchmarks are not one-to-one comparisons as they do not take into account broker commission, armed guards and low sulphur fuel costs.
20,000
25,000
30,000
5,000
0
15,000
10,000
35,000
HandysizeMRLR1LR2
TORM Benchmark-6%
0
5,000
35,000
30,000
25,000
15,000
10,000
20,000
HandysizeMRLR2 LR1
TORM Benchmark
+23%+15% +17%
-8% +3% +4% +6%
29
Owned days
PER 31.03.2016
T/C-in days at
fixed rate
T/C-in days at
floating rate
Total physical
days
Coverage
TORM HAS A SPOT-ORIENTED PROFILE IN A STRONG MARKET
2016 2017 2018 2016 2017 2018
LR2 2,165 2,983 4,231
LR1 1,912 2,514 2,555
MR 13,901 18,406 18,615
Handysize 2,939 3,995 4,015
Total 20,918 27,898 29,416
LR2 - - - - - -
LR1 - - - - - -
MR 522 286 - 16,207 16,250 -
Handysize - - - - - -
Total 522 286 - 16,207 16,250 -
LR2 497 728 340
LR1 - - -
MR - - -
Handysize - - -
Total 497 728 340
LR2 2,662 3,711 4,571 1,253 1,071 1,092
LR1 1,912 2,514 2,555 75 - -
MR 14,423 18,691 18,615 1,405 1,092 1,095
Handysize 2,939 3,995 4,015 102 - -
Total 21,937 28,912 29,756 2,835 2,163 2,187
LR2 47% 29% 24% 24,368 24,201 24,194
LR1 4% 0% 0% 25,421 - -
MR 10% 6% 6% 19,320 17,429 17,573
Handysize 3% 0% 0% 18,675 - -
Total 13% 7% 7% 21,689 20,782 20,880
Owned days
Charter-in days at fixed rate Charter-in costs, USD/day
Charter-in days at floating rate
Total physical days Covered days
Covered, % Coverage rates, USD/day