TORM (TRMD) 20-F 12 Mar 19 2018 FY Annual report (foreign) Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	12 Months Ended
	Dec. 31, 2018	Feb. 25, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	TORM plc
Entity Central Index Key	0001655891
Trading Symbol	trmd
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		0
Document Type	20-F
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Profit or loss [abstract]
Revenue	$ 635,366	$ 656,991	$ 680,143
Port expenses, bunkers and commissions	(283,018)	(259,888)	(221,859)
Charter hire	(2,506)	(8,517)	(21,498)
Operating expenses (Note 3)	(180,443)	(188,374)	(195,249)
Profit from sale of vessels (Note 22)	752	2,762
Administrative expenses (Note 3,4)	(47,826)	(45,007)	(41,406)
Other operating expenses	(1,963)	(418)	(304)
Share of profit/(loss) from joint ventures	189	3	176
Impairment losses on tangible and intangible assets (Note 6,7,22)	(3,249)	(3,572)	(185,000)
Depreciation (Note 6)	(114,480)	(114,451)	(122,215)
Operating profit/(loss) (EBIT)	2,822	39,529	(107,212)
Financial income (Note 8)	3,302	4,255	2,814
Financial expenses (Note 8)	(39,345)	(40,601)	(37,333)
Profit/(loss) before tax	(33,221)	3,184	(141,731)
Tax (Note 11)	(1,558)	(777)	(760)
Net profit/(loss) for the year	$ (34,779)	$ 2,407	$ (142,491)
EARNINGS PER SHARE
Basic earnings/(loss) per share (USD) (Note 25) (in dollars per share)	$ (0.48)	$ 0.04	$ (2.27)
Diluted earnings/(loss) per share (USD) (Note 25) (in dollars per share)	$ (0.48)	$ 0.04	$ (2.27)

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017	Dec. 31, 2016
Statement of comprehensive income [abstract]
Net profit/(loss) for the year		$ (34,779)		$ 2,407	$ (142,491)
Items that may be reclassified to profit or loss:
Exchange rate adjustment arising from translation of entities using a functional currency different from USD		(316)		240	(180)
Fair value adjustment on hedging instruments		(6,748)		9,181	(2,675)
Fair value adjustment on hedging instruments transferred to income statement		(307)		(2,262)	1,665
Items that may not be reclassified to profit or loss:
Remeasurements of net pension and other post-retirement benefit liability or asset		(48)		120	(60)
Other comprehensive income/(loss) after tax	[1]	(7,419)	[2]	7,279	(1,250)
Total comprehensive income/(loss) for the year		$ (42,198)		$ 9,686	$ (143,741)
[1]	No income tax was incurred relating to other comprehensive income/(loss) items.
[2]	Please refer to "Consolidated Statement of Comprehensive Income".

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Tangible fixed assets
Vessels and capitalized dry-docking (Note 6,7,15)		$ 1,396,558	$ 1,294,472
Prepayments on vessels (Note 6)		45,491	88,378
Other plant and operating equipment (Note 6)		2,973	1,945
Total tangible fixed assets		1,445,022	1,384,795
Financial assets
Investments in joint ventures		71	324
Other investments		5	5
Total financial assets		76	329
Total non-current assets		1,445,098	1,385,124
CURRENT ASSETS
Bunkers		39,404	33,204
Freight receivables (Note 9)		85,997	71,281
Other receivables (Note 10)		7,488	11,787
Prepayments		2,855	4,422
Cash and cash equivalents		127,361	134,207
Current assets, excluding assets held-for-sale		263,105	254,901
Assets held-for-sale (Note 22)		6,197	6,550
Total current assets		269,302	261,451
TOTAL ASSETS		1,714,400	1,646,575
EQUITY
Common shares (Note 12)		742	623
Share premium (Note 12)		97,092
Treasury shares (Note 12)		(2,887)	(2,887)
Hedging reserves		254	7,309
Translation reserves		(96)	280
Retained profit		752,106	785,725
Total equity		847,211	791,050
NON-CURRENT LIABILITIES
Deferred tax liability (Note 11)		44,909	44,906
Mortgage debt and bank loans (Note 2,14,15,17)	[1]	633,026	629,198
Finance lease liabilities (Note 17,22)		22,138	25,294
Total non-current liabilities		700,073	699,398
CURRENT LIABILITIES
Mortgage debt and bank loans (Note 2,14,15,17)		91,266	91,720
Finance lease liabilities (Note 17,22)		3,156	2,899
Trade payables (Note 17)		35,122	26,150
Current tax liabilities		1,010	1,393
Other liabilities (Note 13,17)		36,503	33,822
Deferred income		59	143
Total current liabilities		167,116	156,127
Total liabilities		867,189	855,525
TOTAL EQUITY AND LIABILITIES		$ 1,714,400	$ 1,646,575
[1]	The carrying value of the Group's mortgage debt and bank loans is, because of floating interest rate, approximate to fair value. The carrying value are excluding amortized bank fees recognized in the balance sheet.

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands		Common shares	Share premium	Treasury shares		Hedging reserves	Translation reserves	Retained profit	Total
Equity at Dec. 31, 2015		$ 638		$ (176)	[1]	$ 1,400	$ 160	$ 973,954	$ 975,976
Comprehensive income/loss for the year:
Net profit/(loss) for the year								(142,491)	(142,491)
Other comprehensive income/(loss) for the year						(1,010)	(180)	(60)	(1,250)	[2]
Total comprehensive income/(loss) for the year						(1,010)	(180)	(142,551)	(143,741)
Corporate Reorganization TORM plc								(6,564)	(6,564)
Acquisition of outstanding shares in TORM A/S, cost	[3]	(15)		176	[1]			(19,396)	(19,235)
Acquisition of treasury shares, cost				(2,887)					(2,887)
Share-based compensation								2,029	2,029
Dividend paid								(25,000)	(25,000)
Total changes in equity		(15)		(2,711)	[1]	(1,010)	(180)	(191,482)	(195,398)
Equity at Dec. 31, 2016		623		(2,887)	[1]	390	(20)	782,472	780,578
Comprehensive income/loss for the year:
Net profit/(loss) for the year								2,407	2,407
Other comprehensive income/(loss) for the year						6,919	240	120	7,279	[2]
Total comprehensive income/(loss) for the year						6,919	240	2,527	9,686
Corporate Reorganization TORM plc								146	146
Share-based compensation								1,880	1,880
Dividend paid								(1,240)	(1,240)
Total changes in equity						6,919	240	3,313	10,472
Equity at Dec. 31, 2017		623		(2,887)	[1]	7,309	220	784,907	791,050
Comprehensive income/loss for the year:
Net profit/(loss) for the year								(34,779)	(34,779)
Other comprehensive income/(loss) for the year	[4]					(7,055)	(316)	(48)	(7,419)	[2]
Total comprehensive income/(loss) for the year						(7,055)	(316)	(34,827)	(42,198)
Capital increase		119	$ 99,880						99,999
Transaction costs capital increase			(2,788)						(2,788)
Share-based compensation								2,026	2,026
Total changes in equity		119	97,092			(7,055)	(316)	(32,801)	57,039
Equity at Dec. 31, 2018		742	$ 97,092	(2,887)	[1]	254	(96)	752,106	847,211
Changes in Stockholders' Equity [Roll Forward]
Adjusted equity as of 1 January 2018		$ 623		$ (2,887)	[1]	$ 7,309	$ 220	785,785	791,050
Effect as of 1 January 2018 of new IFRS standards implemented	[5]							$ (878)	$ (878)
[1]	Please refer to note 12 for further information on treasury shares.
[2]	No income tax was incurred relating to other comprehensive income/(loss) items.
[3]	Relates to the squeeze-out of remaining minority shareholders in TORM A/S.
[4]	Please refer to "Consolidated Statement of Comprehensive Income".
[5]	Please refer to note 1 for description of new IFRS standards implemented.

CONSOLIDATED CASH FLOW STATEMEN

CONSOLIDATED CASH FLOW STATEMENT - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CASH FLOW FROM OPERATING ACTIVITIES
Net profit/(loss) for the year	$ (34,779)	$ 2,407	$ (142,491)
Adjustments:
Reversal of profit from sale of vessels	(752)	(2,762)
Reversal of depreciation (Note 6)	114,480	114,451	122,215
Reversal of impairment loss on tangible and intangible assets (Note 6,7,22)	3,249	3,572	185,000
Reversal of share of profit/(loss) from joint ventures	(189)	(3)	(176)
Reversal of financial income (Note 8)	(3,302)	(4,255)	(2,814)
Reversal of financial expenses (Note 8)	39,345	40,601	37,333
Reversal of tax expenses (Note 11)	1,558	777	760
Reversal of other non-cash movements (Note 23)	2,039	3,696	(7,114)
Dividends received from joint ventures	440		188
Interest received and realized exchange gains	2,720	1,641	2,735
Interest paid and realized exchange losses	(39,792)	(36,698)	(31,385)
Income taxes paid	(1,611)	(586)	(1,430)
Change in bunkers, receivables and payables, etc. (Note 23)	(12,668)	(12,996)	8,322
Net cash flow from operating activities	70,738	109,845	171,143
CASH FLOW FROM INVESTING ACTIVITIES
Investment in tangible fixed assets	(202,439)	(145,112)	(119,408)
Sale of tangible fixed assets (Note 22)	26,847	31,382
Net cash flow from investing activities	(175,592)	(113,730)	(119,408)
CASH FLOW FROM FINANCING ACTIVITIES
Borrowing, mortgage debt	114,530	175,377	49,256
Borrowing, sale and leaseback transactions		30,195
Repayment/redemption, mortgage debt	(110,834)	(125,487)	(142,740)
Repayment/redemption, finance lease liabilities	(2,899)	(16,724)	(3,410)
Dividend paid		(1,240)	(25,000)
Acquisition of outstanding shares in TORM A/S			(19,241)
Capital increase	99,999
Transaction costs share issue	(2,788)
Purchase/disposal of treasury shares			(2,887)
Change in restricted cash	(2,014)	594	(1,588)
Net cash flow from financing activities	95,994	62,715	(145,610)
Net cash flow from operating, investing and financing activities	(8,860)	58,830	(93,875)
Cash and cash equivalents as of 1 January	132,948	74,118	167,993
Cash and cash equivalents as of 31 December	124,088	132,948	74,118
Restricted cash as of 31 December	3,273	1,259	1,853
Cash and cash equivalents including restricted cash as of 31 December	$ 127,361	$ 134,207	$ 75,971

ACCOUNTING POLICIES, CRITICAL A

ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS	12 Months Ended
	Dec. 31, 2018
Disclosure Of Accounting Policies Critical Accounting Estimates And Judgements [Abstract]
ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS	NOTE 1 – ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS OVERVIEW OF BUSINESS TORM plc is a shipping company, incorporated in the United Kingdom, which owns and operates a fleet of product tankers. Unless otherwise indicated, the terms "TORM plc," "we," "us," "our," the "Company" and the "Group" refer to TORM plc and its consolidated subsidiaries, which includes TORM A/S and its consolidated subsidiaries following the closing of the Exchange Offer (defined below). When used herein to describe events prior to the closing of the Exchange Offer, the terms “TORM A/S," "we," "us," "our," the "Company" and the "Group" refer to TORM A/S and its consolidated subsidiaries before such time. On 15 April 2016, a new corporate structure was established, whereby TORM plc effectively acquired all of the outstanding A-shares of TORM A/S (referred to herein as Danish A-shares) in exchange for TORM plc’s securities. A total of 97.6% of TORM A/S’ shareholders exchanged their shareholdings to TORM plc, and TORM plc acquired the remaining 2.4% shares from TORM A/S’ minority shareholders in a statutory squeeze-out transaction under the Danish Companies Act for a total cash consideration of USD 19.2m. In addition, and in connection with the exchange of the Danish A-shares in 2016, all TORM A/S warrant holders exchanged their warrants on a one-for-one basis for TORM plc warrants. We refer to these transactions collectively as the "Exchange Offer." On 19 April 2016, upon the closing of the Exchange Offer, TORM plc became the Group’s publicly-held parent company incorporated under the laws of England and Wales. We refer to this as the "Redomiciliation”. The Redomiciliation was accounted for as an internal reorganization of entities under common control and, therefore, the assets and liabilities of TORM A/S were accounted for at their historical cost basis and not revalued in the transaction. The impact on equity in 2016 reflected the accumulated deficit of TORM plc at that date and the squeeze-out transaction impact of USD 19.2m. The consolidated financial statements for the TORM Group are presented in the legal name of TORM plc, but they are a continuation of the financial statements of TORM A/S with a retroactive adjustment of the legal capital of the legal parent (TORM plc). The consolidated financial results reflect the activities for TORM A/S only for the period from 1 January 2016 until 15 April 2016, whereas the remaining period of 2016 and going forward reflects the combined activity of TORM plc and TORM A/S. TORM plc is listed on the stock exchange Nasdaq in Copenhagen, Denmark and on Nasdaq in New York, United States. BASIS OF PREPARATION The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as adopted by the EU and as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention except where fair value accounting is specifically required by IFRS. The functional currency is USD, and the Company applies USD as presentation currency in the preparation of the consolidated financial statements. GOING CONCERN As of 31 December 2018, TORM’s available liquidity including undrawn facilities was USD 406m, hereof a cash position of USD 127m. TORM’s net interest-bearing debt was USD 627m and the net debt loan-to-value ratio was 53%. Further information on the Group’s objectives and policies for managing its capital, its financial risk management objectives and its exposure to credit and liquidity risk can be found in note 19 to the financial statements. The Group monitors its funding position throughout the year to ensure that it has access to sufficient funds to meet its forecast cash requirements, including newbuilding and loan commitments, and to monitor compliance with the financial covenants within its loan facilities, details of which are in note 2 to the financial statements. Sensitivity calculations are run to reflect different scenarios including, but not limited to, future freight rates and vessel valuations in order to identify risks to future liquidity and covenant compliance and to enable Management to take corrective actions, if required. The Board of Directors has considered the Group’s cash flow forecasts and the expected compliance with the Company’s financial covenants for a period of not less than 12 months from the date of approval of these financial statements. Based on this review, the Board of Directors has a reasonable expectation that, taking into account reasonably possible changes in trading performance and vessel valuations, the Group will be able to continue in operational existence and comply with its financial covenants for the foreseeable future. Accordingly, the Group continues to adopt the going concern basis in preparing its financial statements. ADOPTION OF NEW OR AMENDED IFRS STANDARDS TORM has implemented the following standards and amendments issued by the IASB and adopted by the EU in the consolidated financial statements for 2018: • Amendments to IFRS 2 “Classification and Measurement of Share-based Payment Transactions” • IFRS 9: On 1 January 2018, TORM adopted IFRS 9 “Financial Instruments”, which is mandatory for accounting periods beginning 1 January 2018 or later. The standard and subsequent amendments has substantially changed the classification and measurement of financial instruments and hedging requirements and introduced a new hedge-accounting model enabling companies to better reflect their risk management activities in the financial statements. We have assessed that the Group’s hedging activities also in 2018, qualify for hedge accounting, and there have been no changes in the classifications of financial assets and financial liabilities as at the date of the initial application of IFRS 9. There have been no changes in the carrying amounts on the basis of their measurement categories and there have been no changes in the carrying amounts arising from a change in measurement in connection with the transition to IFRS 9. The standard has thus been implemented without adjusting the opening balance as of 1 January 2018. The implementation of IFRS 9 has also entailed that impairment of receivables must be based on expected losses and not incurred losses as under IAS 39. The transition had no significant effect on either the income statement or the statement of financial position, as TORM historically has had very limited actual incurred losses on receivables, and the standard has thus been implemented without adjusting the opening balance as of 1 January 2018. Please see note 19 for further disclosures as of 31 December 2018. • IFRS 15: On 1 January 2018, TORM also adopted IFRS 15, “Revenue from Contracts with Customers”, which replaces IAS 11, IAS 18 and associated interpretations. TORM has implemented IFRS 15 with retrospective effect, however, elected to utilize the relief from restating comparative figures (modified retrospective method). The standard has changed the recognition pattern of revenue. The change in revenue recognition has gone from recognizing from “discharge-to-discharge” to “load-to-discharge”. The effect of the implementation as of 1 January 2018 amounts to USD 0.9m, recorded as an adjustment to the opening balance of retained profit in the consolidated statement of changes in equity. The implementation of the above standards and amendments had no significant impact on the Group’s financial statements. It is assessed that application of other new interpretations effective on 1 January 2018 has not had any material impact on the consolidated financial statements in 2018. Further, it has been anticipated that there will not be any significant impact from the adoption of these new interpretations on future periods. ACCOUNTING STANDARDS AND INTERPRETATIONS NOT YET ADOPTED IASB has issued a number of new or amended accounting standards (IFRS) and interpretations (IFRIC) that have not yet come into effect. In general, the following standards are expected to have the most significant impact on current accounting regulation: • IFRS 16 “Leases”. The effective date is 1 January 2019, and the standard will be implemented using the modified retrospective approach, where comparative information is not restated. The impact of the standard in TORM is limited to leasing agreements regarding office buildings and other administrative contracts such as cars, office equipment, etc. The change requires capitalization of the operating lease agreements, and the effect in the financials as of 1 January 2019 is a recognition of a right-of-use asset and leasing liability of USD 11.4m. The future reclassification from the line item “Administrative expenses” to “Depreciation” of approx. USD 2.6m and “Financial expenses” (interest) approx. USD 0.3m, amounts to approx. USD 2.9m in 2019. The reclassification will have a minor negative effect on the Profit and Loss in 2019 but will improve the Alternative Performance Measure (APM) “EBITDA”. ACCOUNTING POLICIES Consolidation principles The consolidated financial statements comprise the financial statements of the Parent Company, TORM plc and entities controlled by the Company and its subsidiaries. Control is achieved when the Company has all the following: • power over the investee; • exposure, or rights, to variable returns from its involvement with the investee; and • the ability to use its power over the investee to affect the amounts of the investor’s returns The Company should reassess whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities unilaterally. The Company considers all facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including: The size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders • Potential voting rights held by the Company, other vote holders or other parties • Rights arising from other contractual arrangements, and • Any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time when decisions need to be made, including voting pattern at previous shareholders’ meetings Entities in which the Group exercises significant but not controlling influence are regarded as associated companies and are accounted for using the equity method. Companies which are managed jointly by agreement with one or more companies and therefore are subject to joint control (joint ventures) are accounted for using the equity method. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ends when the Company loses control over the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated income statement and other comprehensive income from the date on which the Company obtains control until the date when the Company loses control over the subsidiary. The consolidated financial statements are prepared on the basis of the financial statements of the Parent Company, its subsidiaries and the Company’s share of the income statement and balance sheet of joint operations by combining items of a uniform nature and eliminating intercompany transactions, balances and shareholdings as well as realized and unrealized gains and losses on transactions between the consolidated entities. The financial statements used for consolidation purposes are prepared in accordance with the Company’s accounting policies. The consolidated financial statements following a reverse acquisition are issued under the name of the legal parent (accounting acquiree) but as a continuation of the financial statements of the legal subsidiary (accounting acquirer). The accounting acquirer’s legal capital is adjusted retrospectively to reflect the legal capital of the accounting acquiree. Comparative information is adjusted accordingly. Business combinations Newly acquired or formed entities are recognized in the consolidated financial statements from the date of acquisition or formation. The date of acquisition is the date on which control over the entity is effectively transferred. Business combinations are accounted for by applying the purchase method, whereby the acquired entities’ identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. The tax effect of the revaluation activities is also taken into account. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the amount of that adjustment is included in the cost of the combination if the event is probable and the adjustment can be measured reliably. Costs of issuing debt or equity instruments in connection with a business combination are accounted for together with the debt or equity issuance. All other costs associated with the acquisition are expensed in the income statement. The excess of the cost of the business combination over the fair value of the acquired assets, liabilities and contingent liabilities is recognized as goodwill under intangible assets and is tested for impairment at least once a year. Upon acquisition, goodwill is allocated to the cash generating units, which subsequently form the basis for the impairment test. If the fair value of the acquired assets, liabilities and contingent liabilities exceeds the cost of the business combination, the identification of assets and liabilities and the processes of measuring the fair value of the assets and liabilities and the cost of the business combination are reassessed. If the fair value of the business combination continues to exceed the cost, the resulting gain is recognized in the income statement. Foreign currencies The functional currency of all significant entities, including subsidiaries and associated companies, is United State dollars (USD), because the Company’s vessels operate in international shipping markets, in which income and expenses are settled in USD, and because the Company’s most significant assets and liabilities in the form of vessels and related liabilities are denominated in USD. Transactions in currencies other than the functional currency are translated into the functional currency at the transaction date. Cash, receivables and payables and other monetary items denominated in currencies other than the functional currency are translated into the functional currency at the exchange rate at the balance sheet date. Gains or losses due to differences between the exchange rate at the transaction date and the exchange rate at the settlement date or the balance sheet date are recognized in the income statement under “Financial income” and “Financial expenses”. The reporting currency of the Company is USD. Upon recognition of entities with functional currencies other than USD, the financial statements are translated into USD. Income statement items are translated into USD at the average exchange rate for the year, whereas balance sheet items are translated at the exchange rate as of the balance sheet date. Exchange differences arising from the translation of financial statements into USD are recognized as a separate component through other comprehensive income. On the disposal of an entity, the cumulative amount of the exchange differences recognized in the separate component of equity relating to that entity is transferred to the income statement as part of the gain or loss on disposal. Derivative financial instruments and hedge accounting Derivative financial instruments, primarily forward currency exchange contracts, forward freight agreements, interest rate hedges and forward contracts regarding bunker purchases, are entered into hedge future committed or anticipated transactions. TORM applies hedge accounting under the specific rules on cash flow Derivative financial instruments are initially recognized in the balance sheet at fair value at the date when the derivative contract is entered into and are subsequently measured at their fair value as other receivables or other liabilities, respectively. Changes in the fair value of derivative financial instruments that are designated as cash flow hedges and deemed to be effective are recognized directly in “Other comprehensive income”. When the hedged transaction is recognized in the income statement, the cumulative value adjustment recognized in “Other comprehensive income” is transferred to the income statement and included in the same line as the hedged transaction. However, when the hedged transaction results in the recognition of a fixed asset, the gains and losses previously accumulated in “Other comprehensive income” are transferred from “Other comprehensive income” and included in the initial measurement of the cost of the fixed asset. Changes in the fair value of a portion of a hedge deemed to be ineffective are recognized in the income statement. Changes in the fair value of derivative financial instruments that are not designated as hedges are recognized in the income statement. While effectively reducing cash flow risk in accordance with the Company’s risk management policy, interest rate swaps with cap features and certain forward freight agreements and forward contracts regarding bunker purchases do not qualify for hedge accounting. Changes in fair value of these derivate financial instruments are therefore recognized in the income statement under “Financial income” or “Financial expenses” for interest rate swaps with cap features, under “Revenue” for forward freight agreements and under “Port expenses, bunkers and commissions” for forward bunker contracts. Segment information The segmentation is based on the Group’s internal management and reporting structure. In the Tanker Segment, the services provided primarily comprise transportation of refined oil products such as gasoline, jet fuel and naphtha. The Group has only one geographical segment, because the Company considers the global market as a whole, and as the individual vessels are not limited to specific parts of the world. Furthermore, the internal management reporting does not provide such information. Consequently, it is not possible to provide geographical segment information on revenue from external customers or non-current segment assets. Employee benefits Wages, salaries, social security contributions, holiday and sick leave, bonuses and other monetary and non-monetary benefits are recognized in the year in which the employees render the associated services. Please also refer to the accounting policy for share-based payment. Pension plans The Group has entered into defined contribution plans only. Pension costs related to defined contribution plans are recorded in the income statement in the year to which they relate. Leases Agreements to charter in vessels and to lease other plant and operating equipment for which TORM substantially has all the risks and rewards of ownership are recognized in the balance sheet as finance leases. Lease assets are measured at the lower of fair value and the present value of minimum lease payments determined in the leases. For the purpose of calculating the present value, the interest rate implicit in the lease or an incremental borrowing rate is used as discount factor. The lease assets are depreciated and written down under the same accounting policy as the vessels owned by the Company or over the lease period depending on the lease terms. The corresponding lease obligation is recognized as a liability in the balance sheet, and the interest element of the lease payment is charged to the income statement as incurred. Other charter agreements concerning vessels and other leases are classified as operating leases, and lease payments are charged to the income statement on a straight-line basis over the lease term. The obligation for the remaining lease term is disclosed in the notes to the financial statements. Sale and lease back Following a sale transaction, agreements to charter-in vessels (sale-and-leaseback) for which TORM maintains substantially all the risks and rewards incidental to economic ownership, are recognized on the balance sheet as finance leases. Leased vessels are measured at the start of the leasing contract at the lower of the present value of minimum lease payments determined in the lease contract and the assets’ fair value, plus any incidental expense borne by the lessee. For the purpose of calculating the present value, the interest rate implicit in the lease is used as discount factor. Depreciation method and useful economic life correspond to those applied to comparable purchased assets. Liabilities for financial leases are recognized on the balance sheet and the interest included in the lease payment is charged to the income statement. INCOME STATEMENT Revenue Income is recognized in the income statement when: • The income generating activities have been carried out on the basis of a binding agreement • The income can be measured reliably • It is probable that the economic benefits associated with the transaction will flow to the Company • Costs relating to the transaction can be measured reliably Revenue comprises freight, charter hire and demurrage revenues from the vessels and gains and losses on forward freight agreements designated as hedges. Revenue is recognized when or as performance obligations are satisfied by transferring the promised goods or service s to the customer, i.e. at a point in time or over time provided that the stage of completion can be measured reliably. Revenue is measured at the consideration the Group expects to be entitled to. Accordingly, freight, charter hire and demurrage revenue are recognized at selling price upon delivery of the service as per the charter parties concluded. Cross-over voyages Revenue is recognized upon delivery of services in accordance with the terms and conditions of the charter parties. For cross-over voyages (voyages in progress at the end of a reporting period), the uncertainty and the dependence on estimates are greater than for finalized voyages. The Company recognizes a percentage of the estimated revenue for the voyage equal to the percentage of the estimated duration of the voyage completed at the balance sheet date. The estimate of revenue is based on the expected duration and destination of the voyage. When recognizing revenue, there is a risk that the actual number of days it takes to complete the voyage will differ from the estimate, and for time charter parties a lower day rate may have been agreed for additional days. The contract for a single voyage may state several alternative destination ports. The destination port may change during the voyage, and the rate may vary depending on the destination port. Changes to the estimated duration of the voyage as well as changing destinations and weather conditions will affect the voyage expenses. Demurrage revenue Freight contracts contain conditions regarding the amount of time available for loading and discharging of the vessel. If these conditions are breached, TORM is compensated for the additional time incurred in the form of demurrage revenue. Demurrage revenue is recognized upon delivery of services in accordance with the terms and conditions of the charter parties. Upon completion of the voyage, the Company assesses the time spent in port, and a demurrage claim based on the relevant contractual conditions is submitted to the charterers. The claim will often be met by counterclaims due to differences in the interpretation of the agreement compared to the actual circumstances of the additional time used. Based on previous experience, 95% of the demurrage claim submitted is recognized as demurrage revenue upon initial recognition. The Company receives the demurrage payment upon reaching final agreement on the amount, which on average is approximately 100 days after the original demurrage claim was submitted. Any adjustments to the final agreement are recognized as demurrage revenue. Port expenses, bunkers and commissions Port expenses, bunker fuel consumption and commissions are recognized as incurred. Gains and losses on forward bunker contracts designated as hedges and write-down and provisions for losses on freight receivables are included in this line. Freight and bunker derivatives Freight and bunker derivatives comprise fair value adjustments and gains and losses on forward freight agreements, forward bunker contracts and other derivative financial instruments directly relating to shipping activities which are not designated as hedges. The freight and bunker derivatives that qualify for hedge accounting are recognized in Revenue and Port expense, bunkers and commissions respectively, as the hedging instrument is realized. Charter hire Charter hire comprises expenses related to the chartering in of vessels under operating leases which have been incurred in order to achieve the net revenue for the year. Operating expenses Operating expenses, which comprise crew expenses, repair and maintenance expenses and tonnage duty, are expensed as incurred. Profit from sale of vessels Profit from sale of vessels is recognized when the significant risks and rewards of ownership have been transferred to the buyer, representing the difference between the sales price less costs to sell and the carrying value of the vessel. Administrative expenses Administrative expenses, which comprise administrative staff costs, management costs, office expenses and other expenses relating to administration, are expensed as incurred. Other operating expenses Other operating expenses primarily comprise chartering commissions and management fees paid to commercial and technical managers for managing the fleet and profits and losses deriving from the disposal of fixed assets, etc. Depreciation and impairment losses Depreciation and impairment losses comprise depreciation of tangible fixed assets for the year as well as the write-down of the value of assets by the amount by which the carrying amount of the asset exceeds its recoverable amount. In the event of indication of impairment, the carrying amount is assessed, and the value of the asset is written down to its recoverable amount equal to the higher of value in use based on net present value of future earnings from the assets and its fair value less costs to sell. Financial income Financial income comprises interest income, realized and unrealized exchange rate gains relating to transactions in currencies other than the functional currency, realized gains from other equity investments and securities, unrealized gains from securities, dividends received and other financial income including value adjustments of certain financial instruments not accounted for as hedges of future transactions. Interest is recognized in accordance with the accrual basis of accounting taking into account the effective interest rate. Dividends from other investments are recognized when the right to receive payment has been decided, which is typically when the dividend has been declared and can be received without conditions. Financial expenses Financial expenses comprise interest expenses, financing costs of finance leases, realized and unrealized exchange rate losses relating to transactions in currencies other than the functional currency, realized losses from other equity investments and securities, unrealized losses from securities and other financial expenses including value adjustments of certain financial instruments not accounted for as hedges of future transactions. Interest is recognized in accordance with the accrual basis of accounting taking into account the effective interest rate. Tax Tax expenses comprise the expected tax including tonnage tax on the taxable income for the year for the Group, adjustments relating to previous years and the change in deferred tax for the year. However, tax relating to items in other comprehensive income is recognized directly in the statement of other comprehensive income. BALANCE SHEET Vessels Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Cost comprises acquisition cost and costs directly related to the acquisition up until the time when the asset is ready for use, including interest expenses incurred during the period of construction based on the loans obtained for the vessels. All major components of vessels except for dry-docking costs are depreciated on a straight-line basis to the estimated residual value over their estimated useful lives, which TORM estimates to be 25 years. The Company considers that a 25-year depreciable life is consistent with what is used by other shipowners with comparable tonnage. Depreciation is based on cost less the estimated residual value. Residual value is estimated as the lightweight tonnage of each vessel multiplied by scrap value per ton. The useful life and the residual value of the vessels are reviewed at least at each financial year-end based on market conditions, regulatory requirements and the Company’s business plans. The Company also evaluates the carrying amounts to determine if events have occurred that indicate impairment and would require a modification of the carrying amounts. Prepayment on vessels is measured at costs incurred. Dry-docking Approximately every 24 and 60 months, depending on the nature of work and external requirements, the vessels are required to undergo planned dry-dockings for replacement of certain components, major repairs and major maintenance of other components, which cannot be carried out while the vessels are operating. These dry-docking costs are capitalized and depreciated on a straight-line basis over the estimated period until the next dry-docking. The residual value of such components is estimated at nil. The useful life of the dry-docking costs is reviewed at least at each financial year-end based on market conditions, regulatory requirements and TORM’s business plans. A portion of the cost of acquiring a new vessel is allocated to the components expected to be replaced or refurbished at the next dry-docking. Depreciation hereof is carried over the period until the next dry-docking. For newbuildings, the initial dry-docking asset is estimated based on the expected costs related to the first-coming dry-docking, which again is based on experience and past history of similar vessels. For second-hand vessels, a dry-docking asset is also segregated and capitalized separately, taking into account the normal docking intervals of the vessels. At subsequent dry-dockings, the costs comprise the actual costs incurred at the dry-docking yard. Dry-docking costs may include the cost of hiring crews to carry out replacements and repairs, the cost of parts and materials used, The cost of travel, lodging and supervision of Company personnel as well as the cost of hiring third-party personnel to oversee a dry-docking. Dry-docking activities include, but are not limited to, the inspection, service on turbocharger, replacement of shaft seals, service on boiler, replacement of hull anodes, applying of anti-fouling and hull paint, steel repairs as well as refurbishment and replacement of other parts of the vessel. Prepayments on vessels Prepayments consist of prepayments related to newbuilding contracts for vessels not yet delivered and including a share of borrowing costs. When a vessel is delivered, the amount is reallocated to the financial statement line “Vessels and capitalized dry-docking”. Other plant and operating equipment Other plant and operating equipment consists of leasehold improvements, IT equipment and software and is measured at historical cost less accumulated depreciation and any impairment loss. Any subsequent cost is included in the asset’s carrying amount or recognized as a separate asset only when it is probable that future economic benefits are associated with the item and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets: • Leasehold improvements: estimated useful life • IT equipment: 3–5 years • Sof

LIQUIDITY, CAPITAL RESOURCES AN

LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2018
Disclosure Of Information About Understanding Financial Position Liquidity Of Entity And Events After Reporting Date [Abstract]
LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS	NOTE 2 – LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS LIQUIDITY AND CAPITAL RESOURCES As of 31 December 2018, TORM’s cash position totaled USD 127m (2017: USD 134m; 2016: USD 76m) and undrawn credit facilities amounted to USD 279m (2017: USD 271m; 2016: USD 190m). The undrawn credit facilities consisted of a USD 75m Working Capital Facility, a bilateral USD 70m facility with ABN AMRO Bank, a bilateral USD 88m facility with Danish Ship Finance and a USD 46m facility with KfW. TORM had nine newbuildings on order for delivery in 2019-2020 (2017: ten; 2016: four). The total outstanding CAPEX related to these newbuildings was USD 258m (2017: USD 307m; 2016: USD 149m) and is mainly financed by the undrawn facilities with ABN AMRO Bank and Danish Ship Finance. TORM has a Term Facility I of USD 331m and an undrawn Working Capital Facility of USD 75m both with maturity in 2021. In addition to the Term Facility I and the Working Capital Facility, TORM has a Term Facility II of USD 104m with maturity in 2022 and bilateral loan agreements with ING of USD 42m maturing in 2024, with China Export-Import Bank of USD 112m with maturity in 2030 and with Danish Ship Finance of USD 141m maturing in 2022. The loan agreement with Danish Ship Finance consists of three tranches, two of which expire in 2021 with total balloon payments of USD 72m. As of 31 December 2018, the scheduled minimum payments on mortgage debt and bank loans in 2019 were USD 92m. TORM’s bank debt facilities include financial covenants related to: · Minimum liquidity including committed credit lines · Minimum cash · Loan-to-value · Equity ratio During 2018, 2017 and 2016, TORM did not have any covenant breaches. SUBSEQUENT EVENTS · On 4 January 2019, TORM delivered the Handysize tanker TORM Charente to its new owner. In the financial statements, TORM Charente is treated as an asset-held-for-sale. The delivery results in a net loss from sale of vessels in TORM of USD 1.1m in 2019. · On 19 January 2019, TORM entered into an agreement to sell the MR tanker TORM Amazon, and the vessel was delivered to its new owner on 12 February 2019. The delivery results in a net loss from sale of vessels in TORM of USD 1.6m in 2019.

STAFF COSTS

STAFF COSTS	12 Months Ended
	Dec. 31, 2018
Disclosure Of Employee Benefits [Abstract]
STAFF COSTS	NOTE 3 – STAFF COSTS USDm 2018 2017 2016 Total staff costs Staff costs included in operating expenses 9.3 9.2 9.9 Staff costs included in administrative expenses 36.9 34.6 31.0 Total 46.2 43.8 40.9 Staff costs comprise the following Wages and salaries 38.1 36.4 32.3 Share-based compensation 2.1 1.9 2.0 Pension costs 3.3 3.1 3.6 Other social security costs 0.6 0.3 0.4 Other staff costs 2.1 2.1 2.6 Total 46.2 43.8 40.9 Average number of permanent employees Seafarers 111.7 130.6 137.0 Land-based 302.2 286.6 269.1 Total 413.9 417.2 406.1 Employee information The majority of the staff on vessels are not employed by TORM. Staff costs included in operating expenses relate to the 112 seafarers (2017: 131, 2016: 137). The average number of employees is calculated as a full-time equivalent (FTE). The Executive Director is, in the event of termination by the Company, entitled to a severance payment of up to 12 months' salary. USD '000 2018 2017 2016 Non-Executive Board and Committee Remuneration, short term Christopher H. Boehringer 276 290 237 David Weinstein 182 174 131 Torben Janholt 171 174 132 Göran Trapp 171 174 158 Total 800 812 658 Executive Management USD '000 Salary Taxable Annual Total Executive Management Remuneration Jacob Meldgaard 2016, TORM A/S - restated 1) 834 41 559 1,434 2016, TORM plc 1) 39 - - 39 2017, TORM A/S 1) 923 42 580 1,545 2017, TORM plc 1) 81 - - 81 2018, TORM A/S 1) 983 44 425 1,452 2018, TORM plc 1) 80 - - 80 1) Paid by legal entity as noted. Key management personnel consists of the Boards of Directors and the Executive Director. Senior Management Team The aggregate compensation paid by the Group to the other members of the Senior Management Team (excluding Mr. Meldgaard) was USD 2,186,679 (2017: USD 1,987,726, 2016: USD 1,760,420), which includes an aggregate of USD 125,959 (2017: USD 112,236, 2016: USD 95,029) allocated for pensions for these individuals. Long-Term Incentive Plan - RSUs granted in 2018: RSU LTIP 1) Exercise RSU grant value LTIP element of Jacob Meldgaard's remuneration package 2018: Jacob Meldgaard 766,035 DKK 53.7 USD 0.9m 1) The LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 10 of 25 April 2018. Therefore there is no minimum or maximum for 2018. TORM operates an equity-settled, share-based compensation plan. The fair value of the employee services received in exchange for the grant of shares is recognized as expense and allocated over the vesting period. Employment in TORM throughout the period is in most cases a prerequisite for upholding the full vesting rights in the RSU programme. For good leavers subject to the Danish Stock Options Act, the RSU’s will vest in accordance with the vesting schedule, but for all other leavers, all unvested RSU’s shall be immediately forfeited for no consideration. Options are granted under the plan for no consideration and carry no dividend or voting rights. TORM has in accordance with its Remuneration Policy granted the CEO a number of Restricted Share Units (RSUs), which was communicated in company announcement no. 2 dated 18 January 2016. A further communication, announcement no. 10 issued on 25 April 2018, detailed changes to the grant of RSUs as agreed to at the Annual General Meeting on 12 April 2018. There are no performance conditions associated with this grant of RSUs. The original RSUs granted to the CEO in 2016 amounted to 1,276,725 units and vested over a five-year period, with one fifth of the grant amount vesting at each anniversary during the five-year period. The exercise price for the 2016 RSUs was DKK 96.3. As of 1 January 2017, one fifth of the original grant, amounting to 255,345, vested with an exercise period ending 31 December 2017. None of these RSUs were exercised. As of 1 January 2018, one fifth of the original grant, amounting to 255,345, vested with an exercise period ending 31 December 2018. None of these RSUs were exercised. As detailed in announcement no. 10 issued on 25 April 2018, the CEO was granted a total of 766,035 RSUs with effect as of 1 January 2018, which will vest in equal installments over the next three years. The RSU grant corresponds to the unvested portion (60%) of the CEO’s original five-year grant from 2016. It has been agreed that the CEO will not exercise the original RSUs. The exercise price for each RSU granted in 2018 is DKK 53.7, corresponding to the average price of TORM shares during 90 calendar days preceding the approval at TORM plc’s Annual General Meeting on 12 April 2018 plus a 15% premium. Vested RSUs may be exercised for a period of 360 days from each vesting date. The total value of the RSU allocation is calculated based on the Black-Scholes model and is included in the overall cost estimate for the Company’s Long-Term Incentive Program (LTIP) (cf. company announcements dated 18 January 2016, 8 March 2016 and 25 April 2018). The value of the 2018 grant, USD 0.9m, is estimated taking into account that the CEO as part of the 2018-grant will not exercise the unvested portion of the 2016 grant. The valuation is based on the Black-Scholes model with an exercise price of DKK/share 53.7, and a market value of one TORM A-share of DKK 49.5 (the closing price per A-share at the time of the grant and assuming 100% vesting). The total value of the granted restricted shares was recognised in the income statement in 2018 and in a corresponding adjustment to Equity. Long-term employee benefit obligations The obligation comprises an obligation under the incentive programs to deliver Restricted Share Units in TORM plc at a determinable price to the entity's key personnel. The RSUs granted entitle the holder to acquire one TORM A-share. The program was established during the year and comprises the following number of shares in TORM plc: Number of shares (1,000) 2018 2017 2016 Outstanding as of 1 January 2,611.2 1,999.8 - Granted during the period 907.3 866.6 2,127.4 Exercised during the period - - - Expired during the period -764.0 -233.9 - Forfeited during the period -35.4 -21.3 -127.6 Outstanding as of 31 December 2,719.1 2,611.2 1,999.8 Exercisable as of 31 December 255.3 255.3 538.9 In 2017, the Board agreed to grant a total of 866.6 RSUs to other management. The RSUs to other management were subject to a three-year vesting period, with one third of the grant amount vesting at each anniversary date beginning on 1 January, 2018. The exercise price of each vested RSU is following certain adjustments for dividends at DKK 93.6 and an exercise period of six months. In 2018, the Board agreed to grant a total of 944,468 RSU’s to other management. The vesting period of the program is three years for key employees and three years for the Executive Director. The exercise price is set to DKK 53.7. The exercise period is 12 months after the vesting date for key employees and 12 months after the vesting date for the Executive Director. The fair value of the options granted in 2018 was determined using the Black-Scholes model and is not material. The average remaining contractual life for the restricted shares as per 31 December 2018 is 1.1 years (2017: 1.3 years).

REMUNERATION TO AUDITORS APPOIN

REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING	12 Months Ended
	Dec. 31, 2018
Auditor's remuneration [abstract]
REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING	NOTE 4 – REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY’S ANNUAL GENERAL MEETING USDm 2018 2017 2016 Audit fees Fees payable to the Company's auditor for the audit of the Company's annual accounts 0.4 0.4 0.4 Audit of the Company's subsidiaries pursuant to legislation 0.2 0.2 0.1 Total audit fees 0.6 0.6 0.5 Non-audit fees Audit-related services 0.2 0.4 0.6 Tax services 0.0 - 0.3 Other services 0.0 - 0.1 Total non-audit fees 0.2 0.4 1.0 Total 0.8 1.0 1.5 Under SEC regulations, the remuneration of the auditor of USD 0.8m (2017: USD 1.0m, 2016: USD 1.5m) is required to be presented as follows: Audit USD 0.6m (2017: USD 0.6m, 2016: USD 0.5m), other audit-related services USD 0.2m (2017: USD 0.4m, 2016: USD 0.6m), tax services USD 0.0m (2017: USD 0.0m, 2016: USD 0.3m) and all other fees USD 0.0m (2017: USD 0.0m, 2016: USD 0.1). Our Audit Committee pre-approves all audit, audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees prior to the engagement of the independent auditor with respect to such services.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about intangible assets [abstract]
INTANGIBLE ASSETS	NOTE 5 INTANGIBLE ASSETS USDm 2018 2017 2016 Goodwill Cost: Balance as of 1 January 11.4 11.4 11.4 Additions during the year - - - Balance as of 31 December 11.4 11.4 11.4 Impairment losses: Balance as of 1 January -11.4 -11.4 - Impairment losses for the year - - -11.4 Balance as of 31 December -11.4 -11.4 -11.4 Carrying amount as of 31 December - - -

TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [abstract]
TANGIBLE FIXED ASSETS	NOTE 6 – TANGIBLE FIXED ASSETS USDm 2018 2017 2016 Vessels and capitalized dry-docking Cost: Balance as of 1 January 1,726.6 1,697.4 1,567.5 Additions 162.7 103.1 40.8 Disposals -30.2 -14.3 -16.3 Transferred to/from other items 81.8 - 105.4 Transferred to assets held-for-sale -54.6 -59.6 - Balance as of 31 December 1,886.3 1,726.6 1,697.4 Depreciation: Balance as of 1 January 264.8 180.0 75.5 Disposals -30.2 -14.3 -15.9 Depreciation for the year 113.4 113.6 120.4 Transferred to assets held-for-sale -20.4 -14.5 - Balance as of 31 December 327.6 264.8 180.0 Impairment: Balance as of 1 January 167.3 173.6 - Impairment losses on tangible fixed assets 3.2 3.6 173.6 Transferred to assets held-for-sale -8.4 -9.9 - Balance as of 31 December 162.1 167.3 173.6 Carrying amount as of 31 December 1,396.6 1,294.5 1,343.8 Of which finance leases as of 31 December 26.5 28.6 12.4 Included in the carrying amount for "Vessels and capitalized dry-docking" are capitalized dry-docking costs in the amount of USD 67.5m (2017: USD 68.1m, 2016: USD 80.4m). USDm 2018 2017 2016 Prepayments on vessels Cost: Balance as of 1 January 88.4 44.1 72.6 Additions 38.9 44.3 76.9 Transferred to/from other items -81.8 - -105.4 Balance as of 31 December 45.5 88.4 44.1 Carrying amount as of 31 December 45.5 88.4 44.1 USDm 2018 2017 2016 Other plant and operating equipment Cost: Balance as of 1 January 3.6 2.7 3.2 Additions 2.2 1.0 1.1 Disposals - -0.1 -1.6 Balance as of 31 December 5.8 3.6 2.7 Depreciation: Balance as of 1 January 1.7 0.9 0.7 Disposals - -0.1 -1.6 Depreciations for the year 1.1 0.9 1.8 Balance as of 31 December 2.8 1.7 0.9 Carrying amount as of 31 December 3.0 1.9 1.8 Of which finance leases as of 31 December - - - For information of assets provided as collateral security, please refer to note 15. Please refer to note 7 for information on impairment testing. The depreciation expense related to "Other plant and operating equipment" of USD 1.1m relates to "Administrative expense" (2017: USD 0.9m, 2016: USD 1.8m). Depreciations and impairment losses on tangible fixed assets on "Vessels and capitalized dry-docking" relate to operating expenses.

IMPAIRMENT TESTING

IMPAIRMENT TESTING	12 Months Ended
	Dec. 31, 2018
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [abstract]
IMPAIRMENT TESTING	Note 7 – Impairment testing As of 31 December 2018, Management performed an impairment test of the recoverable amount of significant assets within the cash-generating unit — the Tanker Segment. In 2018, the recoverable amount of the Tanker Segment was based on its value in use. As the value in use was in all material respects equivalent to the carrying amount, Management concluded that the impairment test did not provide the basis for any impairment or reversal of the impairment recorded in 2016. The assessment of the value in use of the Tanker Segment was based on the net present value of the expected future cash flows. The freight rate estimates in the period 2019-2021 are based on the Company's business plans. Beyond 2021, the freight rates are based on TORM’s 10-year historical average rates, adjusted for expected inflation. From the year ended 31 December 2017 and going forward, TORM has decided to use its own historical average rates, rather than the ones from Clarksons, as it has been concluded, following detailed analysis, that they reflect TORM’s actual trading pattern and routes which differ to the benchmarks used by Clarksons, in addition to reflecting operating efficiencies that TORM is able to achieve due to the size and interdependency of its fleet. Historically, TORM has continuously performed at or higher than the Clarksons benchmark. The discount rate used in the value in use calculation is based on a Weighted Average Cost of Capital (WACC) of 8.3% as of 31 December 2018 (2017: 8.7%, 2016: 8.8%) . WACC is calculated by using a standard WACC model in which cost of equity, cost of debt and capital structure are the key parameters. As of 31 December 2018, the 10-year historical average spot freight rates used in the value in use calculation are as follows: • LR2: USD/day 18,003 (2017: USD/day 17,216, 2016: USD/day 20,176 ) • LR1: USD/day 16,907 (2017: USD/day 16,445, 2016: USD/day 17,124) • MR: USD/day 15,349 (2017: USD/day 15,794, 2016: USD/day 15,118) • Handysize: USD/day 13,968 (2017: USD/day 14,416, 2016: USD/day 15,203) Operating expenses and administrative expenses are estimated based on TORM's business plans for the period 2019-2021. Beyond 2021, operating expenses are adjusted for 2% (2017: 3%) inflation and administrative expenses are adjusted for 2% inflation (2017: 2%). The product tankers are expected to generate normal income for 25 years from delivery from the shipyard. Given the current age profile of the tanker fleet, the average remaining life would be approximately 15 years. The calculation of the value in use is sensitive to changes in the key assumptions which are related to the future development in freight rates, the WACC applied as discounting factor in the calculations and the development in operating expenses. All other things being equal, the sensitivities to the value in use have been assessed as follows: · An increase/decrease in the tanker freight rates of USD/day 1,000 would result in an increase/decrease in the value in use of USD 256m · An increase in WACC of 1.0% would result in a decrease in the value in use of USD 108 and a decrease in WACC of 1% would result in an increase in the value in use of USD 122m · An increase/decrease in operating expenses of 10.0% would result in a decrease/increase in the value in use of USD 181m However, if the downside sensitivities outlined above had been applied to the impairment test as of 31 December 2018, the impairment charge arising in the current year would have been capped at USD 39m based on the fair value less costs to sell of the Tanker Segment. If the upside sensitivities outlined above had been applied, the impairment reversal would have been capped at the impairment charge applied to the Group’s vessels in 2016 adjusted for the impact of the incremental depreciation that would have been charged during the year and vessel disposals that occurred during 2017 and 2018. As outlined above, the impairment test has been prepared on the basis that the Company will continue to operate its vessels as a fleet in the current set-up. The fair value based on broker values of TORM's vessels including the order book and chartered-in vessels was USD 1,664m, which is USD 39m below the carrying amount.

FINANCIAL ITEMS

FINANCIAL ITEMS	12 Months Ended
	Dec. 31, 2018
Financial Items [Abstract]
FINANCIAL ITEMS	USDm 2018 2017 2016 Financial income Interest income from cash and cash equivalents ¹ ⁾ 2.7 1.6 0.2 Exchange rate adjustments, including gain from forward exchange rate contracts 0.6 2.7 2.6 Total 3.3 4.3 2.8 Financial expenses Interest expenses on mortgage and bank debt ¹ ⁾ 35.7 33.3 29.6 Exchange rate adjustments, including loss from forward exchange rate contracts 0.1 3.2 2.5 Commitment fee 2.6 2.4 1.6 Other financial expenses 0.9 1.7 3.6 Total 39.3 40.6 37.3 Total financial items -36.0 -36.3 -34.5 1)

FREIGHT RECEIVABLES

FREIGHT RECEIVABLES	12 Months Ended
	Dec. 31, 2018
Freight Receivables [Abstract]
FREIGHT RECEIVABLES	Note 9 – Freight receivables USDm 2018 2017 2016 Analysis as of 31 December of freight receivables: Gross freight receivables: Neither past due nor impaired 44.0 25.5 28.7 Past due not impaired: Due < 30 days 18.8 26.0 13.0 Due between 30 and 180 days 20.5 18.4 18.7 Past due and impaired: Due > 180 days 4.4 2.7 4.7 Total gross 87.7 72.6 65.1 Provision for impairment of freight receivables* 1.7 1.3 2.6 Total net 86.0 71.3 62.5 * All provisions are related to "Past due and impaired" freight receivables. As of 31 December 2018, freight receivables included receivables at a value of USD 0.0m (2017: USD 0.0m, 2016: USD 0.6m) that are individually determined to be impaired to a value of USD 0.0m (2017: USD 0.0m, 2016: USD 0.5m). From 1 January 2018, Management makes allowance for doubtful trade receivables based on the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. This has not resulted in a material change in loss allowance compared with previous policy. Movements in provisions for impairment of freight receivables during the year are as follows: USDm 2018 2017 2016 Provisions for impairment of Freight receivables Balance as of 1 January 1.3 2.6 1.7 Provisions for the year 1.7 0.6 1.9 Provisions reversed during the year -1.0 -1.9 -1.0 Provisions utilized during the year -0.3 - - Balance as of 31 December 1.7 1.3 2.6 Provisions for impairment of freight receivables have been recognized in the income statement under "Port expenses, bunkers and commissions".

OTHER RECEIVABLES

OTHER RECEIVABLES	12 Months Ended
	Dec. 31, 2018
Trade and other receivables [abstract]
OTHER RECEIVABLES	NOTE 10 – OTHER RECEIVABLES USDm 2018 2017 Derivative financial instruments 3.7 7.6 Tax receivables 1.2 1.3 Other 2.6 2.9 Balance as of 31 December 7.5 11.8 No significant other receivables are past due or credit impaired. The carrying amount is a reasonable approximation of fair value due to the short-term nature of the receivables. Please refer to note 20 for further information on fair value hierarchies.

TAX

TAX	12 Months Ended
	Dec. 31, 2018
Disclosure Of Income Tax [Abstract]
TAX	NOTE 11 – TAX USDm 2018 2017 2016 Tax for the year Current tax for the year 1.6 1.0 1.2 Adjustments related to previous years -0.1 -0.1 -0.3 Adjustment of deferred tax liability 0.1 -0.1 -0.1 Total 1.6 0.8 0.8 The majority of the Group's taxable income is located in Denmark, and therefore the majority of the tax base is subject to Danish tax legislation. As such, the Group has elected to participate in the Danish tonnage tax scheme; the participation is binding until 31 December 2025. The Group expects to participate in the tonnage tax scheme after the binding period and, as a minimum, to maintain an investing and activity level equivalent to the time of entering the tonnage tax scheme. Under the Danish tonnage tax scheme, income and expenses from shipping activities are not subject to direct taxation, and accordingly an effective rate reconciliation has not been provided, as it would not provide any meaningful information. Instead, the taxable income is calculated from: - The net tonnage of the vessels used to generate the income from shipping activities; and - A rate applicable to the specific net tonnage of the vessel based on a sliding scale Due to the provisions of the tonnage tax scheme, the effective tax rate of the Group is 4.7% (2017: 24.4 %, 2016: -0.6 %). USDm 2018 2017 2016 Deferred tax liability Balance as of 1 January 44.9 45.0 45.1 Deferred tax for the year 0.1 -0.1 -0.1 Adjustments related to previous years -0.1 - - Balance as of 31 December 44.9 44.9 45.0 Essentially all deferred tax relates to vessels included in the transition account under the Danish tonnage tax scheme at the time of entering the Danish tonnage tax scheme. The Group operates in a wide variety of jurisdictions, in some of which the tax law is subject to varying interpretations and potentially inconsistent enforcement. As a result, there can be practical uncertainties in applying tax legislation to the Group's activities. Whilst the Group considers that it operates in accordance with applicable tax law, there are potential tax exposures in respect of its operations, the impact of which cannot be reliably estimated but could be material.

COMMON SHARES AND TREASURY SHAR

COMMON SHARES AND TREASURY SHARES	12 Months Ended
	Dec. 31, 2018
Disclosure of classes of share capital [abstract]
COMMON SHARES AND TREASURY SHARES	Note 12 – Common shares and Treasury shares Common shares 2018 2017 2016 Number of Number of Number of A-shares 74,218,846 62,298,846 62,298,846 B-shares 1 1 1 C-shares 1 1 1 Total 74,218,848 62,298,848 62,298,848 The A-shares are listed on Nasdaq in Copenhagen and Nasdaq in New York and are publicly available for trading. Each A-share carries one vote at the Annual General Meeting and gives the shareholders right to dividends, liquidation proceeds or other distributions. The A-shares carry no other rights or obligations. On 26 January, 2018 TORM completed an equity raise of USD 100m in new Class A common shares. The Private Placement contributed net equity of USD 97m. The B-share has one vote at the General Meeting, has no pre-emption rights in relation to any issue of new shares of other classes and carries no right to receive dividends, liquidation proceeds or other distributions from TORM. The holder of the B-share has the right to elect one member to the Board of Directors (being the Deputy Chairman), up to three alternates as well as one Board Observer. The B-share cannot be transferred or pledged, except for a transfer to a replacement trustee. The C-share represents 350,000,000 votes at the General Meeting in respect of certain Specified Matters, including election of members to the Board of Directors (including the Chairman but excluding the Deputy Chairman) and certain amendments to the Articles of Association proposed by the Board of Directors. The C-share has no pre-emption rights in relation to any issue of new shares of other classes and carries no right to receive dividends, liquidation proceeds or other distributions from TORM. The C-share cannot be transferred or pledged, except to an affiliate of Njord Luxco. The B-share and the C-share are redeemable by TORM in the event that (i) TORM has received written notification from Njord Luxco (or its affiliates) that Njord Luxco and its affiliates (as defined in the Articles of Association) hold less than 1/3 in aggregate of TORM’s issued and outstanding shares, (ii) five business days have elapsed from the Board of Directors’ receipt of such written notice either without any Board member disputing such notice or with at least 2/3 of the Board members confirming such notice and (iii) both of the B-share and the C-share are redeemed at the same time. Issued warrants Key management participates in an LTIP program, which gives the right to buy TORM shares at a predefined share price. Please refer to Note 3. Treasury shares 2018 2017 2016 Number of shares ('000) Balance as of 1 January 312.9 312.9 15.3 Additions - - 312.9 Cancellations - - -15.3 Disposals - - - Balance as of 31 December 312.9 312.9 312.9 Treasury shares - continued 2018 2017 2016 Nominal value USD '000 Balance as of 1 January 3.1 3.1 0.2 Additions - - 3.1 Cancellations - - -0.2 Disposals - - - Balance as of 31 December 3.1 3.1 3.1 Percentage of share capital Balance as of 1 January 0.5 % 0.5 % 0.2 % Additions - - 0.5 % Cancellations - - -0.2 % Disposals - - - Dilution, due to capital increases -0.1 % - - Balance as of 31 December 0.4 % 0.5 % 0.5 % The total consideration for the treasury shares was USD 0.0m (2017: 0.0m and 2016: USD 2.9m). As of 31 December 2018, the Company's holding of treasury shares represented 312,871 shares (2017: 312,871 shares and 2016: 312,871 shares) of USD 0.01 each at a total nominal value of USD 0.0m (2017: USD 0.0m and 2016: USD 0.0m) and a market value of USD 2.1m (2017: USD 2.7m 2016: USD 2.8m).

OTHER LIABILITIES

OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2018
Disclosure Of Other Liabilities [Abstract]
OTHER LIABILITIES	NOTE 13 – OTHER LIABILITIES USDm 2018 2017 Partners and commercial managements 1.2 1.4 Accrued operating expenses 9.1 8.5 Accrued interest 4.6 5.2 Wages and social expenses 16.1 16.3 Derivative financial instruments 3.4 - Payables to joint ventures 0.1 0.1 Other 2.0 2.3 Balance as of 31 December 36.5 33.8 T

EFFECTIVE INTEREST RATE, OUTSTA

EFFECTIVE INTEREST RATE, OUTSTANDING MORTGAGE DEBT AND BANK LOANS	12 Months Ended
	Dec. 31, 2018
Disclosure Of Effective Interest Rate, Outstanding Mortgage Debt And Bank Loans [Abstract]
EFFECTIVE INTEREST RATE, OUTSTANDING MORTGAGE DEBT AND BANK LOANS	NOTE 14 - EFFECTIVE INTEREST RATE, OUTSTANDING MORTGAGE DEBT AND BANK LOANS As of 31 December 2018, no drawdowns had been made on the Working Capital Facility, the ABN Facility or the DSF Facility 4. Please refer to note 2 for further information on the Company’s liquidity and capital resources and note 19 and 20 for further information on interest rate swaps and financial risks. The table below shows the effective interest and the value of the outstanding mortgage debt and bank loans. 2018 2017 2016 USDm Fixed/ Maturity Effective 1) Carrying 2) Maturity Effective 1) Carrying 2) Maturity Effective 1) Carrying 2) LOAN DSF Facility 1 (USD) Floating 2021 5.6 % 64.1 2021 5.4 % 74.2 2019 4.6 % 109.4 TFA Facility 1 (USD) Floating 2021 6.0 % 331.3 2021 5.0 % 400.8 2021 4.6 % 470.0 DSF Facility 2 (USD) Floating 2021 5.6 % 52.4 2021 5.0 % 56.5 2021 4.6 % 62.2 DSF Facility 3 (USD) Floating 2022 5.6 % 24.3 2022 5.1 % 26.8 2022 4.8 % 30.0 TFA Facility 2 (USD) Floating 2022 5.4 % 103.7 2022 5.4 % 115.0 N/A N/A - ING (USD) Floating 2024 4.6 % 42.0 2024 4.6 % 45.8 N/A N/A - CEXIM Floating 2030 5.3 % 111.7 N/A N/A - N/A N/A - Weighted average effective interest rate 5.6 % 5.1 % 4.6 % Carrying value 729.5 719.1 671.6 Hereof non-current 2) 637.3 633.1 595.7 Hereof current 2) 92.2 86.0 75.9 1) Effective interest rate includes deferred and amortized bank fees. 2) The carrying value of the Group's mortgage debt and bank loans is, because of floating interest rate, approximate to fair value. The carrying value are excluding amortized bank fees recognized in the balance sheet.

COLLATERAL SECURITY FOR MORTGAG

COLLATERAL SECURITY FOR MORTGAGE DEBT AND BANK LOANS	12 Months Ended
	Dec. 31, 2018
Disclosure Of Collateral [Abstract]
COLLATERAL SECURITY FOR MORTGAGE DEBT AND BANK LOANS	NOTE 15 – COLLATERAL SECURITY FOR MORTGAGE DEBT AND BANK LOANS The total carrying amount for vessels that have been provided as security amounts to USD 1,314m as of 31 December 2018 (2017: USD 1,259m)

GUARANTEE COMMITMENTS AND CONTI

GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2018
Disclosure Of Commitments And Contingent Liabilities [Abstract]
GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIES	NOTE 16 – GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIES The guarantee commitments of the Group are less than USD 0.1m (2017: USD 0.1m) and relate to guarantee commitments to Danish Shipping. The Group is involved in certain legal proceedings and disputes. It is Management's opinion that the outcome of these proceedings and disputes will not have any material impact on the Group's financial position, results of operations and cash flows. The Group operates in a wide variety of jurisdictions, in some of which the company and individual tax law is subject to varying interpretations and potentially inconsistent enforcement. As a result, there can be practical uncertainties in applying tax legislation to the Group’s activities. Whilst the Group considers that it operates in accordance with applicable company and individual tax law, there are concrete potential tax exposures in respect of its operations, which are being investigated further. Based on current legal advice, these exposures are not considered to be material.

CONTRACTUAL OBLIGATIONS

CONTRACTUAL OBLIGATIONS	12 Months Ended
	Dec. 31, 2018
Disclosure Of Contractual Commitments [Abstract]
CONTRACTUAL OBLIGATIONS	NOTE 17 – CONTRACTUAL OBLIGATIONS TORM has various contractual obligations and commercial commitments to make future payments including lease obligations, purchase commitments, interest payments and repayment of mortgage debt and bank loans. The following table summarizes the Group's contractual obligations as of 31 December 2018. USDm 2019 2020 2021 2022 2023 Thereafter Total Mortgage debt and bank loans 1) 92.2 87.6 343.4 96.9 10.0 99.4 729.5 Interest payments related to scheduled interest fixing 21.9 19.4 16.0 7.7 6.2 9.7 80.9 Estimated variable interest payments 2) 11.2 10.5 8.8 0.2 -0.6 8.7 38.8 Finance lease liabilities 3.2 3.4 3.7 15.0 - - 25.3 Interest element regarding finance lease 2.0 1.7 1.4 0.3 - - 5.4 Newbuilding instalments 3) 232.4 25.6 - - - - 258.0 Committed scrubber installations 22.6 - - - - - 22.6 Other operating leases 4) 2.8 1.2 0.9 0.9 0.4 - 6.2 Trade payables and other obligations 59.3 - - - - - 59.3 Total 447.6 149.4 374.2 121.0 16.0 117.8 1,226.0 1) The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 5.1m (2017: USD 4.8m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 1.1m (2017: USD 3.5m). 2) Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments. 3) As of 31 December 2018, TORM had nine contracted newbuildings (2017: ten) to be delivered during 2019-2020. 4) Other operating leases primarily consist of contracts regarding office spaces, cars and apartments as well as IT-related contracts. The leasing expense for 2018 amounts to USD 2.5m (2017: USD 2.3m) and is recognized under "Administrative expenses". The following table summarizes the reconciliation of liabilities arising from financing activities: Cash Non-cash USDm Opening Borrowings Repayments Changes in fair Other changes End balance as Mortgage debt 720.9 114.5 -110.8 - -0.3 724.3 Financial lease 28.2 - -2.9 - - 25.3 Total 749.1 114.5 -113.7 - -0.3 749.6 TORM has contractual rights to receive future payments as lessor of vessels on time charter and bareboat charter. The following table summarizes the Group's contractual rights as of 31 December 2018. USDm 2019 2020 2021 2022 2023 Thereafter Total Contractual rights - as lessor: Charter hire income for vessels 6) 21.5 11.3 0.8 - - - 33.6 Total 21.5 11.3 0.8 - - - 33.6 6) Charter hire income for vessels on time charter and bareboat charter is recognized under "Revenue". The average period until redelivery of the vessels for the period ended 31 December 2018 is 0.8 year (2017: 1.1 years).

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
Disclosure Of Derivative Financial Instruments Explanatory [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 18 – DERIVATIVE FINANCIAL INSTRUMENTS USDm 2018 2017 Fair value of derivatives: Derivative financial instruments regarding freight and bunkers: Forward freight agreements 0.5 -0.2 Bunker swaps -1.2 0.8 Derivative financial instruments regarding interest and currency exchange rate: Forward exchange contracts -1.8 1.8 Interest rate swaps 2.8 5.1 Fair value of derivatives as of 31 December 0.3 7.5 USDm Financial Financial 2018 Offsetting financial assets and financial liabilities: Gross amount 7.1 -6.8 Offsetting amount -3.4 3.4 Net amount presented in the statement of financial position 3.7 -3.4 USDm Financial Financial 2017 Offsetting of financial assets and financial liabilities: Gross amount 8.2 -0.4 Offsetting amount -0.9 0.6 Net amount presented in the statement of financial position 7.3 0.2 Please refer to Note 20 “Financial Instruments” for further information on fair value hierarchies. Forward freight agreements with a fair value of USD -2.1m (net loss) of a previously fixed hedge have been recognized in the income statement in 2018 (2017: USD 0.5m, 2016: USD -0.1m). FFAs are used to hedge the freight rates of vessels with a duration of 0–36 months. Bunker swap agreements with a fair value of USD 1.1m (net gain) of a previously fixed hedge have been recognized in the income statement in 2018 (2017: USD 1.2m, 2016: USD 0.0m). Bunker swaps with a duration similar to the period hedged are used to reduce the exposure to fluctuations in bunker prices. Forward exchange contracts with a fair value of USD -1.8m (net loss) are designated as hedge accounting relationships to hedge a part of TORM's payments in 2019 regarding administrative and operating expenses denominated in DKK with a notional value of DKK 250.0m (2017: DKK 257.0m, 2016: DKK 336.4m). Interest rate swaps with a fair value of USD 2.8m (net gain) are designated as hedge accounting relationships to fix a part of TORM's interest payments during the period 2019-2026 with a notional value of USD 512.8m (2017: USD 406.4m, 2016: USD 373.8m). The derivatives are not under central clearing but are settled on a bilateral basis with the counterparties. All contracts are settled in a net amount per counterparty, and therefore the net value per counterparty is presented in the financial statement. Cash collateral of USD 3.5m (2017: USD 3.8m) has been provided security for the agreements entered relating to derivate financial instruments, which does not meet the offsetting criteria in IAS 32, but it can be offset against the net amount of the derivative asset and derivative liability in case of default and insolvency or bankruptcy in accordance with associated collateral arrangements. The Group did not enter into any enforceable netting arrangements. Further details of derivative financial instruments are provided in note 19. The table below shows realized amounts as well as fair value adjustments regarding derivative financial instruments recognized in the income statements and equity in 2018, 2017 and 2016. Income statement Equity USDm Revenue Port expenses, Financial items Operating Administrative Hedging 2018 Forward freight agreements -2.1 - - - - 0.9 Bunker swaps - 1.1 - - - -2.0 Forward exchange contracts - - - 0.1 0.2 -2.4 Interest rate swaps - - 1.0 - - -3.6 Total -2.1 1.1 1.0 0.1 0.2 -7.1 2017 Forward freight agreements 0.5 - - - - -0.3 Bunker swaps - 1.2 - - - - Forward exchange contracts - - - 0.3 0.2 4.4 Interest rate swaps - - -3.4 - - 2.7 Total 0.5 1.2 -3.4 0.3 0.2 6.8 2016 Forward freight agreements -0.1 - - - - -0.2 Bunker swaps - 0.0 - - - 1.0 Forward exchange contracts - - - 0.6 0.4 -3.4 Interest rate swaps - - -2.8 - - 1.6 Total -0.1 0.0 -2.8 0.6 0.4 -1.0 The cash flow hedge reserve represents the cumulative amount of gains and losses on hedging instruments deemed effective in cash flow hedges. The cumulative deferred gain or loss on the hedging instrument is recognized in profit or loss only when the hedged transaction impacts the profit or loss, or is included directly in the initial cost or other carrying amount of the hedged non-financial items. Please refer to Note 19 for further information on commercial and financial risks.

RISKS ASSOCIATED WITH TORM'S AC

RISKS ASSOCIATED WITH TORM'S ACTIVITIES	12 Months Ended
	Dec. 31, 2018
Disclosure Of Risks Associated With Entities Activities [Abstract]
RISKS ASSOCIATED WITH TORM'S ACTIVITIES	Note 19 – Risks associated with TORM’s activities TORM’s overall risk tolerance and inherited exposure to risks is divided into four main categories: · long-term strategic risks · industry and market-related risks · operational and compliance risks financial risks The risks described below under each of the four categories are considered to be among the most significant risks for TORM within each category. Long-term strategic risks Industry-changing risks, such as the substitution of oil for other energy sources and radical changes in transportation patterns, are considered to have a relatively high potential impact but are long-term risks. Management continues to monitor long-term strategic risks to ensure the earliest possible mitigation of potential risks and develop necessary capabilities to exploit opportunities created by the same risks. Industry and market-related risks Industry and market-related risk factors relate to changes in the markets and in the political, economic and physical environment that Management cannot control such as freight rates and vessel and bunker prices. FREIGHT RATE FLUCTUATIONS The Company’s income is principally generated from voyages carried out by its fleet of vessels. As such, TORM is exposed to the considerable volatility that characterizes freight rates for such voyages. It is the Company’s strategy to seek a certain exposure to this risk, as volatility also represents an opportunity because earnings historically have been higher in the day-to-day market compared to time charters. The fluctuations in freight rates for different routes may vary substantially. However, TORM is aiming at reducing the sensitivity to the volatility of such specific freight rates by actively seeking the optimal geographical positioning of the fleet and by optimizing the services offered to customers. Please refer to note 7 for details on impairment testing. Tanker freight income is to a certain extent covered against general fluctuations through the use of physical contracts such as cargo contracts and time charter agreements with durations of 6-36 months. In addition, TORM uses derivative financial instruments such as forward freight agreements (FFAs) with coverage of typically 0-24 months forward, based on market expectations and in accordance with the Company’s risk management policies. Tanker freight income is to a certain extent covered against general fluctuations through the use of physical contracts such as cargo contracts and time charter agreements with durations of 6-36 months. In addition, TORM uses derivative financial instruments such as forward freight agreements (FFAs) with coverage of typically 0-24 months forward, based on market expectations and in accordance with the Company’s risk management policies. During 2018, 13.1% (2017: 11.6%; 2016: 10.4%) of freight earnings days equal to 27.141, deriving from the Company’s tankers was hedged in this way. Physical time charter contracts accounted for 62.8% (2017: 65.8%; 2016: 82.9%) of overall hedging. In 2018, the Company sold FFAs with a notional contract value of USD 39.6m (2017: USD 44.2m; 2016: USD 11.7m) and bought FFAs with a notional contract value of USD 18.8m (2017: USD 12.2m; 2016: USD 2.9m). The total notional contract volume sold in 2018 was 2,683,000 metric tons (2017: 1,754,000 metric tons; 2016: 781,000 metric tons), and the total notional volume bought was 1,447,000 metric tons (2017: 530,000 metric tons; 2016: 190,000 metric tons). At the end of 2018, the coverage of available earning days for 2019 was 9.9% through time charters, current spot voyages, cargo contracts and FFAs (2017: 13.3%; 2016: 11.6%). No FFA had maturity beyond 2019. FFA trade and other freight-related derivatives are subject to specific policies and guidelines approved by the Risk Committee, including trading limits, stop-loss policies, segregation of duties and other internal control procedures. All things being equal and to the extent the Company’s vessels have not already been chartered out at fixed rates, a freight rate change of USD/day 1,000 would lead to the following changes in profit before tax based on the expected number of earning days for the coming financial year: SENSITIVITY TO CHANGES IN FREIGHT RATES USDm 2019 2018 2017 Decrease in freight rates of USD/day 1,000: Changes in profit before tax, as of 31 December -25.3 -24.1 -25.0 Changes in equity, as of 31 December -25.3 -24.1 -25.0 SALES AND PURCHASE PRICE FLUCTUATIONS As an owner of vessels, TORM is exposed to risk associated with changes in the value of the vessels, which can vary considerably during their useful lives. As of 31 December 2018, the carrying value of the fleet was USD 1,396.5m (2017: USD 1,294.5m). Based on broker valuations, TORM’s fleet excluding undelivered newbuildings had a market value of USD 1,322.1m as of 31 December 2018 (2017: USD 1,259.6m). BUNKER PRICE FLUCTUATIONS The cost of fuel oil consumed by the vessels, known in the industry as bunkers, accounted for 60.8% (2017: 55.3%; 2016: 49.6%) of the total voyage costs in 2018 and is by far the biggest single cost related to a voyage. TORM is exposed to fluctuations in bunker prices that are not reflected in the freight rates achieved by the Company. To reduce this exposure, TORM hedges part of its bunker requirements with oil derivatives. Bunker trade is subject to specific risk policies and guidelines approved by the Risk Committee including trading limits, stop-loss, stop-gain and stop-at-zero policies, segregation of duties and other internal control procedures. TORM applies hedge accounting to all bunker derivative contracts. In 2018, 4.8% (2017: 3.3%; 2016: 0.9%) of TORM’s bunker consumption was hedged through bunker hedging contracts. At the end of 2018, TORM had covered 2.0% equal to 10.199 metric tons (2017: 2.1%; 2016: 1.6%) of its bunker requirements for 2019 using hedging instruments at an average price of USD 440. No bunker derivatives had maturity beyond 2019. Total bunker exposure is estimated to be approximately 516.449 metric tons. All things being equal, a price change of 10% per ton of bunker oil (without subsequent changes in freight rates) would lead to the following changes in expenditure based on the expected bunker consumption in the spot market: SENSITIVITY TO CHANGES IN THE BUNKER PRICES USDm 2019 2018 2017 Increase in the bunker prices of 10% per ton: Changes in profit before tax, as of 31 December -20.7 -18.3 -15.6 Changes in equity, as of 31 December -20.7 -18.3 -15.6 OPERATIONAL AND COMPLIANCE RISKS Operational risks are risks associated with the ongoing operations of the business and include risks such as safe operation of vessels, availability of experienced seafarers and staff, terrorism, piracy as well as insurance and counterparty risk. INSURANCE COVERAGE In the course of the fleet’s operation, various casualties, accidents and other incidents may occur that may result in financial losses for TORM. For example, national and international rules, regulations and conventions mean that the Company may incur substantial liabilities if a vessel is involved in an oil spill or emission of other environmentally hazardous agents. In order to reduce the exposure to these risks, the fleet is insured against such risks to the extent possible. The total insurance program comprises a broad cover of risks in relation to the operation of vessels and transportation of cargo, including personal injury, environmental damage and pollution, cargo damage, third-party casualty and liability, hull and machinery damage, total loss and war. All of TORM’s owned vessels are insured for an amount corresponding to their market value plus a margin to cover any fluctuations. Liability risks are covered in line with international standards. It is TORM’s policy to cooperate with financially sound international insurance companies with a credit rating of BBB or better, presently some 14-16 companies, along with two P&I clubs, to diversify risk. The P&I clubs are member of the internationally recognized collaboration, International Group of P&I clubs, and the Company’s vessels are each insured for the maximum amount available in the P&I system. At the end of 2018, the aggregate insured value of hull and machinery and interest for TORM’s owned vessels amounted to USD 1.5 billion (2017: USD 1.4 billion; 2016: USD 1.6 billion). COUNTERPARTY RISK Counterparty risk is an ever-present challenge demanding close monitoring to manage and decide on actions to minimize possible losses. The maximum counterparty risk associated is equal to the values recognized in the balance sheet. A consequential effect of the counterparty risk is loss of income in future periods, e.g. counterparties not being able to fulfill their responsibilities under a time charter, a contract of affreightment or an option. The main risk is the difference between the fixed rates under a time charter or a contract of affreightment and the market rates prevailing upon default. The Company has a close focus on its risk policies and procedures to ensure that risks managed in the day-to-day business are kept at agreed levels and that changes in the risk situations are brought to Management’s attention. The Company’s counterparty risks are primarily associated with: · receivables, cash and cash equivalents · contracts of affreightment with a positive fair value · derivative financial instruments and commodity instruments with positive fair value Counterparty risk is an ever-present challenge demanding close monitoring to manage and decide on actions to minimize possible losses. The maximum counterparty risk associated is equal to the values recognized in the balance sheet. A consequential effect of the counterparty risk is loss of income in future periods, e.g. counterparties not being able to fulfill their responsibilities under a time charter, a contract of affreightment or an option. The main risk is the difference between the fixed rates under a time charter or a contract of affreightment and the market rates prevailing upon default, this characterizes the method for identified the market value of a derivative instruments. Receivables, cash and cash equivalents The majority of TORM’s customers are companies that operate in the oil industry. It is assessed that these companies are, to a great extent, subject to the same risk factors as those identified for TORM. A major part of the Company’s freight revenues stems from a small group of customers. One customer accounted for 17.0% (2017: 8.2%; 2016: 12.6%) of the freight revenues in 2018. The concentration of earnings on a few customers requires extra attention to credit risk. TORM has a credit policy under which continued credit evaluations of new and existing customers take place. For long-standing customers, payment of freight normally takes place after a vessel’s cargo has been discharged. For new and smaller customers, the Company’s credit risk is limited as freight is usually paid prior to the cargo’s discharge, or, alternatively, that a suitable bank guarantee is placed in lieu thereof. As a consequence of the payment patterns mentioned above, the Company’s receivables primarily consist of receivables from voyages in progress at year-end and outstanding demurrage. For the past five years, the Company has not experienced any significant losses in respect of charter payments or any other freight agreements. With regard to the collection of original demurrage claimed, the Company’s average stands at 98.1% (2017: 97.0%; 2016: 96.8%), which is considered to be satisfactory given the differences in interpretation of events. In 2018, demurrage represented 14.6% (2017: 16.8%; 2016: 15.0%) of the total freight revenues. Please see note 1 for more details on recognition of demurrage claim into revenue. Excess liquidity is placed on deposit accounts with major banks with strong and acceptable credit ratings or invested in secure papers such as American or Danish government bonds. Cash is invested with the aim of getting the highest possible yield while maintaining a low counterparty risk and adequate liquidity reserves for possible investment opportunities or to withstand a sudden drop in freight rates. Derivative financial instruments and commodity instruments In 2018, 100.0% (2017: 100.0%; 2016: 100.0%) of TORM’s forward freight agreements (FFAs) and fuel swaps were cleared through clearing houses, effectively reducing counterparty credit risk by daily clearing of balances. Over-the-counter fuel swaps have restrictively been entered into with major oil companies, banks or highly reputed partners with a satisfactory credit rating. TORM also trades FX and interest derivatives. All such derivatives were done with investment grade counterparties. FINANCIAL RISKS Financial risks relate to the Company’s financial position, financing and cash flows generated by the business, including foreign exchange risk and interest rate risk. The Company’s liquidity and capital resources are described in Note 2. In 2018, 100.0% (2017: 100.0%; 2016: 100.0%) of TORM’s forward freight agreements (FFAs) and fuel swaps were cleared through central clearing houses, effectively reducing counterparty credit risk by daily clearing of balances. Over-the-counter fuel swaps have restrictively been entered into with major oil companies, banks or highly reputed partners with a satisfactory credit rating. TORM also trades FX and interest derivatives. All such derivatives were done with investment grade counterparties. FOREIGN EXCHANGE RISK TORM uses USD as its functional currency because the majority of the Company’s transactions are denominated in USD. The foreign exchange risk is thereby limited to cash flows not denominated in USD. The primary risk relates to transactions denominated in DKK, EUR and SGD and relates to administrative and operating expenses. The part of the Company’s expenses that are denominated in currencies other than USD accounts for approximately 98.3% (2017: 97.9%; 2016: 98.9%) for administrative expenses and approximately 23.4% (2017: 24.5%; 2016: 26.7%) for operating expenses. TORM’s administrative and operating expenses in DKK and EUR for 2019 is approximately USD 390.0m, whereof 64.1% (2017: 62.0%; 2016: 73.8%) are hedged through FX forward contracts. All entered FX forward contract has maturity within 2019 and TORMs average hedge USDDKK currency rate is 6.5. TORM assumes identical currency risks arising from exposures in DKK and EUR. SENSITIVITY TO CHANGES IN THE USD/DKK AND USD/EUR EXCHANGE RATE All things being equal, a change in the USD/DKK and USD/EUR exchange rate of 10% would result in a change in profit before tax and equity as follows: USDm 2019 2018 2017 Effect of a 10% increase of DKK and EUR: Changes in profit before tax, as of 31 December -2.1 -2.5 -1.7 Changes in equity, as of 31 December -2.1 -2.5 -1.7 INTEREST RATE RISK TORM’s interest rate risk generally relates to interest-bearing mortgage debt and bank loans. All of the Company’s loans for financing vessels are denominated in USD, and all are floating rate loans. At the end of 2018, TORM has fixed 66.2% of the interest exposure for 2019 equal to a total interest expense exposure of USD 33.1m (2017: 63.2%; 2016: 67.9%). As of December 31, 2018 TORM has interest rate hedges covering and with maturity in the period 2019-2026 with a notional value of USD 512.8m, hedged at an interest rate of 2.04% plus margin. The fixing is a result of floating rate loans where USD 3 months LIBOR was fixed in 2018 into 2019 and interest hedging through interest rate swaps. SENSITIVITY TO CHANGES IN INTEREST RATES All things being equal, a change in the interest rate level of 1%-point would result in a change in the interest rate expenses as follows: USDm 2019 2018 2017 Effect of a 1% point increase in interest rates: Changes in profit before tax, as of 31 December -2.4 -3.2 -2.5 Changes in equity, as of 31 December 8.0 3.6 6.8 TORM’s mortgage debt and bank loans increased from year-end 2017 to year-end 2018 by USD 10.3m (2017: increase of USD 47.5m; 2016: decrease of USD 95.3m) to USD 729.4m (2017: USD 719.1m; 2016: USD 671.6m). Liquidity RISK TORM’s strategy is to ensure continuous access to funding sources by maintaining a robust capital structure and a close relationship with several financial partners. As of 31 December 2018, TORM’s loan portfolio was spread across ten different banks. As of 31 December 2018, TORM maintains a liquidity reserve of USD 127m in cash combined with USD 75m in undrawn revolving credit facilities. Cash is only placed in banks with a high credit rating. For further information on contractual obligations, including a maturity analysis, please refer to Note 17.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Abstract]
FINANCIAL INSTRUMENTS	NOTE 20 – FINANCIAL INSTRUMENTS Categories of financial assets and liabilities (USDm) Quoted Observable Unobservable Fair value Amortized cost Carrying value 2018: Loans and receivables Freight receivables 1) - - - - 86.0 86.0 Other receivables - 3.7 - 3.7 3.8 7.5 Cash and cash equivalents 1) - - - - 127.4 127.4 Total - 3.7 - 3.7 217.2 220.9 Financial liabilities Mortgage debt and bank loans 2) - - - - 724.3 724.3 Finance lease liabilities 1) - - - - 25.3 25.3 Trade payables 1) - - - - 35.1 35.1 Other liabilities 1) - 3.4 - 3.4 33.1 36.5 Total - 3.4 - 3.4 817.8 821.2 2017: Loans and receivables Freight receivables 1) - - - - 71.3 71.3 Other receivables - 7.6 - 7.6 4.2 11.8 Cash and cash equivalents 1) - - - - 134.2 134.2 Total - 7.6 - 7.6 209.7 217.3 Financial liabilities Mortgage debt and bank loans 2) - - - - 720.9 720.9 Finance lease liabilities 1) - - - - 28.2 28.2 Trade payables 1) - - - - 26.2 26.2 Other liabilities 1) - -0.2 - -0.2 34.0 33.8 Total - -0.2 - -0.2 809.3 809.1 1) 2) There have been no transfers between level 1 and 2. FAIR VALUE HIERARCHY FOR FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE IN THE BALANCE SHEET Below please find the fair value hierarchy for financial instruments measured at fair value in the balance sheet. The financial instruments in question are grouped into levels 1 to 3 based on the degree to which the fair value is observable. · level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities · level 2 fair value measurements are those derived from input other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) · level 3 fair value measurements are those derived from valuation techniques that include input for the asset or liability that are not based on observable market data (unobservable input) METHODS AND ASSUMPTIONS IN DETERMINING FAIR VALUE OF FINANCIAL INSTRUMENTS Derivative part of other receivables and other payables The fair value of derivatives in other receivables and other payables is measured using accepted valuation methods with input variables such as yield curves, forward curves, spreads, etc. and compared to financial counterparties to ensure acceptable valuations. The valuation methods discount the future fixed and estimated cash flows and valuation of any option elements. The fair value of derivatives

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2018
Disclosure of transactions between related parties [abstract]
RELATED PARTY TRANSACTIONS	NOTE 21 – RELATED PARTY TRANSACTIONS The Company's ultimate controlling party is Oaktree Capital Group, LLC, a limited liability company incorporated in the USA. The immediate controlling shareholder is Njord Luxco. In connection with the USD 100m equity raise completed in January 2018, an entity affiliated with TORM’s largest shareholder, OCM Njord Holdings S.à r.l. (Oaktree Capital Management), received a fee of USD 1.25m in return for fully backstopping the transaction. Shareholders' contribution and dividends paid are disclosed in the consolidated statement of changes in equity. The remuneration of key management personnel, which consists of the Board of Directors and the Executive Director, is disclosed in Note 3.

ASSETS HELD FOR SALE AND NON-CU

ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR	12 Months Ended
	Dec. 31, 2018
Disclosure Of Noncurrent Assets Sold During Year [Abstract]
ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR	NOTE 22 – ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR During 2018, TORM sold four vessels, of which three were delivered to the new owners during 2018, and one vessel was delivered in Q1 2019 (presented as “assets held-for-sale” as of 31 December 2018). The sales resulted in a profit from sale of vessels of USD 0.8m and an impairment loss on in tangible and intangible assets of USD 3.2m. During 2017, TORM sold eight vessels, of which four were delivered to the new owners during 2017, one vessel was in Q1 2018 (presented as “assets held-for-sale” as of 31 December 2017), and the remaining three vessels were sold and leased back to TORM as finance leases. The sales resulted in a profit from sale of vessels of USD 2.8m and a total impairment loss on sold or held-for-sale vessels of USD 3.6m. There was no sale of vessels in 2016.

CASH FLOWS

CASH FLOWS	12 Months Ended
	Dec. 31, 2018
Disclosure Of Cash Flow Statement [Abstract]
CASH FLOWS	NOTE 23 – CASH FLOWS USDm 2018 2017 2016 Reversal of other non-cash movements: Amortization of acquired assets and liabilities - - -0.1 Exchange rate adjustments 2.0 1.8 -2.4 Share-based payments - 1.9 2.0 Equity transactions expensed in relation to the Corporate Reorganization - - -6.4 Other adjustments - - -0.2 Total 2.0 3.7 -7.1 USDm 2018 2017 2016 Change in bunkers, receivables and payables: Change in bunkers -6.2 -1.6 -6.1 Change in receivables -10.4 -12.4 18.2 Change in prepayments 1.5 -1.4 2.7 Change in trade payables and other liabilities 11.7 -1.6 -2.6 Other changes -2.2 -2.9 -2.9 Adjusted for fair value changes of derivative financial instruments -7.1 6.9 -1.0 Total -12.7 -13.0 8.3

ENTITIES IN THE GROUP

ENTITIES IN THE GROUP	12 Months Ended
	Dec. 31, 2018
Disclosure of information about consolidated structured entities [abstract]
ENTITIES IN THE GROUP	NOTE 24 – ENTITIES IN THE GROUP Entity Country TORM plc United Kingdom Investments in subsidiaries 8) Entity Country Ownership 7) TORM A/S Denmark 100 % DK Vessel HoldCo GP ApS Denmark 100 % DK Vessel HoldCo K/S Denmark 100 % OCM (Gibraltar) Njord Midco Ltd. Gibraltar 100 % OCM Njord Chartering Inc. Marshall Islands 100 % OCM Singapore Njord Holdings Agnes, Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Alice, Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings Almena, Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings Amalie, Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Aslaug, Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Hardrada, Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings St.Michaelis Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings St. Gabriel Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings Harald Pte. Ltd 4) Singapore 100 % OCM Singapore Njord Holdings Gorm Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Knut Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Valdemar Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Agnete, Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings Alexandra, Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings Anabel, Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Arawa Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Leif Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Rolf Pte. Ltd 4) Singapore 100 % OCM Holdings Mrs Inc. Marshall Islands 100 % OCM Njord Anne Inc. 6) Marshall Islands 100 % OCM Njord Freya Inc. 6) Marshall Islands 100 % OCM Njord Gerd Inc. 6) Marshall Islands 100% OCM Njord Gertrud Inc. 6) Marshall Islands 100 % OCM Njord Gunhild Inc. 6) Marshall Islands 100 % OCM Njord Helene Inc. 6) Marshall Islands 100 % OCM Njord Helvig Inc. 6) Marshall Islands 100 % OCM Njord Ingeborg Inc. 6) Marshall Islands 100 % OCM Njord Mary Inc. 6) Marshall Islands 100 % OCM Njord Ragnhild Inc. 6) Marshall Islands 100 % OCM Njord Thyra Inc. 6) Marshall Islands 100 % OCM Njord Valborg Inc. 6) Marshall Islands 100 % OCM Njord Vita Inc. 6) Marshall Islands 100 % OMI Holding Ltd. 5) Mauritius 100 % Torghatten & TORM Shipowning ApS 4) Denmark 100 % TORM Crewing Service Ltd. Bermuda 100 % TORM Shipping India Private Limited India 100 % TORM Singapore Pte. Ltd. Singapore 100 % TORM USA LLC USA 100 % TT Shipowning K/S 4) Denmark 100 % VesselCo 1 K/S Denmark 100 % VesselCo 3 K/S Denmark 100 % VesselCo 5 K/S 2) Denmark 100 % VesselCo 6 K/S 3) Denmark 100 % VesselCo 6 Pte. Ltd. Singapore 100 % VesselCo 7 Pte. Ltd. Singapore 100 % VesselCo 8 Pte. Ltd. Singapore 100 % VesselCo 9 Pte. Ltd. 1) Singapore 100 % VesselCo 10 Pte. Ltd. 1) Singapore 100 % VesselCo 11 Pte. Ltd. 1) Singapore 100 % VesselCo 12 Pte. Ltd. 2) Singapore 100 % TORM SHIPPING (PHILS.), INC. Philippines 25 % VesselCo A ApS Denmark 100 % VesselCo C ApS Denmark 100 % VesselCo E ApS 2) Denmark 100 % VesselCo F ApS 3) Denmark 100 % 1) Entities added in the financial year ended 31 December 2016. 2) Entities added in the financial year ended 31 December 2017. 3) Entities added in the financial year ended 31 December 2018. 4) Entities dissolved in the financial year ended 31 December 2016. 5) Entities dissolved in the financial year ended 31 December 2017. 6) Entities dissolved in the financial year ended 31 December 2018. 7) For all subsidiaries, ownership and voting rights are the same except for TORM SHIPPING (PHILS.), INC where voting rights are 100%. 8) All subsidiaries are consolidated in full. The table below shows the registered addresses for the companies mentioned above: Denmark India Philippines Singapore Tuborg Havnevej 18, 2nd Floor 7th Floor 6 Battery Road #27-02 DK-2900 Hellerup Leela Business Park Salcedo Towers, 169 Singapore 049909 Denmark Andheri-Kurla Road HV dela Costa Street Singapore Andheri (E) Salcedo Village, Mumbai 400059 Makati City India Philippines 1227 United Kingdom USA Marshall Islands Mauritius Birchin Court Suite 710 c/o The Trust c/o Temple Corporate 20 Birchin Lane 2500 City West Company of Services London, EC3V 9DU Boulevard Marshall Islands, Inc. Temple Court 2, United Kingdom 77042, Houston, Texas P.O. Box 2095 Labourdonnais Street USA Reston VA 20195-0095 Port Louis USA Mauritius Bermuda Gibraltar Hong Kong c/o Estera Services 57/63 Line Wall Road Room A, 7/F (Bermuda Limited) GX11 1AA China Overseas Bldg. Canon's Court Gibraltar 139 Hennessy Road 22 Victoria Street Wanchai PO Box 1624 Hong Kong Hamilton HM GX Bermuda Interest in legal entities included as joint ventures: 2018 Entity Country % Control Profit and Other compre- Total compre- Long Range 2 A/S Denmark 50 % - - - LR2 Management K/S Denmark 50 % - - - Marine Exhaust Technology Ltd. Hong Kong 28 % - - - For registered addresses, please refer to the table above.

EARNINGS PER SHARE AND DIVIDEND

EARNINGS PER SHARE AND DIVIDEND PER SHARE	12 Months Ended
	Dec. 31, 2018
Disclosure Of Earnings Per Share And Dividend Per Share [Abstract]
EARNINGS PER SHARE AND DIVIDEND PER SHARE	NOTE 25 – EARNINGS PER SHARE AND DIVIDEND PER SHARE 2018 2017 2016 EARNINGS PER SHARE Net profit/(loss) for the year (USDm) -34.8 2.4 -142.5 Million shares Weighted average number of shares 73.4 62.3 63.1 Weighted average number of treasury shares -0.3 -0.3 -0.2 Weighted average number of shares outstanding 73.1 62.0 62.9 Dilutive effect of outstanding share options - - - Weighted average number of shares outstanding incl. dilutive effect of share options 73.1 62.0 62.9 Basic earnings/(loss) per share (USD) -0.48 0.04 -2.27 Diluted earnings/(loss) per share (USD) -0.48 0.04 -2.27 When calculating diluted earnings per share for 2018, RSUs have been omitted as they are out-of-the-money and thus anti-dilutive, but the RSUs may potentially dilute earnings per share in the future. Please refer to Note 3 for information on the RSU share options. 2018 2017 2016 DIVIDEND PER SHARE Dividend for the year (USDm) - 1.2 25.0 Number of shares, end of period (million) 74.2 62.3 62.3 Dividend per share - 0.02 0.40 There is no proposed dividend as of 31 December 2018.

ACCOUNTING POLICIES, CRITICAL_2

ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Policies)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Accounting Policies Critical Accounting Estimates And Judgements [Abstract]
Consolidation principles	Consolidation principles The consolidated financial statements comprise the financial statements of the Parent Company, TORM plc and entities controlled by the Company and its subsidiaries. Control is achieved when the Company has all the following: · power over the investee; · exposure, or rights, to variable returns from its involvement with the investee; and · the ability to use its power over the investee to affect the amounts of the investor’s returns The Company should reassess whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities unilaterally. The Company considers all facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including: The size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders · Potential voting rights held by the Company, other vote holders or other parties · Rights arising from other contractual arrangements, and · Any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time when decisions need to be made, including voting pattern at previous shareholders’ meetings Entities in which the Group exercises significant but not controlling influence are regarded as associated companies and are accounted for using the equity method. Companies which are managed jointly by agreement with one or more companies and therefore are subject to joint control (joint ventures) are accounted for using the equity method. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ends when the Company loses control over the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated income statement and other comprehensive income from the date on which the Company obtains control until the date when the Company loses control over the subsidiary. The consolidated financial statements are prepared on the basis of the financial statements of the Parent Company, its subsidiaries and the Company’s share of the income statement and balance sheet of joint operations by combining items of a uniform nature and eliminating intercompany transactions, balances and shareholdings as well as realized and unrealized gains and losses on transactions between the consolidated entities. The financial statements used for consolidation purposes are prepared in accordance with the Company’s accounting policies. The consolidated financial statements following a reverse acquisition are issued under the name of the legal parent (accounting acquiree) but as a continuation of the financial statements of the legal subsidiary (accounting acquirer). The accounting acquirer’s legal capital is adjusted retrospectively to reflect the legal capital of the accounting acquiree. Comparative information is adjusted accordingly.
Business combinations	Business combinations Newly acquired or formed entities are recognized in the consolidated financial statements from the date of acquisition or formation. The date of acquisition is the date on which control over the entity is effectively transferred. Business combinations are accounted for by applying the purchase method, whereby the acquired entities’ identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. The tax effect of the revaluation activities is also taken into account. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the amount of that adjustment is included in the cost of the combination if the event is probable and the adjustment can be measured reliably. Costs of issuing debt or equity instruments in connection with a business combination are accounted for together with the debt or equity issuance. All other costs associated with the acquisition are expensed in the income statement. The excess of the cost of the business combination over the fair value of the acquired assets, liabilities and contingent liabilities is recognized as goodwill under intangible assets and is tested for impairment at least once a year. Upon acquisition, goodwill is allocated to the cash generating units, which subsequently form the basis for the impairment test. If the fair value of the acquired assets, liabilities and contingent liabilities exceeds the cost of the business combination, the identification of assets and liabilities and the processes of measuring the fair value of the assets and liabilities and the cost of the business combination are reassessed. If the fair value of the business combination continues to exceed the cost, the resulting gain is recognized in the income statement.
Foreign currencies	Foreign currencies The functional currency of all significant entities, including subsidiaries and associated companies, is United State dollars (USD), because the Company’s vessels operate in international shipping markets, in which income and expenses are settled in USD, and because the Company’s most significant assets and liabilities in the form of vessels and related liabilities are denominated in USD. Transactions in currencies other than the functional currency are translated into the functional currency at the transaction date. Cash, receivables and payables and other monetary items denominated in currencies other than the functional currency are translated into the functional currency at the exchange rate at the balance sheet date. Gains or losses due to differences between the exchange rate at the transaction date and the exchange rate at the settlement date or the balance sheet date are recognized in the income statement under “Financial income” and “Financial expenses”. The reporting currency of the Company is USD. Upon recognition of entities with functional currencies other than USD, the financial statements are translated into USD. Income statement items are translated into USD at the average exchange rate for the year, whereas balance sheet items are translated at the exchange rate as of the balance sheet date. Exchange differences arising from the translation of financial statements into USD are recognized as a separate component through other comprehensive income. On the disposal of an entity, the cumulative amount of the exchange differences recognized in the separate component of equity relating to that entity is transferred to the income statement as part of the gain or loss on disposal.
Derivative financial instruments and hedge accounting	Derivative financial instruments and hedge accounting Derivative financial instruments, primarily forward currency exchange contracts, forward freight agreements, interest rate hedges and forward contracts regarding bunker purchases, are entered into hedge future committed or anticipated transactions. TORM applies hedge accounting under the specific rules on cash flow Derivative financial instruments are initially recognized in the balance sheet at fair value at the date when the derivative contract is entered into and are subsequently measured at their fair value as other receivables or other liabilities, respectively. Changes in the fair value of derivative financial instruments that are designated as cash flow hedges and deemed to be effective are recognized directly in “Other comprehensive income”. When the hedged transaction is recognized in the income statement, the cumulative value adjustment recognized in “Other comprehensive income” is transferred to the income statement and included in the same line as the hedged transaction. However, when the hedged transaction results in the recognition of a fixed asset, the gains and losses previously accumulated in “Other comprehensive income” are transferred from “Other comprehensive income” and included in the initial measurement of the cost of the fixed asset. Changes in the fair value of a portion of a hedge deemed to be ineffective are recognized in the income statement. Changes in the fair value of derivative financial instruments that are not designated as hedges are recognized in the income statement. While effectively reducing cash flow risk in accordance with the Company’s risk management policy, interest rate swaps with cap features and certain forward freight agreements and forward contracts regarding bunker purchases do not qualify for hedge accounting. Changes in fair value of these derivate financial instruments are therefore recognized in the income statement under “Financial income” or “Financial expenses” for interest rate swaps with cap features, under “Revenue” for forward freight agreements and under “Port expenses, bunkers and commissions” for forward bunker contracts.
Segment information	Segment information The segmentation is based on the Group’s internal management and reporting structure. In the Tanker Segment, the services provided primarily comprise transportation of refined oil products such as gasoline, jet fuel and naphtha. The Group has only one geographical segment, because the Company considers the global market as a whole, and as the individual vessels are not limited to specific parts of the world. Furthermore, the internal management reporting does not provide such information. Consequently, it is not possible to provide geographical segment information on revenue from external customers or non-current segment assets.
Employee benefits	Employee benefits Wages, salaries, social security contributions, holiday and sick leave, bonuses and other monetary and non-monetary benefits are recognized in the year in which the employees render the associated services. Please also refer to the accounting policy for share-based payment.
Pension plans	Pension plans The Group has entered into defined contribution plans only. Pension costs related to defined contribution plans are recorded in the income statement in the year to which they relate.
Leases	Leases Agreements to charter in vessels and to lease other plant and operating equipment for which TORM substantially has all the risks and rewards of ownership are recognized in the balance sheet as finance leases. Lease assets are measured at the lower of fair value and the present value of minimum lease payments determined in the leases. For the purpose of calculating the present value, the interest rate implicit in the lease or an incremental borrowing rate is used as discount factor. The lease assets are depreciated and written down under the same accounting policy as the vessels owned by the Company or over the lease period depending on the lease terms. The corresponding lease obligation is recognized as a liability in the balance sheet, and the interest element of the lease payment is charged to the income statement as incurred. Other charter agreements concerning vessels and other leases are classified as operating leases, and lease payments are charged to the income statement on a straight-line basis over the lease term. The obligation for the remaining lease term is disclosed in the notes to the financial statements. Sale and lease back Following a sale transaction, agreements to charter-in vessels (sale-and-leaseback) for which TORM maintains substantially all the risks and rewards incidental to economic ownership, are recognized on the balance sheet as finance leases. Leased vessels are measured at the start of the leasing contract at the lower of the present value of minimum lease payments determined in the lease contract and the assets’ fair value, plus any incidental expense borne by the lessee. For the purpose of calculating the present value, the interest rate implicit in the lease is used as discount factor. Depreciation method and useful economic life correspond to those applied to comparable purchased assets. Liabilities for financial leases are recognized on the balance sheet and the interest included in the lease payment is charged to the income statement.
Revenue	Revenue Income is recognized in the income statement when: · The income generating activities have been carried out on the basis of a binding agreement · The income can be measured reliably · It is probable that the economic benefits associated with the transaction will flow to the Company · Costs relating to the transaction can be measured reliably Revenue comprises freight, charter hire and demurrage revenues from the vessels and gains and losses on forward freight agreements designated as hedges. Revenue is recognized when or as performance obligations are satisfied by transferring the promised goods or service s to the customer, i.e. at a point in time or over time provided that the stage of completion can be measured reliably. Revenue is measured at the consideration the Group expects to be entitled to. Accordingly, freight, charter hire and demurrage revenue are recognized at selling price upon delivery of the service as per the charter parties concluded. Cross-over voyages Revenue is recognized upon delivery of services in accordance with the terms and conditions of the charter parties. For cross-over voyages (voyages in progress at the end of a reporting period), the uncertainty and the dependence on estimates are greater than for finalized voyages. The Company recognizes a percentage of the estimated revenue for the voyage equal to the percentage of the estimated duration of the voyage completed at the balance sheet date. The estimate of revenue is based on the expected duration and destination of the voyage. When recognizing revenue, there is a risk that the actual number of days it takes to complete the voyage will differ from the estimate, and for time charter parties a lower day rate may have been agreed for additional days. The contract for a single voyage may state several alternative destination ports. The destination port may change during the voyage, and the rate may vary depending on the destination port. Changes to the estimated duration of the voyage as well as changing destinations and weather conditions will affect the voyage expenses. Demurrage revenue Freight contracts contain conditions regarding the amount of time available for loading and discharging of the vessel. If these conditions are breached, TORM is compensated for the additional time incurred in the form of demurrage revenue. Demurrage revenue is recognized upon delivery of services in accordance with the terms and conditions of the charter parties. Upon completion of the voyage, the Company assesses the time spent in port, and a demurrage claim based on the relevant contractual conditions is submitted to the charterers. The claim will often be met by counterclaims due to differences in the interpretation of the agreement compared to the actual circumstances of the additional time used. Based on previous experience, 95% of the demurrage claim submitted is recognized as demurrage revenue upon initial recognition. The Company receives the demurrage payment upon reaching final agreement on the amount, which on average is approximately 100 days after the original demurrage claim was submitted. Any adjustments to the final agreement are recognized as demurrage revenue. Port expenses, bunkers and commissions Port expenses, bunker fuel consumption and commissions are recognized as incurred. Gains and losses on forward bunker contracts designated as hedges and write-down and provisions for losses on freight receivables are included in this line. Freight and bunker derivatives Freight and bunker derivatives comprise fair value adjustments and gains and losses on forward freight agreements, forward bunker contracts and other derivative financial instruments directly relating to shipping activities which are not designated as hedges. The freight and bunker derivatives that qualify for hedge accounting are recognized in Revenue and Port expense, bunkers and commissions respectively, as the hedging instrument is realized.
Operating expenses	Operating expenses Operating expenses, which comprise crew expenses, repair and maintenance expenses and tonnage duty, are expensed as incurred. Profit from sale of vessels Profit from sale of vessels is recognized when the significant risks and rewards of ownership have been transferred to the buyer, representing the difference between the sales price less costs to sell and the carrying value of the vessel. Administrative expenses Administrative expenses, which comprise administrative staff costs, management costs, office expenses and other expenses relating to administration, are expensed as incurred. Other operating expenses Other operating expenses primarily comprise chartering commissions and management fees paid to commercial and technical managers for managing the fleet and profits and losses deriving from the disposal of fixed assets, etc.
Depreciation and impairment losses	Depreciation and impairment losses Depreciation and impairment losses comprise depreciation of tangible fixed assets for the year as well as the write-down of the value of assets by the amount by which the carrying amount of the asset exceeds its recoverable amount. In the event of indication of impairment, the carrying amount is assessed, and the value of the asset is written down to its recoverable amount equal to the higher of value in use based on net present value of future earnings from the assets and its fair value less costs to sell.
Financial income	Financial income Financial income comprises interest income, realized and unrealized exchange rate gains relating to transactions in currencies other than the functional currency, realized gains from other equity investments and securities, unrealized gains from securities, dividends received and other financial income including value adjustments of certain financial instruments not accounted for as hedges of future transactions. Interest is recognized in accordance with the accrual basis of accounting taking into account the effective interest rate. Dividends from other investments are recognized when the right to receive payment has been decided, which is typically when the dividend has been declared and can be received without conditions.
Financial expenses	Financial expenses Financial expenses comprise interest expenses, financing costs of finance leases, realized and unrealized exchange rate losses relating to transactions in currencies other than the functional currency, realized losses from other equity investments and securities, unrealized losses from securities and other financial expenses including value adjustments of certain financial instruments not accounted for as hedges of future transactions. Interest is recognized in accordance with the accrual basis of accounting taking into account the effective interest rate.
Tax	Tax Tax expenses comprise the expected tax including tonnage tax on the taxable income for the year for the Group, adjustments relating to previous years and the change in deferred tax for the year. However, tax relating to items in other comprehensive income is recognized directly in the statement of other comprehensive income.
Vessels	Vessels Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Cost comprises acquisition cost and costs directly related to the acquisition up until the time when the asset is ready for use, including interest expenses incurred during the period of construction based on the loans obtained for the vessels. All major components of vessels except for dry-docking costs are depreciated on a straight-line basis to the estimated residual value over their estimated useful lives, which TORM estimates to be 25 years. The Company considers that a 25-year depreciable life is consistent with what is used by other shipowners with comparable tonnage. Depreciation is based on cost less the estimated residual value. Residual value is estimated as the lightweight tonnage of each vessel multiplied by scrap value per ton. The useful life and the residual value of the vessels are reviewed at least at each financial year-end based on market conditions, regulatory requirements and the Company’s business plans. The Company also evaluates the carrying amounts to determine if events have occurred that indicate impairment and would require a modification of the carrying amounts. Prepayment on vessels is measured at costs incurred. Dry-docking Approximately every 24 and 60 months, depending on the nature of work and external requirements, the vessels are required to undergo planned dry-dockings for replacement of certain components, major repairs and major maintenance of other components, which cannot be carried out while the vessels are operating. These dry-docking costs are capitalized and depreciated on a straight-line basis over the estimated period until the next dry-docking. The residual value of such components is estimated at nil. The useful life of the dry-docking costs is reviewed at least at each financial year-end based on market conditions, regulatory requirements and TORM’s business plans. A portion of the cost of acquiring a new vessel is allocated to the components expected to be replaced or refurbished at the next dry-docking. Depreciation hereof is carried over the period until the next dry-docking. For newbuildings, the initial dry-docking asset is estimated based on the expected costs related to the first-coming dry-docking, which again is based on experience and past history of similar vessels. For second-hand vessels, a dry-docking asset is also segregated and capitalized separately, taking into account the normal docking intervals of the vessels. At subsequent dry-dockings, the costs comprise the actual costs incurred at the dry-docking yard. Dry-docking costs may include the cost of hiring crews to carry out replacements and repairs, the cost of parts and materials used, The cost of travel, lodging and supervision of Company personnel as well as the cost of hiring third-party personnel to oversee a dry-docking. Dry-docking activities include, but are not limited to, the inspection, service on turbocharger, replacement of shaft seals, service on boiler, replacement of hull anodes, applying of anti-fouling and hull paint, steel repairs as well as refurbishment and replacement of other parts of the vessel. Prepayments on vessels Prepayments consist of prepayments related to newbuilding contracts for vessels not yet delivered and including a share of borrowing costs. When a vessel is delivered, the amount is reallocated to the financial statement line “Vessels and capitalized dry-docking”. Other plant and operating equipment Other plant and operating equipment consists of leasehold improvements, IT equipment and software and is measured at historical cost less accumulated depreciation and any impairment loss. Any subsequent cost is included in the asset’s carrying amount or recognized as a separate asset only when it is probable that future economic benefits are associated with the item and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets: · Leasehold improvements: estimated useful life · IT equipment: 3–5 years · Software: 3–5 years · Other equipment 3–5 years The depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by Management.
Financial assets	Financial assets Financial assets are initially recognized at the settlement date at fair value plus transaction costs, except for financial assets at fair value through profit or loss, which are recognized at fair value. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred.
Investments in joint ventures	Investments in joint ventures Investments in joint ventures comprise investments in companies which by agreement are managed jointly with one or more companies and therefore are subject to joint control and in which the parties have rights to the net assets of the joint venture. Joint ventures are accounted for using the equity method. Under the equity method, the investment in joint ventures is initially recognized at cost and thereafter adjusted to recognize TORM’s share of the profit or loss in the joint venture. When TORM’s share of losses in a joint venture exceeds the investment in the joint venture, TORM discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that TORM has incurred legal or constructive obligations or made payments on behalf of the joint venture.
Receivables	Receivables Outstanding freight receivables and other receivables that are expected to be realized within 12 months from the balance sheet date are classified as “Freight receivables” or “Other receivables” and presented as current assets. Receivables are at initial recognition measured at at their transaction price less allowance for expected credit losses over the lifetime of the receivable and are subsequent measured at amortised cost adjusted for change in expected credit losses. Derivative financial instruments included in other receivables are measured at fair value.
Expected credit losses	Expected credit losses Expected credit losses at initial recognition are determined on the basis of customers’ ability to pay, considering historical information about payment patterns, credit risks, customer concentrations, customer creditworthiness as well as prevailing economic conditions. The estimates are updated subsequent and if the debtor’s ability to pay is becoming doubtful expected credit losses are calculated at individual basis. When there are no reasonable expectations of recovering the receivable is written off in part or entirely.
Provisions for bad debt	Provisions for bad debt Allowances for bad debts are determined on the basis of customers’ ability to pay, considering historical information about payment patterns, doubtful debts, customer concentrations, customer creditworthiness as well as prevailing economic conditions. The estimates are updated if the debtor’s ability to pay changes. It is estimated that the provisions made are sufficient to cover any bad debts.
Impairment of assets	Impairment of assets Non-current assets are reviewed at least annually to determine any indication of impairment due to a significant decline in either the assets’ market value or in the cash flows generated by the assets. In case of such indication, the recoverable amount of the asset is estimated as the higher of the asset’s fair value less costs to sell and its value in use. The value in use is the present value of the future cash flows expected to derive from a cash generating unit (CGU), utilizing a pre-tax discount rate that reflects current market estimates of the time value of money and the risks specific to the unit for which the estimates of future cash flows have not been adjusted. If the recoverable amount is less than the carrying amount of the cash generating unit, the carrying amount is reduced to the recoverable amount. The impairment loss is recognized immediately in the income statement. Where an impairment loss subsequently reverses, the carrying amount of the cash generating unit is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined, had no impairment loss been recognized in prior years. The management in TORM has assessed the inflow of cash in TORM to allocate these into separate cash generating units (CGU). It has been assessed that the Group only have one CGU – the product tanker segment. For the purpose of assessing impairment, assets and time charter and bareboat contracts are grouped at the lowest levels at which impairment is monitored for internal management purposes.
Bunkers	Bunkers Bunkers and lube oil are stated at the lower of cost and net realizable value. Cost is determined using the FIFO method and includes expenditure incurred in acquiring the bunkers and lube oil and delivery cost less discounts.
Assets held-for-sale	Assets held-for-sale Assets are classified as held-for-sale if the carrying amount will be recovered principally through a sales transaction rather than through continuing use. This condition is regarded as met only when the asset is available for immediate sale in its present condition subject to terms that are usual and customary for sales of such assets, and when its sale is highly probable. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Assets held-for-sale mainly refer to vessels being sold and are measured at the lower of their previous carrying amount and fair value less costs to sell. Gains are recognized on delivery to the new owners in the income statement in the item “Profit from sale of vessels”. Anticipated losses are recognized at the time when the asset is classified as held-for-sale in the item “Impairment losses on tangible and intangible assets”.
Treasury shares	Treasury shares Treasury shares are recognized as a separate component of equity at cost. Upon subsequent disposal of treasury shares, any consideration is also recognized directly in equity.
Share-based payments	Share-based payments The Group makes equity settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group’s estimate of shares that will eventually vest. The fair value of the share schemes is calculated using the Black-Scholes model at the grant date.
Dividend	Dividend Dividend is recognized as a liability at the time of declaration. Dividend proposed for the year is moved from “Retained profit” and presented as a separate component of equity.
Provisions	Provisions Provisions are recognized when the Group has a legal or constructive obligation as a result of past events, and when it is probable that this will lead to an outflow of resources that can be reliably estimated. Provisions are measured at the estimated liability that is expected to arise, taking into account the time value of money.
Deferred tax	Deferred tax Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. In addition, the deferred tax also constitutes the reserve in relation to the transition balance in connection with the Danish tonnage tax scheme. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized, based on the laws that have been enacted at the balance sheet date. The deferred tax is charged through the income statement except when it relates to other comprehensive income items.
Mortgage debt and bank loans	Mortgage debt and bank loans At the time of borrowing, mortgage debt and bank loans are measured at fair value less transaction costs. Mortgage debt and bank loans are subsequently measured at amortized cost. This means that the difference between the net proceeds at the time of borrowing and the nominal amount of the loan is recognized in the income statement as a financial expense over the term of the loan applying the effective interest method. When terms of existing financial liabilities are renegotiated, or other changes regarding the effective interest rate occur, TORM performs a test to evaluate whether the new terms are substantially different from the original terms. If the new terms are substantially different from the original terms, TORM accounts for the change as an extinguishment of the original financial liability and the recognition of a new financial liability. TORM considers the new terms to be substantially different from the original terms if the present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.
Other liabilities	Other liabilities Other liabilities are generally measured at amortized cost. Derivative financial instruments included in other liabilities are measured at fair value.
CASH FLOW STATEMENT	CASH FLOW STATEMENT The cash flow statement shows how income and changes in the balance sheet items affect cash and cash equivalent, i.e. how cash is generated or used in the period. The cash flow statement is presented in accordance with the indirect method commencing with “Net profit/(loss) for the year”. Cash flow from operating activities converts income statement items from the accrual basis of accounting to cash basis. Starting with “Net profit/(loss) for the year”, non-cash items are reversed and actual payments included. Further, the change in working capital is taken into account, as this shows the development in money tied up in the balance sheet. Cash flow from investing activities comprises the purchase and sale of tangible fixed assets and financial assets as well as cash from business combinations. Cash flow from financing activities comprises changes in long-term debt, bank loans, finance lease liabilities, purchases or sales of treasury shares and dividend paid to shareholders. Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less, net of outstanding bank overdrafts. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents at the end of the reporting period are shown in the consolidated cash flow statement and can be reconciled to the related items in the consolidated balance sheet. The restricted cash balance primarily relates to cash provided as security for negative marked values of derivatives and other cash positions.
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is calculated by dividing the consolidated net profit/(loss) for the year available to common shareholders by the weighted average number of common shares outstanding during the period. Treasury shares are not included in the calculation. Purchases of treasury shares during the period are weighted based on the remaining period. Diluted earnings per share is calculated by adjusting the consolidated profit or loss available to common shareholders and the weighted average number of common shares outstanding for the effects of all potentially dilutive shares. Such potentially dilutive common shares are excluded when the effect of including them would be to increase earnings per share or reduce a loss per share.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of financial statements in accordance with IFRS requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are affected by the way TORM applies its accounting policies. An accounting estimate is considered critical if the estimate requires Management to make assumptions about matters subject to significant uncertainty, if different estimates could reasonably have been used, or if changes in the estimate that would have a material impact on the Company’s financial position or results of operations are reasonably likely to occur from period to period. Management believes that the accounting estimates applied are appropriate and the resulting balances are reasonable. However, actual results could differ from the original estimates requiring adjustments to these balances in future periods. Management believes that the following are the significant accounting estimates and judgements used in the preparation of the consolidated financial statements: Carrying amounts of vessels The Company evaluates the carrying amounts of the vessels (including newbuildings) to determine if events have occurred that would require a modification of their carrying amounts. The valuation of vessels is reviewed based on events and changes in circumstances that would indicate that the carrying amount of the assets might not be recoverable. In assessing the recoverability of the vessels, the Company reviews certain indicators of potential impairment such as reported sale and purchase prices, market demand and general market conditions. Furthermore, market valuations from leading, independent and internationally recognized shipbrokers are obtained on a quarterly basis as part of the review for potential impairment indicators. If an indication of impairment is identified, the need for recognizing an impairment loss is assessed by comparing the carrying amount of the vessels to the higher of the fair value less costs to sell and the value in use. The review for potential impairment indicators and projection of future discounted cash flows related to the vessels is complex and requires the Company to make various estimates including future freight rates, utilization, earnings from the vessels, future operating expenses- and capital expenditure including dry-dock costs - and discount rates. For more information on key assumptions and related sensitivities, please refer to note 7 in these financial statements. All these factors have been historically volatile. The carrying amounts of TORM’s vessels may not represent their fair market value at any point in time, as market prices of second-hand vessels to a certain degree tend to fluctuate with changes in freight rates and the cost of newbuildings. However, if the estimated future cash flow or related assumptions in the future experience change, an impairment write-down or reversal of impairment may be required.

STAFF COSTS (Tables)

STAFF COSTS (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Staff Cost [Abstract]
Schedule of staff costs and average number of employees	USDm 2018 2017 2016 Total staff costs Staff costs included in operating expenses 9.3 9.2 9.9 Staff costs included in administrative expenses 36.9 34.6 31.0 Total 46.2 43.8 40.9 Staff costs comprise the following Wages and salaries 38.1 36.4 32.3 Share-based compensation 2.1 1.9 2.0 Pension costs 3.3 3.1 3.6 Other social security costs 0.6 0.3 0.4 Other staff costs 2.1 2.1 2.6 Total 46.2 43.8 40.9 Average number of permanent employees Seafarers 111.7 130.6 137.0 Land-based 302.2 286.6 269.1 Total 413.9 417.2 406.1
Schedule of termination benefits by title of individual	USD '000 2018 2017 2016 Non-Executive Board and Committee Remuneration, short term Christopher H. Boehringer 276 290 237 David Weinstein 182 174 131 Torben Janholt 171 174 132 Göran Trapp 171 174 158 Total 800 812 658
Schedule of key management personnel compensation	USD '000 Salary Taxable Annual Total Executive Management Remuneration Jacob Meldgaard 2016, TORM A/S - restated 1) 834 41 559 1,434 2016, TORM plc 1) 39 - - 39 2017, TORM A/S 1) 923 42 580 1,545 2017, TORM plc 1) 81 - - 81 2018, TORM A/S 1) 983 44 425 1,452 2018, TORM plc 1) 80 - - 80 1) Paid by legal entity as noted.
Schedule of staff costs	RSU LTIP 1) Exercise RSU grant value LTIP element of Jacob Meldgaard's remuneration package 2018: Jacob Meldgaard 766,035 DKK 53.7 USD 0.9m 1) The LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 10 of 25 April 2018. Therefore there is no minimum or maximum for 2018.
Schedule of reconciliation number of other equity instruments	Number of shares (1,000) 2018 2017 2016 Outstanding as of 1 January 2,611.2 1,999.8 - Granted during the period 907.3 866.6 2,127.4 Exercised during the period - - - Expired during the period -764.0 -233.9 - Forfeited during the period -35.4 -21.3 -127.6 Outstanding as of 31 December 2,719.1 2,611.2 1,999.8 Exercisable as of 31 December 255.3 255.3 538.9

REMUNERATION TO AUDITORS APPO_2

REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING (Tables)	12 Months Ended
	Dec. 31, 2018
Auditor's remuneration [abstract]
Schedule of auditor remuneration	USDm 2018 2017 2016 Audit fees Fees payable to the Company's auditor for the audit of the Company's annual accounts 0.4 0.4 0.4 Audit of the Company's subsidiaries pursuant to legislation 0.2 0.2 0.1 Total audit fees 0.6 0.6 0.5 Non-audit fees Audit-related services 0.2 0.4 0.6 Tax services 0.0 - 0.3 Other services 0.0 - 0.1 Total non-audit fees 0.2 0.4 1.0 Total 0.8 1.0 1.5

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about intangible assets [abstract]
Schedule of reconciliation of changes in intangible assets and goodwill	USDm 2018 2017 2016 Goodwill Cost: Balance as of 1 January 11.4 11.4 11.4 Additions during the year - - - Balance as of 31 December 11.4 11.4 11.4 Impairment losses: Balance as of 1 January -11.4 -11.4 - Impairment losses for the year - - -11.4 Balance as of 31 December -11.4 -11.4 -11.4 Carrying amount as of 31 December - - -

TANGIBLE FIXED ASSETS (Tables)

TANGIBLE FIXED ASSETS (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [abstract]
Schedule of tangible fixed assets	USDm 2018 2017 2016 Vessels and capitalized dry-docking Cost: Balance as of 1 January 1,726.6 1,697.4 1,567.5 Additions 162.7 103.1 40.8 Disposals -30.2 -14.3 -16.3 Transferred to/from other items 81.8 - 105.4 Transferred to assets held-for-sale -54.6 -59.6 - Balance as of 31 December 1,886.3 1,726.6 1,697.4 Depreciation: Balance as of 1 January 264.8 180.0 75.5 Disposals -30.2 -14.3 -15.9 Depreciation for the year 113.4 113.6 120.4 Transferred to assets held-for-sale -20.4 -14.5 - Balance as of 31 December 327.6 264.8 180.0 Impairment: Balance as of 1 January 167.3 173.6 - Impairment losses on tangible fixed assets 3.2 3.6 173.6 Transferred to assets held-for-sale -8.4 -9.9 - Balance as of 31 December 162.1 167.3 173.6 Carrying amount as of 31 December 1,396.6 1,294.5 1,343.8 Of which finance leases as of 31 December 26.5 28.6 12.4 USDm 2018 2017 2016 Prepayments on vessels Cost: Balance as of 1 January 88.4 44.1 72.6 Additions 38.9 44.3 76.9 Transferred to/from other items -81.8 - -105.4 Balance as of 31 December 45.5 88.4 44.1 Carrying amount as of 31 December 45.5 88.4 44.1 USDm 2018 2017 2016 Other plant and operating equipment Cost: Balance as of 1 January 3.6 2.7 3.2 Additions 2.2 1.0 1.1 Disposals - -0.1 -1.6 Balance as of 31 December 5.8 3.6 2.7 Depreciation: Balance as of 1 January 1.7 0.9 0.7 Disposals - -0.1 -1.6 Depreciations for the year 1.1 0.9 1.8 Balance as of 31 December 2.8 1.7 0.9 Carrying amount as of 31 December 3.0 1.9 1.8 Of which finance leases as of 31 December - - -

FINANCIAL ITEMS (Tables)

FINANCIAL ITEMS (Tables)	12 Months Ended
	Dec. 31, 2018
Financial Items [Abstract]
Schedule of finance income costs	USDm 2018 2017 2016 Financial income Interest income from cash and cash equivalents ¹ ⁾ 2.7 1.6 0.2 Exchange rate adjustments, including gain from forward exchange rate contracts 0.6 2.7 2.6 Total 3.3 4.3 2.8 Financial expenses Interest expenses on mortgage and bank debt ¹ ⁾ 35.7 33.3 29.6 Exchange rate adjustments, including loss from forward exchange rate contracts 0.1 3.2 2.5 Commitment fee 2.6 2.4 1.6 Other financial expenses 0.9 1.7 3.6 Total 39.3 40.6 37.3 Total financial items -36.0 -36.3 -34.5 1)

FREIGHT RECEIVABLES (Tables)

FREIGHT RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2018
Freight Receivables [Abstract]
Schedule of individually determined to be impaired to a value	USDm 2018 2017 2016 Analysis as of 31 December of freight receivables: Gross freight receivables: Neither past due nor impaired 44.0 25.5 28.7 Past due not impaired: Due < 30 days 18.8 26.0 13.0 Due between 30 and 180 days 20.5 18.4 18.7 Past due and impaired: Due > 180 days 4.4 2.7 4.7 Total gross 87.7 72.6 65.1 Provision for impairment of freight receivables* 1.7 1.3 2.6 Total net 86.0 71.3 62.5 * All provisions are related to "Past due and impaired" freight receivables.
Schedule of movment in provisions for impairment of freight receivables	USDm 2018 2017 2016 Provisions for impairment of Freight receivables Balance as of 1 January 1.3 2.6 1.7 Provisions for the year 1.7 0.6 1.9 Provisions reversed during the year -1.0 -1.9 -1.0 Provisions utilized during the year -0.3 - - Balance as of 31 December 1.7 1.3 2.6

OTHER RECEIVABLES (Tables)

OTHER RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2018
Trade and other receivables [abstract]
Schedule of other current receivables	USDm 2018 2017 Derivative financial instruments 3.7 7.6 Tax receivables 1.2 1.3 Other 2.6 2.9 Balance as of 31 December 7.5 11.8

TAX (Tables)

TAX (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Income Tax [Abstract]
Schedule of income tax	USDm 2018 2017 2016 Tax for the year Current tax for the year 1.6 1.0 1.2 Adjustments related to previous years -0.1 -0.1 -0.3 Adjustment of deferred tax liability 0.1 -0.1 -0.1 Total 1.6 0.8 0.8
Schedule of deferred taxes	USDm 2018 2017 2016 Deferred tax liability Balance as of 1 January 44.9 45.0 45.1 Deferred tax for the year 0.1 -0.1 -0.1 Adjustments related to previous years -0.1 - - Balance as of 31 December 44.9 44.9 45.0

COMMON SHARES AND TREASURY SH_2

COMMON SHARES AND TREASURY SHARES (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of classes of share capital [abstract]
Schedule of purposes due to the corporate reorganization, the common shares	Common shares 2018 2017 2016 Number of Number of Number of A-shares 74,218,846 62,298,846 62,298,846 B-shares 1 1 1 C-shares 1 1 1 Total 74,218,848 62,298,848 62,298,848
Schedule of treasury share transactions	Treasury shares 2018 2017 2016 Number of shares ('000) Balance as of 1 January 312.9 312.9 15.3 Additions - - 312.9 Cancellations - - -15.3 Disposals - - - Balance as of 31 December 312.9 312.9 312.9 Treasury shares - continued 2018 2017 2016 Nominal value USD '000 Balance as of 1 January 3.1 3.1 0.2 Additions - - 3.1 Cancellations - - -0.2 Disposals - - - Balance as of 31 December 3.1 3.1 3.1 Percentage of share capital Balance as of 1 January 0.5 % 0.5 % 0.2 % Additions - - 0.5 % Cancellations - - -0.2 % Disposals - - - Dilution, due to capital increases -0.1 % - - Balance as of 31 December 0.4 % 0.5 % 0.5 %

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Other Liabilities [Abstract]
Schedule of other liabilities	USDm 2018 2017 Partners and commercial managements 1.2 1.4 Accrued operating expenses 9.1 8.5 Accrued interest 4.6 5.2 Wages and social expenses 16.1 16.3 Derivative financial instruments 3.4 - Payables to joint ventures 0.1 0.1 Other 2.0 2.3 Balance as of 31 December 36.5 33.8

EFFECTIVE INTEREST RATE, OUTS_2

EFFECTIVE INTEREST RATE, OUTSTANDING MORTGAGE DEBT AND BANK LOANS (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Effective Interest Rate, Outstanding Mortgage Debt And Bank Loans [Abstract]
Schedule of effective interest rate, outstanding mortgage debt and bank loans	2018 2017 2016 USDm Fixed/ Maturity Effective 1) Carrying 2) Maturity Effective 1) Carrying 2) Maturity Effective 1) Carrying 2) LOAN DSF Facility 1 (USD) Floating 2021 5.6 % 64.1 2021 5.4 % 74.2 2019 4.6 % 109.4 TFA Facility 1 (USD) Floating 2021 6.0 % 331.3 2021 5.0 % 400.8 2021 4.6 % 470.0 DSF Facility 2 (USD) Floating 2021 5.6 % 52.4 2021 5.0 % 56.5 2021 4.6 % 62.2 DSF Facility 3 (USD) Floating 2022 5.6 % 24.3 2022 5.1 % 26.8 2022 4.8 % 30.0 TFA Facility 2 (USD) Floating 2022 5.4 % 103.7 2022 5.4 % 115.0 N/A N/A - ING (USD) Floating 2024 4.6 % 42.0 2024 4.6 % 45.8 N/A N/A - CEXIM Floating 2030 5.3 % 111.7 N/A N/A - N/A N/A - Weighted average effective interest rate 5.6 % 5.1 % 4.6 % Carrying value 729.5 719.1 671.6 Hereof non-current 2) 637.3 633.1 595.7 Hereof current 2) 92.2 86.0 75.9 1) Effective interest rate includes deferred and amortized bank fees. 2) The carrying value of the Group's mortgage debt and bank loans is, because of floating interest rate, approximate to fair value. The carrying value are excluding amortized bank fees recognized in the balance sheet.

CONTRACTUAL OBLIGATIONS (Tables

CONTRACTUAL OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Contractual Commitments [Abstract]
Schedule of contractual obligations	USDm 2019 2020 2021 2022 2023 Thereafter Total Mortgage debt and bank loans 1) 92.2 87.6 343.4 96.9 10.0 99.4 729.5 Interest payments related to scheduled interest fixing 21.9 19.4 16.0 7.7 6.2 9.7 80.9 Estimated variable interest payments 2) 11.2 10.5 8.8 0.2 -0.6 8.7 38.8 Finance lease liabilities 3.2 3.4 3.7 15.0 - - 25.3 Interest element regarding finance lease 2.0 1.7 1.4 0.3 - - 5.4 Newbuilding instalments 3) 232.4 25.6 - - - - 258.0 Committed scrubber installations 22.6 - - - - - 22.6 Other operating leases 4) 2.8 1.2 0.9 0.9 0.4 - 6.2 Trade payables and other obligations 59.3 - - - - - 59.3 Total 447.6 149.4 374.2 121.0 16.0 117.8 1,226.0 1) The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 5.1m (2017: USD 4.8m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 1.1m (2017: USD 3.5m). 2) Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments. 3) As of 31 December 2018, TORM had nine contracted newbuildings (2017: ten) to be delivered during 2019-2020. 4) Other operating leases primarily consist of contracts regarding office spaces, cars and apartments as well as IT-related contracts. The leasing expense for 2018 amounts to USD 2.5m (2017: USD 2.3m) and is recognized under "Administrative expenses".
Schedule of reconciliation of liabilities arising from financing activities	Cash Non-cash USDm Opening Borrowings Repayments Changes in fair Other changes End balance as Mortgage debt 720.9 114.5 -110.8 - -0.3 724.3 Financial lease 28.2 - -2.9 - - 25.3 Total 749.1 114.5 -113.7 - -0.3 749.6
Schedule of contractual rights	USDm 2019 2020 2021 2022 2023 Thereafter Total Contractual rights - as lessor: Charter hire income for vessels 6) 21.5 11.3 0.8 - - - 33.6 Total 21.5 11.3 0.8 - - - 33.6 6) Charter hire income for vessels on time charter and bareboat charter is recognized under "Revenue". The average period until redelivery of the vessels for the period ended 31 December 2018 is 0.8 year (2017: 1.1 years).

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Derivative Financial Instruments Explanatory [Abstract]
Schedule of disclosure of derivative financial instruments	USDm 2018 2017 Fair value of derivatives: Derivative financial instruments regarding freight and bunkers: Forward freight agreements 0.5 -0.2 Bunker swaps -1.2 0.8 Derivative financial instruments regarding interest and currency exchange rate: Forward exchange contracts -1.8 1.8 Interest rate swaps 2.8 5.1 Fair value of derivatives as of 31 December 0.3 7.5 USDm Financial Financial 2018 Offsetting financial assets and financial liabilities: Gross amount 7.1 -6.8 Offsetting amount -3.4 3.4 Net amount presented in the statement of financial position 3.7 -3.4 USDm Financial Financial 2017 Offsetting of financial assets and financial liabilities: Gross amount 8.2 -0.4 Offsetting amount -0.9 0.6 Net amount presented in the statement of financial position 7.3 0.2
Schedule of realized amounts and fair value adjustments for derivative financial instruments	Income statement Equity USDm Revenue Port expenses, Financial items Operating Administrative Hedging 2018 Forward freight agreements -2.1 - - - - 0.9 Bunker swaps - 1.1 - - - -2.0 Forward exchange contracts - - - 0.1 0.2 -2.4 Interest rate swaps - - 1.0 - - -3.6 Total -2.1 1.1 1.0 0.1 0.2 -7.1 2017 Forward freight agreements 0.5 - - - - -0.3 Bunker swaps - 1.2 - - - - Forward exchange contracts - - - 0.3 0.2 4.4 Interest rate swaps - - -3.4 - - 2.7 Total 0.5 1.2 -3.4 0.3 0.2 6.8 2016 Forward freight agreements -0.1 - - - - -0.2 Bunker swaps - 0.0 - - - 1.0 Forward exchange contracts - - - 0.6 0.4 -3.4 Interest rate swaps - - -2.8 - - 1.6 Total -0.1 0.0 -2.8 0.6 0.4 -1.0

RISKS ASSOCIATED WITH TORM'S _2

RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Risks Associated With Entities Activities [Abstract]
Schedule of sensitivity analysis for changes in freight rates	USDm 2019 2018 2017 Decrease in freight rates of USD/day 1,000: Changes in profit before tax, as of 31 December -25.3 -24.1 -25.0 Changes in equity, as of 31 December -25.3 -24.1 -25.0
Schedule of sensitivity analysis, impact of 10 percent per ton increase in bunker prices	USDm 2019 2018 2017 Increase in the bunker prices of 10% per ton: Changes in profit before tax, as of 31 December -20.7 -18.3 -15.6 Changes in equity, as of 31 December -20.7 -18.3 -15.6
Schedule of sensitivity analysis, impact of 10 percent change in exchange rate	USDm 2019 2018 2017 Effect of a 10% increase of DKK and EUR: Changes in profit before tax, as of 31 December -2.1 -2.5 -1.7 Changes in equity, as of 31 December -2.1 -2.5 -1.7
Schedule of sensitivity analysis, impact of 1 percent point increase in interest rate	USDm 2019 2018 2017 Effect of a 1% point increase in interest rates: Changes in profit before tax, as of 31 December -2.4 -3.2 -2.5 Changes in equity, as of 31 December 8.0 3.6 6.8

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Abstract]
Schedule of fair value measurement of assets and liabilities	Categories of financial assets and liabilities (USDm) Quoted Observable Unobservable Fair value Amortized cost Carrying value 2018: Loans and receivables Freight receivables 1) - - - - 86.0 86.0 Other receivables - 3.7 - 3.7 3.8 7.5 Cash and cash equivalents 1) - - - - 127.4 127.4 Total - 3.7 - 3.7 217.2 220.9 Financial liabilities Mortgage debt and bank loans 2) - - - - 724.3 724.3 Finance lease liabilities 1) - - - - 25.3 25.3 Trade payables 1) - - - - 35.1 35.1 Other liabilities 1) - 3.4 - 3.4 33.1 36.5 Total - 3.4 - 3.4 817.8 821.2 2017: Loans and receivables Freight receivables 1) - - - - 71.3 71.3 Other receivables - 7.6 - 7.6 4.2 11.8 Cash and cash equivalents 1) - - - - 134.2 134.2 Total - 7.6 - 7.6 209.7 217.3 Financial liabilities Mortgage debt and bank loans 2) - - - - 720.9 720.9 Finance lease liabilities 1) - - - - 28.2 28.2 Trade payables 1) - - - - 26.2 26.2 Other liabilities 1) - -0.2 - -0.2 34.0 33.8 Total - -0.2 - -0.2 809.3 809.1 1) 2)

CASH FLOWS (Tables)

CASH FLOWS (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Cash Flow Statement [Abstract]
Schedule of cash flow statement	USDm 2018 2017 2016 Reversal of other non-cash movements: Amortization of acquired assets and liabilities - - -0.1 Exchange rate adjustments 2.0 1.8 -2.4 Share-based payments - 1.9 2.0 Equity transactions expensed in relation to the Corporate Reorganization - - -6.4 Other adjustments - - -0.2 Total 2.0 3.7 -7.1 USDm 2018 2017 2016 Change in bunkers, receivables and payables: Change in bunkers -6.2 -1.6 -6.1 Change in receivables -10.4 -12.4 18.2 Change in prepayments 1.5 -1.4 2.7 Change in trade payables and other liabilities 11.7 -1.6 -2.6 Other changes -2.2 -2.9 -2.9 Adjusted for fair value changes of derivative financial instruments -7.1 6.9 -1.0 Total -12.7 -13.0 8.3

ENTITIES IN THE GROUP (Tables)

ENTITIES IN THE GROUP (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of information about consolidated structured entities [abstract]
Schedule of of subsidiaries	Entity Country TORM plc United Kingdom Entity Country Ownership 7) TORM A/S Denmark 100 % DK Vessel HoldCo GP ApS Denmark 100 % DK Vessel HoldCo K/S Denmark 100 % OCM (Gibraltar) Njord Midco Ltd. Gibraltar 100 % OCM Njord Chartering Inc. Marshall Islands 100 % OCM Singapore Njord Holdings Agnes, Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Alice, Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings Almena, Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings Amalie, Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Aslaug, Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Hardrada, Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings St.Michaelis Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings St. Gabriel Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings Harald Pte. Ltd 4) Singapore 100 % OCM Singapore Njord Holdings Gorm Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Knut Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Valdemar Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Agnete, Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings Alexandra, Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings Anabel, Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Arawa Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Leif Pte. Ltd 5) Singapore 100 % OCM Singapore Njord Holdings Rolf Pte. Ltd 4) Singapore 100 % Entity Country Ownership 7) OCM Holdings Mrs Inc. Marshall Islands 100 % OCM Njord Anne Inc. 6) Marshall Islands 100 % OCM Njord Freya Inc. 6) Marshall Islands 100 % OCM Njord Gerd Inc. 6) Marshall Islands 100 % OCM Njord Gertrud Inc. 6) Marshall Islands 100 % OCM Njord Gunhild Inc. 6) Marshall Islands 100 % OCM Njord Helene Inc. 6) Marshall Islands 100 % OCM Njord Helvig Inc. 6) Marshall Islands 100 % OCM Njord Ingeborg Inc. 6) Marshall Islands 100 % OCM Njord Mary Inc. 6) Marshall Islands 100 % OCM Njord Ragnhild Inc. 6) Marshall Islands 100 % OCM Njord Thyra Inc. 6) Marshall Islands 100 % OCM Njord Valborg Inc. 6) Marshall Islands 100 % OCM Njord Vita Inc. 6) Marshall Islands 100 % OMI Holding Ltd. 5) Mauritius 100 % Torghatten & TORM Shipowning ApS 4) Denmark 100 % TORM Crewing Service Ltd. Bermuda 100 % TORM Shipping India Private Limited India 100 % TORM Singapore Pte. Ltd. Singapore 100 % TORM USA LLC USA 100 % TT Shipowning K/S 4) Denmark 100 % VesselCo 1 K/S Denmark 100 % VesselCo 3 K/S Denmark 100 % Entity Country Ownership 7) VesselCo 5 K/S 2) Denmark 100 % VesselCo 6 K/S 3) Denmark 100 % VesselCo 6 Pte. Ltd. Singapore 100 % VesselCo 7 Pte. Ltd. Singapore 100 % VesselCo 8 Pte. Ltd. Singapore 100 % VesselCo 9 Pte. Ltd. 1) Singapore 100 % VesselCo 10 Pte. Ltd. 1) Singapore 100 % VesselCo 11 Pte. Ltd. 1) Singapore 100 % VesselCo 12 Pte. Ltd. 2) Singapore 100 % TORM SHIPPING (PHILS.), INC. Philippines 25 % VesselCo A ApS Denmark 100 % VesselCo C ApS Denmark 100 % VesselCo E ApS 2) Denmark 100 % VesselCo F ApS 3) Denmark 100 % 1) Entities added in the financial year ended 31 December 2016. 2) Entities added in the financial year ended 31 December 2017. 3) Entities added in the financial year ended 31 December 2018. 4) Entities dissolved in the financial year ended 31 December 2016. 5) Entities dissolved in the financial year ended 31 December 2017. 6) Entities dissolved in the financial year ended 31 December 2018. 7) For all subsidiaries, ownership and voting rights are the same except for TORM SHIPPING (PHILS.), INC where voting rights are 100%. 8) All subsidiaries are consolidated in full.
Schedule of registered addresses	Denmark India Philippines Singapore Tuborg Havnevej 18, 2nd Floor 7th Floor 6 Battery Road #27-02 DK-2900 Hellerup Leela Business Park Salcedo Towers, 169 Singapore 049909 Denmark Andheri-Kurla Road HV dela Costa Street Singapore Andheri (E) Salcedo Village, Mumbai 400059 Makati City India Philippines 1227 United Kingdom USA Marshall Islands Mauritius Birchin Court Suite 710 c/o The Trust c/o Temple Corporate 20 Birchin Lane 2500 City West Company of Services London, EC3V 9DU Boulevard Marshall Islands, Inc. Temple Court 2, United Kingdom 77042, Houston, Texas P.O. Box 2095 Labourdonnais Street USA Reston VA 20195-0095 Port Louis USA Mauritius Bermuda Gibraltar Hong Kong c/o Estera Services 57/63 Line Wall Road Room A, 7/F (Bermuda Limited) GX11 1AA China Overseas Bldg. Canon's Court Gibraltar 139 Hennessy Road 22 Victoria Street Wanchai PO Box 1624 Hong Kong Hamilton HM GX Bermuda
Schedule of joint ventures	2018 Entity Country % Control Profit and Other compre- Total compre- Long Range 2 A/S Denmark 50 % - - - LR2 Management K/S Denmark 50 % - - - Marine Exhaust Technology Ltd. Hong Kong 28 % - - -

EARNINGS PER SHARE AND DIVIDE_2

EARNINGS PER SHARE AND DIVIDEND PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Earnings Per Share And Dividend Per Share [Abstract]
Schedule of earnings per share	2018 2017 2016 EARNINGS PER SHARE Net profit/(loss) for the year (USDm) -34.8 2.4 -142.5 Million shares Weighted average number of shares 73.4 62.3 63.1 Weighted average number of treasury shares -0.3 -0.3 -0.2 Weighted average number of shares outstanding 73.1 62.0 62.9 Dilutive effect of outstanding share options - - - Weighted average number of shares outstanding incl. dilutive effect of share options 73.1 62.0 62.9 Basic earnings/(loss) per share (USD) -0.48 0.04 -2.27 Diluted earnings/(loss) per share (USD) -0.48 0.04 -2.27
Schedule of dividend per share	2018 2017 2016 DIVIDEND PER SHARE Dividend for the year (USDm) - 1.2 25.0 Number of shares, end of period (million) 74.2 62.3 62.3 Dividend per share - 0.02 0.40

ACCOUNTING POLICIES, CRITICAL_3

ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Detail Textuals) - TORM A/S $ in Millions	Apr. 15, 2016USD ($)ratio
Disclosure Of Business Overview [Line Items]
Percentage of shares exchanged	97.60%
Percentage of remaining shares acquired	2.40%
Total cash consideration | $	$ 19.2
Ratio of warrants exchanged | ratio	1

ACCOUNTING POLICIES, CRITICAL_4

ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Detail Textuals 1) $ in Thousands	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)Segment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jan. 31, 2018USD ($)	Dec. 31, 2015USD ($)
Disclosure Of Accounting Policy [Line Items]
Cash and cash equivalents		$ 124,088	$ 132,948	$ 74,118		$ 167,993
Net debt		627,000
Raised equity		847,211	791,050	780,578		$ 975,976
Undrawn debt		$ 406,000
Net interest-bearing debt loan-to-value ratio		53.00%
Administrative expenses		$ 47,826	45,007	41,406
Financial expenses		$ 39,345	$ 40,601	$ 37,333
Number of geographical segment | Segment		1
Demurrage revenue claim percentage		95.00%
Average period of receiving demurrage payment		100 days
Major ordinary share transactions
Disclosure Of Accounting Policy [Line Items]
Raised equity					$ 900
Asset And Leasing Liability	$ 11,400
Administrative expenses	2,600
Financial expenses	300
Financial interest	$ 2,900

ACCOUNTING POLICIES, CRITICAL_5

ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Detail Textuals 2)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Accounting Policy [Line Items]
Depreciation method	straight-line basis
Minimum percentage of difference to recognize new financial liability	10.00%
Dry Docking period	every 24 and 60 months
Ships
Disclosure Of Accounting Policy [Line Items]
Estimated useful lives	25 years
IT equipment
Disclosure Of Accounting Policy [Line Items]
Estimated useful lives	3-5 years
Software
Disclosure Of Accounting Policy [Line Items]
Estimated useful lives	3-5 years
Other equipment
Disclosure Of Accounting Policy [Line Items]
Estimated useful lives	3-5 years

LIQUIDITY, CAPITAL RESOURCES _2

LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS (Detail textuals) $ in Millions		12 Months Ended
		Dec. 31, 2018USD ($)Newbuilding	Dec. 31, 2017USD ($)Newbuilding	Dec. 31, 2016USD ($)Newbuilding
Liquidity And Capital Resources [Line Items]
Cash position		$ 127	$ 134	$ 76
Undrawan credit facilities		$ 406
Newbuildings on order for delivery | Newbuilding		9	10	4
Total outstanding CAPEX related to newbuildings		$ 258	$ 307	$ 149
Value of borrowings	[1]	729.5	719.1	671.6
Scheduled minimum payments on mortgage debt and bank loans in 2018		92
Credit facility
Liquidity And Capital Resources [Line Items]
Undrawan credit facilities		279	$ 271	$ 190
Working capital facility
Liquidity And Capital Resources [Line Items]
Undrawan credit facilities		75
Term facility I
Liquidity And Capital Resources [Line Items]
Value of borrowings		331
Term facility II
Liquidity And Capital Resources [Line Items]
Value of borrowings		104
Bilateral borrowing facility | ABN AMRO Bank
Liquidity And Capital Resources [Line Items]
Undrawan credit facilities		70
Bilateral borrowing facility | Danish ship finance
Liquidity And Capital Resources [Line Items]
Undrawan credit facilities		46
Bilateral loan agreements | China export import Bank
Liquidity And Capital Resources [Line Items]
Value of borrowings		112
Bilateral loan agreements | Danish ship finance
Liquidity And Capital Resources [Line Items]
Value of borrowings		141
Total balloon payments		72
Bilateral loan agreements | ING
Liquidity And Capital Resources [Line Items]
Value of borrowings		$ 42
[1]	The carrying value of the Group's mortgage debt and bank loans is, because of floating interest rate, approximate to fair value. The carrying value are excluding amortized bank fees recognized in the balance sheet.

LIQUIDITY, CAPITAL RESOURCES _3

LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS (Detail Textuals 1) - USD ($) $ in Millions	Jan. 04, 2019	Jan. 19, 2019
Classification of assets as held for sale
Disclosure of non-adjusting events after reporting period [line items]
Net loss from sale of vessels	$ (1.1)
Major ordinary share transactions
Disclosure of non-adjusting events after reporting period [line items]
Net loss from sale of vessels		$ 1.6

STAFF COSTS (Details)

STAFF COSTS (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)Employees	Dec. 31, 2017USD ($)Employees	Dec. 31, 2016USD ($)Employees
Total staff costs
Staff costs	$ 46.2	$ 43.8	$ 40.9
Staff costs comprise the following
Wages and salaries	38.1	36.4	32.3
Share-based compensation	2.1	1.9	2
Pension costs	3.3	3.1	3.6
Other social security costs	0.6	0.3	0.4
Other staff costs	2.1	2.1	2.6
Total	$ 46.2	$ 43.8	$ 40.9
Average number of permanent employees
Seafarers | Employees	111.7	130.6	137
Land-based | Employees	302.2	286.6	269.1
Total | Employees	413.9	417.2	406.1
Operating expenses
Total staff costs
Staff costs	$ 9.3	$ 9.2	$ 9.9
Staff costs comprise the following
Total	9.3	9.2	9.9
Administrative expenses
Total staff costs
Staff costs	36.9	34.6	31
Staff costs comprise the following
Total	$ 36.9	$ 34.6	$ 31

STAFF COSTS (Details 1)

STAFF COSTS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non-Executive Board and Committee Remuneration, Short term
Total	$ 800	$ 812	$ 658
Christopher H. Boehringer
Non-Executive Board and Committee Remuneration, Short term
Total	276	290	237
David Weinstein
Non-Executive Board and Committee Remuneration, Short term
Total	182	174	131
Torben Janholt
Non-Executive Board and Committee Remuneration, Short term
Total	171	174	132
Goran Trapp
Non-Executive Board and Committee Remuneration, Short term
Total	$ 171	$ 174	$ 158

STAFF COSTS (Details 2)

STAFF COSTS (Details 2) $ in Thousands		12 Months Ended
		Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2016DKK (kr)
Disclosure Of Employee Benefits [Line Items]
Salary		$ 38,100	$ 36,400	$ 32,300
Annual performance bonus				559	kr 3,758,700
Jacob Meldgaard
Disclosure Of Employee Benefits [Line Items]
Salary	[1]	80	81	39
Taxable benefits	[1]	0	0	0
Annual performance bonus	[1]	0	0	0
Total	[1]	80	81	39
Jacob Meldgaard | TORM A/S
Disclosure Of Employee Benefits [Line Items]
Salary	[1]	983	923	834
Taxable benefits	[1]	44	42	41
Annual performance bonus	[1]	425	580	559
Total	[1]	$ 1,452	$ 1,545	$ 1,434
[1]	Paid by legal entity as noted.

STAFF COSTS - Parentheticals (D

STAFF COSTS - Parentheticals (Details 2) - 12 months ended Dec. 31, 2016 $ in Thousands	USD ($)	DKK (kr)
Disclosure Of Employee Benefits [Abstract]
Annual performance bonus	$ 559	kr 3,758,700

STAFF COSTS (Details 3)

STAFF COSTS (Details 3) $ in Millions		12 Months Ended
		Dec. 31, 2018USD ($)Share	Dec. 31, 2018kr / shares	Dec. 31, 2017Share	Dec. 31, 2016Share
Disclosure of terms and conditions of share-based payment arrangement [line items]
RSU LTIP grant		944,468
Long term incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
RSU LTIP grant		907,300		866,600	2,127,400
Long term incentive plan | Jacob Meldgaard
Disclosure of terms and conditions of share-based payment arrangement [line items]
RSU LTIP grant	[1]	766,035
Exercise price per share | kr / shares			kr 53.7
RSU grant value assuming 100% vesting | $		$ 0.9
[1]	The LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 10 of 25 April 2018. Therefore there is no minimum or maximum for 2018.

STAFF COSTS (Details 4)

STAFF COSTS (Details 4) - Share	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted during the period	944,468
Long term incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding 1 January	2,611,200	1,999,800	0
Granted during the period	907,300	866,600	2,127,400
Exercised during the period	0	0	0
Expired during the period	(764,000)	(233,900)	0
Forfeited during the period	(35,400)	(21,300)	(127,600)
Outstanding 31 December	2,719,100	2,611,200	1,999,800
Exercisable 31 December	255.3	255.3	538.9

STAFF COSTS (Detail Textuals)

STAFF COSTS (Detail Textuals)	1 Months Ended	12 Months Ended
	Jan. 31, 2018Sharekr / shares	Dec. 31, 2018USD ($)Shareseafarer$ / shares	Dec. 31, 2018Sharekr / shares	Dec. 31, 2017USD ($)Shareseafarer	Dec. 31, 2017Sharekr / shares	Dec. 31, 2016USD ($)Shareseafarer	Dec. 31, 2016Sharekr / shares	Dec. 31, 2015Share
Disclosure Of Employee Benefits [Line Items]
Number of seafarers for which staff costs included in operating expenses | seafarer		112		131		137
Vesting period of RSUs granted		3 years
Number of RSUs granted		944,468
Long term incentive plan
Disclosure Of Employee Benefits [Line Items]
Number of RSUs granted		907,300		866,600		2,127,400
Number of RSUs outstanding as of date		2,719,100	2,719,100	2,611,200	2,611,200	1,999,800	1,999,800	0
Key management personnel of entity or parent
Disclosure Of Employee Benefits [Line Items]
Agreegate compensation paid | $		$ 2,186,679		$ 1,987,726		$ 1,760,420
Agrergate compensation paid for pensions | $		$ 125,959		$ 112,236		$ 95,029
Vesting period of RSUs granted				3 years
Market value of one share | kr / shares					kr 93.6
Chief executive officer | Long term incentive plan
Disclosure Of Employee Benefits [Line Items]
Vesting period of RSUs granted	5 years	3 years				5 years
Installment of RSUs vesting at each anniversary date	3 years
Number of one fifth units vested in share-based payment arrangement.				255,345
Number of RSUs granted	766,035					1,276,725
Vesting percentage of RSU grant		100.00%
Value of RSUs grant | $		$ 900,000
Market value of one share | (per share)	kr 53.7	$ 53.7	kr 49.5				kr 96.3
Vesting perid of other equity instruments exercised		360 days
Percentage of non-vested RSU		60.00%
Percentage of premium on average price to determine exercise price		15.00%

STAFF COSTS (Detail Textuals 1)

STAFF COSTS (Detail Textuals 1) - kr / shares	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period of RSUs		3 years
Key management personnel of entity or parent
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period of RSUs			3 years
Long term incentive plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of RSUs		kr 53.7
Average remaining contractual life		1 year 1 month 6 days	1 year 3 months 18 days
Long term incentive plan | Chief executive officer
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period of RSUs	5 years	3 years		5 years
Exercise period of RSUs	12 months

REMUNERATION TO AUDITORS APPO_3

REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Audit fees
Fees payable to the Company's auditor for the audit of the Company's annual accounts	$ 0.4	$ 0.4	$ 0.4
Audit of the Company's subsidiaries pursuant to legislation	0.2	0.2	0.1
Total audit fees	0.6	0.6	0.5
Non-audit fees
Audit-related services	0.2	0.4	0.6
Tax services	0	0	0.3
Other services	0	0	0.1
Total non-audit fees	0.2	0.4	1
Total	$ 0.8	$ 1	$ 1.5

REMUNERATION TO AUDITORS APPO_4

REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING (Detail Textuals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Auditor's remuneration [abstract]
Auditor's remuneration	$ 0.8	$ 1	$ 1.5
Total audit fees	0.6	0.6	0.5
Auditor's remuneration for audit services	0.2	0.4	0.6
Auditor's remuneration for tax services	0	0	0.3
Auditor's remuneration for other services	$ 0	$ 0	$ 0.1

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill at begining of period	$ 0	$ 0
Goodwill at end of period	0	0	$ 0
Gross
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill at begining of period	11,400	11,400	11,400
Additions during the year	0	0	0
Goodwill at end of period	11,400	11,400	11,400
Accumulated impairment
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill at begining of period	(11,400)	(11,400)	0
Impairment losses for the year	0	0	(11,400)
Goodwill at end of period	$ (11,400)	$ (11,400)	$ (11,400)

TANGIBLE FIXED ASSETS (Details)

TANGIBLE FIXED ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of changes in property, plant and equipment [abstract]
Balance	$ 1,384,795
Balance	1,445,022	$ 1,384,795
Prepayments On Vessels [Abstract]
Balance	88,378
Balance	45,491	88,378
Vessels and capitalized dry docking
Reconciliation of changes in property, plant and equipment [abstract]
Balance	1,294,500	1,343,800
Balance	1,396,600	1,294,500	$ 1,343,800
Prepayments On Vessels [Abstract]
Balance	88,400	44,100	72,600
Additions	38,900	44,300	76,900
Transferred to/from other items	(81,800)	0	(105,400)
Balance	45,500	88,400	44,100
Vessels and capitalized dry docking | Property, plant and equipment subject to operating leases
Reconciliation of changes in property, plant and equipment [abstract]
Balance	28,600	12,400
Balance	26,500	28,600	12,400
Vessels and capitalized dry docking | Gross
Reconciliation of changes in property, plant and equipment [abstract]
Balance	1,726,600	1,697,400	1,567,500
Additions	162,700	103,100	40,800
Disposals	(30,200)	(14,300)	(16,300)
Transferred to/from other items	81,800	0	105,400
Transferred to assets held-for-sale	(54,600)	(59,600)	0
Balance	1,886,300	1,726,600	1,697,400
Vessels and capitalized dry docking | Depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Balance	264,800	180,000	75,500
Disposals	(30,200)	(14,300)	(15,900)
Depreciation for the year	113,400	113,600	120,400
Transferred to assets held-for-sale	(20,400)	(14,500)	0
Balance	327,600	264,800	180,000
Vessels and capitalized dry docking | Accumulated impairment
Reconciliation of changes in property, plant and equipment [abstract]
Balance	167,300	173,600	0
Impairment losses on tangible fixed assets	3,200	3,600	173,600
Transferred to assets held-for-sale	(8,500)	(9,900)	0
Balance	167,300	167,300	173,600
Other property, plant and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Balance	1,900	1,800
Balance	3,000	1,900	1,800
Other property, plant and equipment | Property, plant and equipment subject to operating leases
Reconciliation of changes in property, plant and equipment [abstract]
Balance	0	0
Balance	0	0	0
Other property, plant and equipment | Gross
Reconciliation of changes in property, plant and equipment [abstract]
Balance	3,600	2,700	3,200
Additions	2,200	1,000	1,100
Disposals	0	(100)	(1,600)
Balance	5,800	3,600	2,700
Other property, plant and equipment | Depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Balance	1,700	900	700
Disposals	0	(100)	(1,600)
Depreciation for the year	1,100	900	1,800
Balance	$ 2,800	$ 1,700	$ 900

TANGIBLE FIXED ASSETS (Detail T

TANGIBLE FIXED ASSETS (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expense relates to administrative expense	$ 114,480	$ 114,451	$ 122,215
Vessels and capitalized dry docking
Disclosure of detailed information about property, plant and equipment [line items]
Capitalized dry-docking costs	67,500	68,100	80,400
Other property, plant and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expense relates to administrative expense	$ 1,100	$ 900	$ 1,800

IMPAIRMENT TESTING (Details tex

IMPAIRMENT TESTING (Details textuals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [abstract]
Projected cash flows calculation period	10 years
Impairment charge arising in current year	$ 39
Discount rate used in calculation based on a Weighted Average Cost of Capital (WACC)	8.30%	8.70%	8.80%

IMPAIRMENT TESTING (Details t_2

IMPAIRMENT TESTING (Details textuals 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Historical average spot freight rates	10-year
LR2
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Amended historical average spot rate used in per day freight rate calculation	$ 18,003	$ 17,216	$ 20,176
LR1
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Amended historical average spot rate used in per day freight rate calculation	16,907	16,445	17,124
MR
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Amended historical average spot rate used in per day freight rate calculation	15,349	15,794	15,118
Handysize
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Amended historical average spot rate used in per day freight rate calculation	$ 13,968	$ 14,416	$ 15,203

IMPAIRMENT TESTING (Details t_3

IMPAIRMENT TESTING (Details textuals 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [abstract]
Adjustment of operating expenses for inflation, percentage	2.00%	3.00%
Adjustment of administrative expenses for inflation, percentage	2.00%	2.00%
Expected to generate normal income from delivery from shipyard	25 years
Average remaining life of tanker	15 years
Increase/decrease in tanker per day freight rates	$ 1,000
Increase/decrease in value in use of freight rates	$ 256,000
Increase/decrease in WACC percentage	1.00%
Decrease/increase in value in use of WACC	USD 108-122m
Increase/decrease in operating expenses percentage	10.00%
Decrease/increase in value in use of operating expenses	$ 181,000
Difference of market value and carrying amount	39,000
Market value based on broker values of vessels	$ 1,664,000

FINANCIAL ITEMS (Details)

FINANCIAL ITEMS (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financial income
Interest income from cash and cash equivalents	[1]	$ 2,700	$ 1,600	$ 200
Exchange rate adjustments, including gain from forward exchange rate contracts		600	2,700	2,600
Total		3,302	4,255	2,814
Financial expenses
Interest expenses on mortgage and bank debt	[1]	35,700	33,300	29,600
Exchange rate adjustments, including loss from forward exchange rate contracts		100	3,200	2,500
Commitment fee		2,600	2,400	1,600
Other financial expenses		900	1,700	3,600
Total		39,345	40,601	37,333
Total financial items		$ (36,000)	$ (36,300)	$ (34,500)
[1]	Interest for financial assets and liabilities not at fair value through profit and loss.

FREIGHT RECEIVABLES (Details)

FREIGHT RECEIVABLES (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of financial assets that are either past due or impaired [line items]
Total net	$ 86	$ 71.3	$ 62.5
Gross
Disclosure of financial assets that are either past due or impaired [line items]
Total net	87.7	72.6	65.1
Provision for impairment of freight receivables
Disclosure of financial assets that are either past due or impaired [line items]
Total net	1.7	1.3	2.6	$ 1.7
Financial assets neither past due nor impaired | Gross
Disclosure of financial assets that are either past due or impaired [line items]
Total net	44	25.5	28.7
Financial assets past due but not impaired | Due before 30 days | Gross
Disclosure of financial assets that are either past due or impaired [line items]
Total net	18.8	26	13
Financial assets past due but not impaired | Due between 30 and 180 days | Gross
Disclosure of financial assets that are either past due or impaired [line items]
Total net	20.5	184	18.7
Financial assets past due and impaired | Due after 180 days | Gross
Disclosure of financial assets that are either past due or impaired [line items]
Total net	$ 4.4	$ 2.7	$ 4.7

FREIGHT RECEIVABLES (Details 1)

FREIGHT RECEIVABLES (Details 1) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of financial assets [line items]
Balance at begining of period	$ 71.3	$ 62.5
Balance at end of period	86	71.3	$ 62.5
Accumulated impairment
Disclosure of financial assets [line items]
Balance at begining of period	1.3	2.6	1.7
Provisions for the year	1.7	0.6	1.9
Provisions reversed during the year	(1)	(1.9)	(1)
Provisions utilized during the year	(0.3)	0	0
Balance at end of period	$ 1.7	$ 1.3	$ 2.6

FREIGHT RECEIVABLES (Detail Tex

FREIGHT RECEIVABLES (Detail Textual) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of financial assets that are either past due or impaired [line items]
Receivables individually determined to be impaired	$ 86	$ 71.3	$ 62.5
Accumulated impairment
Disclosure of financial assets that are either past due or impaired [line items]
Receivables individually determined to be impaired	1.7	1.3	2.6	$ 1.7
Financial assets individually assessed for credit losses | Accumulated impairment
Disclosure of financial assets that are either past due or impaired [line items]
Freight receivables included receivables	0	0	0.6
Receivables individually determined to be impaired	$ 0	$ 0	$ 0.5

OTHER RECEIVABLES (Details)

OTHER RECEIVABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Trade and other receivables [abstract]
Derivative financial instruments	$ 3,700	$ 7,600
Tax receivables	1,200	1,300
Other	2,600	2,900
Balance as of 31 December	$ 7,488	$ 11,787

TAX (Details)

TAX (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Tax for the year
Current tax for the year	$ 1,600	$ 1,000	$ 1,200
Adjustments related to previous years	(100)	(100)	(300)
Adjustment of deferred tax asset	100	(100)	(100)
Total	$ 1,558	$ 777	$ 760

TAX (Details 1)

TAX (Details 1) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred tax liability
Balance as of 1 January	$ 44.9	$ 45	$ 45.1
Addition from business combination	0.1	(0.1)	(0.1)
Deferred tax for the year	(0.1)	0	0
Balance as of 31 December	$ 44.9	$ 44.9	$ 45

TAX (Details textuals)

TAX (Details textuals)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Major components of tax expense (income) [abstract]
Effective tax rate	4.70%	24.40%	(0.60%)

COMMON SHARES & TREASURY SHARES

COMMON SHARES & TREASURY SHARES (Details) - shares	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of classes of share capital [line items]
Number of shares issued	74,218,848	62,298,848	62,298,848
Common class A shares
Disclosure of classes of share capital [line items]
Number of shares issued	74,218,846	62,298,846	62,298,846
Common class B shares
Disclosure of classes of share capital [line items]
Number of shares issued	1	1	1
Common class C shares
Disclosure of classes of share capital [line items]
Number of shares issued	1	1	1

COMMON SHARES & TREASURY SHAR_2

COMMON SHARES & TREASURY SHARES (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Common Shares & Treasury Shares [Abstract]
Balance as of 1 January	312,900	312,900	15,300
Additions	0	0	312,900
Cancellations	0	0	(15,300)
Disposals	0	0	0
Balance as of 31 December	312,900	312,900	312,900
Balance as of 1 January	$ 3,100	$ 200
Additions	0	0	$ 3,100
Cancellations	0	0	(200)
Disposals	0	0	0
Balance as of 31 December	$ 3,100	$ 3,100	$ 200
Balance as of 1 January	0.50%	0.50%	0.20%
Additions	0.00%	0.00%	0.50%
Cancellations	(0.00%)	(0.00%)	(0.20%)
Disposals	0.00%	0.00%	0.00%
Dilution, due to capital increases	(0.10%)	0.00%	0.00%
Balance as of 31 December	0.40%	0.50%	0.50%

COMMON SHARES & TREASURY SHAR_3

COMMON SHARES & TREASURY SHARES (Detail Textuals)	12 Months Ended
	Dec. 31, 2018USD ($)ShareBoard_MemberPer_shareVoteshares	Jan. 26, 2018USD ($)	Dec. 31, 2017USD ($)Per_shareshares	Dec. 31, 2016USD ($)Per_shareshares	Dec. 31, 2015shares
Common Shares & Treasury Shares [Abstract]
Share capital	$ 742,000	$ 100,000,000	$ 623,000
Share capital issued from private placement		$ 97,000,000
Number of votes in share capital | Vote	350,000,000
Maximum portion of agreegate issued and outstanding shares for holding rights as per written notification | Share	0.33
Number of days elapsed from written notice of Board of Directors receipt	5 days
Minimum number of board members confirming written notice | Board_Member	0.66
Total consideration for the treasury shares	$ 2,887,000		$ 2,887,000	$ 2,900,000
Number of treasury shares held | shares	312,900		312,900	312,900	15,300
Nominal value per treasury share | Per_share	0.01		0.01	0.01
Nominal value of treasury shares held	$ 3,100		$ 3,100	$ 200
Market value of treasury shares held	$ 2,100,000		$ 2,700,000	$ 2,800,000

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure For Other Liabilities [Abstract]
Partners and commercial managements	$ 1,200	$ 1,400
Accrued operating expenses	9,100	8,500
Accrued interest	4,600	5,200
Wages and social expenses	16,100	16,300
Derivative financial instruments	3,400	0
Payables to joint ventures	100	100
Other	2,000	2,300
Balance as of 31 December	$ 36,503	$ 33,822

EFFECTIVE INTEREST RATE, OUTS_3

EFFECTIVE INTEREST RATE, OUTSTANDING MORTGAGE DEBT AND BANK LOANS (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about borrowings [line items]
Effective interest rate	[1]	5.60%	5.10%	4.60%
Carrying value	[2]	$ 729,500	$ 719,100	$ 671,600
Hereof non-current	[2]	633,026	629,198	595,700
Hereof current	[2]	$ 92,200	$ 86,000	$ 75,900
Floating interest rate | DSF Facility 1
Disclosure of detailed information about borrowings [line items]
Fixed/floating		Floating	Floating	Floating
Maturity		2021	2021	2019
Effective interest rate	[1]	5.60%	5.40%	4.60%
Carrying value	[2]	$ 64,100	$ 74,200	$ 109,400
Floating interest rate | TFA Facility 1
Disclosure of detailed information about borrowings [line items]
Fixed/floating		Floating	Floating	Floating
Maturity		2021	2021	2021
Effective interest rate	[1]	6.00%	5.00%	4.60%
Carrying value	[2]	$ 331,300	$ 400,800	$ 470,000
Floating interest rate | DSF Facility 2
Disclosure of detailed information about borrowings [line items]
Fixed/floating		Floating	Floating	Floating
Maturity		2021	2021	2021
Effective interest rate	[1]	5.60%	5.00%	4.60%
Carrying value	[2]	$ 52,400	$ 56,500	$ 62,200
Floating interest rate | DSF Facility 3
Disclosure of detailed information about borrowings [line items]
Fixed/floating		Floating	Floating	Floating
Maturity		2022	2022	2022
Effective interest rate	[1]	5.60%	5.10%	4.80%
Carrying value	[2]	$ 24,300	$ 26,800	$ 30,000
Floating interest rate | TFA Facility 2
Disclosure of detailed information about borrowings [line items]
Fixed/floating		Floating	Floating	Floating
Maturity		2022	2022
Effective interest rate	[1]	5.40%	5.40%
Carrying value	[2]	$ 103,700	$ 115,000	$ 0
Floating interest rate | ING
Disclosure of detailed information about borrowings [line items]
Fixed/floating		Floating	Floating	Floating
Maturity		2024	2024
Effective interest rate	[1]	4.60%	4.60%
Carrying value	[2]	$ 42,000	$ 45,800	$ 0
Floating interest rate | CEXIM
Disclosure of detailed information about borrowings [line items]
Fixed/floating		Floating	Floating	Floating
Maturity		2030
Effective interest rate	[1]	5.30%
Carrying value	[2]	$ 111,700	$ 0	$ 0
[1]	Effective interest rate includes deferred and amortized bank fees.
[2]	The carrying value of the Group's mortgage debt and bank loans is, because of floating interest rate, approximate to fair value. The carrying value are excluding amortized bank fees recognized in the balance sheet.

COLLATERAL SECURITY FOR MORTG_2

COLLATERAL SECURITY FOR MORTGAGE DEBT AND BANK LOANS (Detail Textuals) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Collateral [Abstract]
Carrying amount for vessels as collateral security	$ 1,314	$ 1,259

GUARANTEE COMMITMENTS AND CON_2

GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Guarantee Commitments And Contingent Liabilities [Abstract]
Guarantee commitments of the Group to Danish Shipowners' Association	$ 0.1	$ 0.1

CONTRACTUAL OBLIGATIONS (Detail

CONTRACTUAL OBLIGATIONS (Details) $ in Thousands	Dec. 31, 2018USD ($)
Contractual Obligations [Line Items]
Mortgage debt and bank loans	$ 729,500	[1]
Interest payments related to scheduled interest fixing	80,900
Estimated variable interest payments	38,800	[2]
Finance lease liabilities	25,300
Interest element regarding finance lease	5,400
Newbuilding installments	258,000	[3]
Committed scrubber installations	22,600
Other operating leases	6,200	[4]
Trade payables and other obligations	59,300
Total	1,226,000
2019
Contractual Obligations [Line Items]
Mortgage debt and bank loans	92,200	[1]
Interest payments related to scheduled interest fixing	21,900
Estimated variable interest payments	11,200	[2]
Finance lease liabilities	3,200
Interest element regarding finance lease	2,000
Newbuilding installments	232,400	[3]
Committed scrubber installations	22,600
Other operating leases	2,800	[4]
Trade payables and other obligations	59,300
Total	447,600
2020
Contractual Obligations [Line Items]
Mortgage debt and bank loans	87,600	[1]
Interest payments related to scheduled interest fixing	19,400
Estimated variable interest payments	10,500	[2]
Finance lease liabilities	3,400
Interest element regarding finance lease	1,700
Newbuilding installments	25,600	[3]
Committed scrubber installations	0
Other operating leases	1,200	[4]
Trade payables and other obligations	0
Total	149,400
2021
Contractual Obligations [Line Items]
Mortgage debt and bank loans	343,400	[1]
Interest payments related to scheduled interest fixing	16,000
Estimated variable interest payments	8,800	[2]
Finance lease liabilities	3,700
Interest element regarding finance lease	1,400
Newbuilding installments	0	[3]
Committed scrubber installations	0
Other operating leases	900	[4]
Trade payables and other obligations	0
Total	374,200
2022
Contractual Obligations [Line Items]
Mortgage debt and bank loans	96,900	[1]
Interest payments related to scheduled interest fixing	7,700
Estimated variable interest payments	200	[2]
Finance lease liabilities	15,000
Interest element regarding finance lease	300
Newbuilding installments	0	[3]
Committed scrubber installations	0
Other operating leases	900	[4]
Trade payables and other obligations	0
Total	121,000
2023
Contractual Obligations [Line Items]
Mortgage debt and bank loans	10,000	[1]
Interest payments related to scheduled interest fixing	6,200
Estimated variable interest payments	(600)	[2]
Finance lease liabilities	0
Interest element regarding finance lease	0
Newbuilding installments	0	[3]
Committed scrubber installations	0
Other operating leases	400	[4]
Trade payables and other obligations	0
Total	16,000
Thereafter
Contractual Obligations [Line Items]
Mortgage debt and bank loans	99,400	[1]
Interest payments related to scheduled interest fixing	9,700
Estimated variable interest payments	8,700	[2]
Finance lease liabilities	0
Interest element regarding finance lease	0
Newbuilding installments	0	[3]
Committed scrubber installations	0
Other operating leases	0	[4]
Trade payables and other obligations	0
Total	$ 117,800
[1]	The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 5.1m (2017: USD 4.8m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 1.1m (2017: USD 3.5m).
[2]	Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments.
[3]	As of 31 December 2018, TORM had nine contracted newbuildings (2017: ten) to be delivered during 2019-2020.
[4]	Other operating leases primarily consist of contracts regarding office spaces, cars and apartments as well as IT-related contracts. The leasing expense for 2018 amounts to USD 2.5m (2017: USD 2.3m) and is recognized under "Administrative expenses".

CONTRACTUAL OBLIGATIONS (Deta_2

CONTRACTUAL OBLIGATIONS (Details 1) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Opening balance as of 1 January 2018	$ 749.1
Cash - Borrowings	114.5
Cash - Repayments	(113.7)
Non-Cash - Changes in fair value	0
Non-Cash - Other changes	(0.3)
End balance as of 31 December 2018	749.6
Mortgage debt
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Opening balance as of 1 January 2018	720.9
Cash - Borrowings	114.5
Cash - Repayments	(110.8)
Non-Cash - Changes in fair value	0
Non-Cash - Other changes	(0.3)
End balance as of 31 December 2018	724.3
Financial lease
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Opening balance as of 1 January 2018	28.2
Cash - Borrowings	0
Cash - Repayments	(2.9)
Non-Cash - Changes in fair value	0
Non-Cash - Other changes	0
End balance as of 31 December 2018	$ 25.3

CONTRACTUAL OBLIGATIONS (Deta_3

CONTRACTUAL OBLIGATIONS (Details 2) $ in Millions	Dec. 31, 2018USD ($)
Disclosure of finance lease and operating lease by lessor [line items]
Charter hire income for vessels	$ 33.6
2019
Disclosure of finance lease and operating lease by lessor [line items]
Charter hire income for vessels	21.5
2020
Disclosure of finance lease and operating lease by lessor [line items]
Charter hire income for vessels	11.3
2021
Disclosure of finance lease and operating lease by lessor [line items]
Charter hire income for vessels	0.8
2022
Disclosure of finance lease and operating lease by lessor [line items]
Charter hire income for vessels	0
2023
Disclosure of finance lease and operating lease by lessor [line items]
Charter hire income for vessels	0
Thereafter
Disclosure of finance lease and operating lease by lessor [line items]
Charter hire income for vessels	0
Vessel
Disclosure of finance lease and operating lease by lessor [line items]
Charter hire income for vessels	33.6	[1]
Vessel | 2019
Disclosure of finance lease and operating lease by lessor [line items]
Charter hire income for vessels	21.5	[1]
Vessel | 2020
Disclosure of finance lease and operating lease by lessor [line items]
Charter hire income for vessels	11.3	[1]
Vessel | 2021
Disclosure of finance lease and operating lease by lessor [line items]
Charter hire income for vessels	0.8	[1]
Vessel | 2022
Disclosure of finance lease and operating lease by lessor [line items]
Charter hire income for vessels	0	[1]
Vessel | 2023
Disclosure of finance lease and operating lease by lessor [line items]
Charter hire income for vessels	0	[1]
Vessel | Thereafter
Disclosure of finance lease and operating lease by lessor [line items]
Charter hire income for vessels	$ 0	[1]
[1]	Charter hire income for vessels on time charter and bareboat charter is recognized under "Revenue". The average period until redelivery of the vessels for the period ended 31 December 2018 is 0.8 year (2017: 1.1 years).

CONTRACTUAL OBLIGATIONS (Deta_4

CONTRACTUAL OBLIGATIONS (Detail Textuals) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)Newbuilding	Dec. 31, 2017USD ($)Newbuilding
Disclosure Of Contractual Commitments [Abstract]
Direct issuance costs for borrowings	$ 5.1	$ 4.8
Borrowing costs capitalized	$ 1.1	$ 3.5
Expected number of newbuildings to be delivered during 2019-2020 | Newbuilding	9	10
Other operating lease expense	$ 2.5	$ 2.3
Average period until redelivery of the vessels	9 months 18 days	1 year 1 month 6 days

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Fair value of derivatives as of 31 December	$ 0.3	$ 7.5
Forward freight agreements
Disclosure of detailed information about financial instruments [line items]
Fair value of derivatives as of 31 December	0.5	(0.2)
Bunker swaps
Disclosure of detailed information about financial instruments [line items]
Fair value of derivatives as of 31 December	(1.2)	0.8
Forward exchange contracts
Disclosure of detailed information about financial instruments [line items]
Fair value of derivatives as of 31 December	(1.8)	1.8
Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Fair value of derivatives as of 31 December	$ 2.8	$ 5.1

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Financial?assets
Gross amount	$ 7.1	$ 8.2
Offsetting amount	(3.4)	(0.9)
Net amount presented in the statement of financial position	3.7	7.3
Financial liabilities
Gross amount	(6.8)	(0.4)
Offsetting amount	3.4	0.6
Net amount presented in the statement of financial position	$ (3.4)	$ 0.2

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Hedging reserves
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in equity	$ (7.1)	$ 6.8	$ (1)
Revenue
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	(2.1)	0.5	(0.1)
Port expenses, bunkers and commissions
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	1.1	1.2	0
Financial items
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	1	(3.4)	(2.8)
Operating expenses
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0.1	0.3	0.6
Administrative expenses
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0.2	0.2	0.4
Forward freight agreements | Hedging reserves
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in equity	0.9	(0.3)	(0.2)
Forward freight agreements | Revenue
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	(2.1)	0.5	(0.1)
Forward freight agreements | Port expenses, bunkers and commissions
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0	0	0
Forward freight agreements | Financial items
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0	0	0
Forward freight agreements | Operating expenses
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0	0	0
Forward freight agreements | Administrative expenses
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0	0	0
Bunker swaps | Hedging reserves
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in equity	(2)	0	1
Bunker swaps | Revenue
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0	0	0
Bunker swaps | Port expenses, bunkers and commissions
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	1.1	1.2	0
Bunker swaps | Financial items
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0	0	0
Bunker swaps | Operating expenses
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0	0	0
Bunker swaps | Administrative expenses
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0	0	0
Forward exchange contracts | Hedging reserves
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in equity	(2.4)	4.4	(3.4)
Forward exchange contracts | Revenue
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0	0	0
Forward exchange contracts | Port expenses, bunkers and commissions
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0	0	0
Forward exchange contracts | Financial items
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0	0	0
Forward exchange contracts | Operating expenses
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0.1	0.3	0.6
Forward exchange contracts | Administrative expenses
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0.2	0.2	0.4
Interest rate swaps | Hedging reserves
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in equity	(3.6)	2.7	1.6
Interest rate swaps | Revenue
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0	0	0
Interest rate swaps | Port expenses, bunkers and commissions
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0	0	0
Interest rate swaps | Financial items
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	1	(3.4)	(2.8)
Interest rate swaps | Operating expenses
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	0	0	0
Interest rate swaps | Administrative expenses
Disclosure of detailed information about financial instruments [line items]
Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements	$ 0	$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS (Detail Textuals) kr in Millions, $ in Millions	Dec. 31, 2018USD ($)	Dec. 31, 2018DKK (kr)	Dec. 31, 2017USD ($)	Dec. 31, 2017DKK (kr)	Dec. 31, 2016USD ($)	Dec. 31, 2016DKK (kr)
Disclosure of detailed information about financial instruments [line items]
Cash collateral	$ 3.5		$ 3.8
Forward freight agreements
Disclosure of detailed information about financial instruments [line items]
Fair value of derivatives net gain (loss) of a previously fixed hedge	(2.1)		0.5		$ (0.1)
Bunker swaps
Disclosure of detailed information about financial instruments [line items]
Fair value of derivatives net gain (loss) of a previously fixed hedge	1.1		1.2		0
Forward exchange contracts
Disclosure of detailed information about financial instruments [line items]
Fair value of derivatives net gain (loss) of a previously fixed hedge	(1.8)
Notional amount | kr		kr 250		kr 257		kr 336.4
Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Fair value of derivatives net gain (loss) of a previously fixed hedge	2.8
Notional amount	$ 512.8		$ 406.4		$ 373.8

RISKS ASSOCIATED WITH TORM'S _3

RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Decrease in freight rates of USD/day 1,000:
Changes in profit before tax		$ (24.1)	$ (25)
Changes in equity		$ (24.1)	$ (25)
SENSITIVITY TO CHANGES
Decrease in freight rates of USD/day 1,000:
Changes in profit before tax	$ (25.3)
Changes in equity	$ (25.3)

RISKS ASSOCIATED WITH TORM'S _4

RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Details 1) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Increase in the bunker prices of 10% per ton:
Changes in profit before tax		$ (18.3)	$ (15.6)
Changes in equity		$ (18.3)	$ (15.6)
SENSITIVITY TO CHANGES
Increase in the bunker prices of 10% per ton:
Changes in profit before tax	$ (20.7)
Changes in equity	$ (20.7)

RISKS ASSOCIATED WITH TORM'S _5

RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effect of a 10% increase of DKK and EUR:
Changes in profit before tax		$ (2.5)	$ (1.7)
Changes in equity		$ (2.5)	$ (1.7)
SENSITIVITY TO CHANGES
Effect of a 10% increase of DKK and EUR:
Changes in profit before tax	$ (2.1)
Changes in equity	$ (2.1)

RISKS ASSOCIATED WITH TORM'S _6

RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effect of a 1%-point increase in interest rates:
Changes in profit before tax		$ (3.2)	$ (2.5)
Changes in equity		$ 3.6	$ 6.8
SENSITIVITY TO CHANGES
Effect of a 1%-point increase in interest rates:
Changes in profit before tax	$ (2.4)
Changes in equity	$ 8

RISKS ASSOCIATED WITH TORM'S _7

RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Detail Textual) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)metric_tons	Dec. 31, 2017USD ($)metric_tons	Dec. 31, 2016USD ($)metric_tons
Disclosure of nature and extent of risks arising from financial instruments [line items]
Percentage of freight earnings derived from tankers secured by agreements	13.10%	11.60%	10.40%
Percentage of physical time charter contracts accounted for overall hedging	62.80%	65.80%	82.90%
Percentage of coverage	9.90%	13.30%	11.60%
Long Position
Disclosure of nature and extent of risks arising from financial instruments [line items]
Notional contract value of derivative | $	$ 18.8	$ 12.2	$ 2.9
Notional contract volume | metric_tons	1,447,000	530,000	190,000
Short Position
Disclosure of nature and extent of risks arising from financial instruments [line items]
Notional contract value of derivative | $	$ 39.6	$ 44.2	$ 11.7
Notional contract volume | metric_tons	2,683,000	1,754,000	781,000
Cargo contracts and time charte ragreements | Bottom of range
Disclosure of nature and extent of risks arising from financial instruments [line items]
Coverage period under agreement	6 months
Cargo contracts and time charte ragreements | Top of range
Disclosure of nature and extent of risks arising from financial instruments [line items]
Coverage period under agreement	36 months
Forward freight agreements | Bottom of range
Disclosure of nature and extent of risks arising from financial instruments [line items]
Coverage period under agreement	0 months
Forward freight agreements | Top of range
Disclosure of nature and extent of risks arising from financial instruments [line items]
Coverage period under agreement	24 months

RISKS ASSOCIATED WITH TORM'S _8

RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Detail Textual 1) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)CompanyClubTanker	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Carrying value of fleet	$ 1,396.5	$ 1,294.5
Market value of fleet (excluding undelivered newbuildings)	$ 1,322.1	$ 1,259.6
Number of vessels on order for delivery in 2019-2020 | Tanker	9
Threshold percentage of total voyage costs as cost of fuel oil consumed by vessels	60.80%	55.30%	49.60%
Percentage of bunker consumption hedged	4.80%	3.30%	0.90%
Percentage of bunker requirements for hedging instruments	2.00%	2.10%	1.60%
Number of Protection and Indemnity club | Club	2
Aggregate insured value of hull and machinery and interest for TORM's owned vessels	$ 1,500	$ 1,400	$ 1,600
Percentage of frieght revenues	17.00%	8.20%	12.60%
Average percentage of demurrage	98.10%	97.00%	96.80%
Percentage of total freight revenues as demurrage	14.60%	16.80%	15.00%
Percentage of forward freight agreements (FFAs) and fuel swaps	100.00%	100.00%	100.00%
Percentage of administrative expenses denominated in currencies other than USD	98.30%	97.90%	98.90%
Percentage of operating expenses denominated in currencies other than USD	23.40%	24.50%	26.70%
Percentage of administrative and operating expenses denominated in currencies in DKK and EUR	64.10%	62.00%	73.80%
Percentage of exposure to interest rate risk	66.20%	63.20%	67.90%
Total interest expense exposure	$ 33.1
Floating rate loans description of variable rate basis	3 months LIBOR
Notional value of interest rate hedges covering	$ 512.8
Bottom of range
Disclosure of nature and extent of risks arising from financial instruments [line items]
Number of companies to diversify risk | Company	14
Top of range
Disclosure of nature and extent of risks arising from financial instruments [line items]
Number of companies to diversify risk | Company	16
Interest bearing debt
Disclosure of nature and extent of risks arising from financial instruments [line items]
Increase (decrease) in interest-bearing debt	$ 10.3	$ 47.5	$ 95.3
Handysize Tanker
Disclosure of nature and extent of risks arising from financial instruments [line items]
Number of tanker sold | Tanker	2
MR Tanker
Disclosure of nature and extent of risks arising from financial instruments [line items]
Number of tanker sold | Tanker	2
LR2
Disclosure of nature and extent of risks arising from financial instruments [line items]
Number of tanker purchased | Tanker	4

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	$ 3,700	$ 7,600
Financial assets at amortised cost	[1]	217,200	209,700
Financial assets	[1]	220,900	217,300
Financial liabilities, at fair value	[1]	3,400	(200)
Financial liabilities at amortised cost	[1]	817,800	809,300
Financial liabilities	[1]	821,200	809,100
Mortgage debt and bank loans
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[2]	0	0
Financial liabilities at amortised cost	[2]	724,300	720,900
Financial liabilities	[2]	724,300	720,900
Finance lease liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[1]	0	0
Financial liabilities at amortised cost	[1]	25,300	28,200
Financial liabilities	[1]	25,300	28,200
Trade payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[1]	0	0
Financial liabilities at amortised cost	[1]	35,100	26,200
Financial liabilities	[1]	35,100	26,200
Other liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[1]	3,400	(200)
Financial liabilities at amortised cost	[1]	33,100	34,000
Financial liabilities	[1]	36,500	33,800
Freight receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	0	0
Financial assets at amortised cost	[1]	86,000	71,300
Financial assets	[1]	86,000	71,300
Other receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	3,700	7,600
Financial assets at amortised cost	[1]	3,800	4,200
Financial assets	[1]	7,500	11,800
Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	0	0
Financial assets at amortised cost	[1]	127,400	134,200
Financial assets	[1]	127,400	134,200
Level 1
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	0	0
Financial liabilities, at fair value	[1]	0	0
Level 1 | Mortgage debt and bank loans
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[2]	0	0
Level 1 | Finance lease liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[1]	0	0
Level 1 | Trade payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[1]	0	0
Level 1 | Other liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[1]	0	0
Level 1 | Freight receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	0	0
Level 1 | Other receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	0	0
Level 1 | Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	0	0
Level 2
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	3,700	7,600
Financial liabilities, at fair value	[1]	3,400	(200)
Level 2 | Mortgage debt and bank loans
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[2]	0	0
Level 2 | Finance lease liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[1]	0	0
Level 2 | Trade payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[1]	0	0
Level 2 | Other liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[1]	3,400	(200)
Level 2 | Freight receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	0	0
Level 2 | Other receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	3,700	7,600
Level 2 | Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	0	0
Level 3
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	0	0
Financial liabilities, at fair value	[1]	0	0
Level 3 | Mortgage debt and bank loans
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[2]	0	0
Level 3 | Finance lease liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[1]	0	0
Level 3 | Trade payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[1]	0	0
Level 3 | Other liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	[1]	0	0
Level 3 | Freight receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	0	0
Level 3 | Other receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	0	0
Level 3 | Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	[1]	$ 0	$ 0
[1]	Due to the short maturity, the carrying value is considered to be an appropriate expression of the fair value.
[2]	See note 14.

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Jan. 26, 2018	Dec. 31, 2017
Disclosure of transactions between related parties [abstract]
Name of ultimate parent of group	Oaktree Capital Group, LLC,
Issued capital	$ 742	$ 100,000	$ 623
Received fees on backstopping transaction	$ 1,250

ASSETS HELD FOR SALE AND NON-_2

ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR (Details) - Non-current assets held for sale $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)Vessel	Dec. 31, 2017USD ($)Vessel
Disclosure Of Information About Non Current Assets Held For Sale [Line Items]
Number of vessels sold	4	8
Number of vessels delivered to new owner	3	4
Number of vessels expected to be delivered in Q1	1	1
Number of remaining vessels sold		3
Profit from sale of vessels | $	$ 752	$ 2.8
Impairment on sold or held-for-sale vessels | $	$ 3.2	$ 3.6

CASH FLOWS (Details)

CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reversal of other non-cash movements:
Amortization of acquired assets and liabilities	$ 0	$ 0	$ (100)
Exchange rate adjustments	2,000	1,800	(2,400)
Share-based payments	0	1,900	2,000
Equity transactions expensed in relation to the Corporate Reorganization	0	0	(6,400)
Other adjustments	0	0	(200)
Total	2,000	3,700	(7,100)
Change in bunkers, receivables and payables:
Change in bunkers	(6,200)	(1,600)	(6,100)
Change in receivables	(10,400)	(12,400)	18,200
Change in prepayments	1,500	(1,400)	2,700
Change in trade payables and other liabilities	11,700	(1,600)	(2,600)
Other changes	(2,200)	(2,900)	(2,900)
Adjusted for fair value changes of derivative financial instruments	(7,100)	6,900	(1,000)
Total	$ 12,668	$ 12,996	$ (8,322)

ENTITIES IN THE GROUP (Details)

ENTITIES IN THE GROUP (Details)	12 Months Ended
	Dec. 31, 2018
Disclosure of subsidiaries [line items]
Name of parent entity	TORM plc
Country of incorporation	United Kingdom
TORM A/S
Disclosure of subsidiaries [line items]
Name of subsidiary	TORM A/S	[1]
Country of incorporation of subsidiary	Denmark
Proportion of ownership interest in subsidiary	100.00%	[2]
DK Vessel HoldCo GP ApS
Disclosure of subsidiaries [line items]
Name of subsidiary	DK Vessel HoldCo GP ApS	[1]
Country of incorporation of subsidiary	Denmark
Proportion of ownership interest in subsidiary	100.00%	[2]
DK Vessel HoldCo K/S
Disclosure of subsidiaries [line items]
Name of subsidiary	DK Vessel HoldCo K/S	[1]
Country of incorporation of subsidiary	Denmark
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM (Gibraltar) Njord Midco Ltd.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM (Gibraltar) Njord Midco Ltd.	[1]
Country of incorporation of subsidiary	Gibraltar
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Njord Chartering Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Njord Chartering Inc.	[1]
Country of incorporation of subsidiary	Marshall Islands
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Agnes, Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Agnes, Pte. Ltd	[1],[3]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Alice, Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Alice, Pte. Ltd	[1]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Almena, Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Almena, Pte. Ltd	[1]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Amalie, Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Amalie, Pte. Ltd	[1],[3]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Aslaug, Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Aslaug, Pte. Ltd	[1],[3]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Hardrada, Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Hardrada, Pte. Ltd	[1]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings St.Michaelis Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings St.Michaelis Pte. Ltd	[1]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings St. Gabriel Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings St. Gabriel Pte. Ltd	[1]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Harald Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Harald Pte. Ltd	[1],[4]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Gorm Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Gorm Pte. Ltd	[1],[3]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Knut Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Knut Pte. Ltd	[1],[3]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Valdemar Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Valdemar Pte. Ltd	[1],[3]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Agnete, Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Agnete, Pte. Ltd	[1]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Alexandra, Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Alexandra, Pte. Ltd	[1]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Anabel, Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Anabel, Pte. Ltd	[1],[3]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Arawa Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Arawa Pte. Ltd	[1],[3]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Leif Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Leif Pte. Ltd	[1],[3]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Singapore Njord Holdings Rolf Pte. Ltd
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Singapore Njord Holdings Rolf Pte. Ltd	[1],[4]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Holdings Mrs Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Holdings Mrs Inc.	[1]
Country of incorporation of subsidiary	Marshall Islands
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Njord Anne Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Njord Anne Inc.	[1],[5]
Country of incorporation of subsidiary	Marshall Islands
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Njord Freya Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Njord Freya Inc.	[1],[5]
Country of incorporation of subsidiary	Marshall Islands
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Njord Gerd Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Njord Gerd Inc.	[1],[5]
Country of incorporation of subsidiary	Marshall Islands
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Njord Gertrud Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Njord Gertrud Inc.	[1],[5]
Country of incorporation of subsidiary	Marshall Islands
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Njord Gunhild Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Njord Gunhild Inc.	[1],[5]
Country of incorporation of subsidiary	Marshall Islands
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Njord Helene Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Njord Helene Inc.	[1],[5]
Country of incorporation of subsidiary	Marshall Islands
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Njord Helvig Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Njord Helvig Inc.	[1],[5]
Country of incorporation of subsidiary	Marshall Islands
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Njord Ingeborg Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Njord Ingeborg Inc.	[1],[5]
Country of incorporation of subsidiary	Marshall Islands
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Njord Mary Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Njord Mary Inc.	[1],[5]
Country of incorporation of subsidiary	Marshall Islands
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Njord Ragnhild Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Njord Ragnhild Inc.	[1],[5]
Country of incorporation of subsidiary	Marshall Islands
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Njord Thyra Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Njord Thyra Inc.	[1],[5]
Country of incorporation of subsidiary	Marshall Islands
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Njord Valborg Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Njord Valborg Inc.	[1],[5]
Country of incorporation of subsidiary	Marshall Islands
Proportion of ownership interest in subsidiary	100.00%	[2]
OCM Njord Vita Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	OCM Njord Vita Inc.	[1],[5]
Country of incorporation of subsidiary	Marshall Islands
Proportion of ownership interest in subsidiary	100.00%	[2]
OMI Holding Ltd.
Disclosure of subsidiaries [line items]
Name of subsidiary	OMI Holding Ltd.	[1],[3]
Country of incorporation of subsidiary	Mauritius
Proportion of ownership interest in subsidiary	100.00%	[2]
Torghatten & TORM Shipowning ApS
Disclosure of subsidiaries [line items]
Name of subsidiary	Torghatten & TORM Shipowning ApS	[1],[4]
Country of incorporation of subsidiary	Denmark
Proportion of ownership interest in subsidiary	100.00%	[2]
TORM Crewing Service Ltd.
Disclosure of subsidiaries [line items]
Name of subsidiary	TORM Crewing Service Ltd.	[1]
Country of incorporation of subsidiary	Bermuda
Proportion of ownership interest in subsidiary	100.00%	[2]
TORM Shipping India Private Limited
Disclosure of subsidiaries [line items]
Name of subsidiary	TORM Shipping India Private Limited	[1]
Country of incorporation of subsidiary	India
Proportion of ownership interest in subsidiary	100.00%	[2]
TORM Singapore Pte. Ltd.
Disclosure of subsidiaries [line items]
Name of subsidiary	TORM Singapore Pte. Ltd.	[1]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
TORM USA LLC
Disclosure of subsidiaries [line items]
Name of subsidiary	TORM USA LLC	[1]
Country of incorporation of subsidiary	USA
Proportion of ownership interest in subsidiary	100.00%	[2]
TT Shipowning K/S
Disclosure of subsidiaries [line items]
Name of subsidiary	TT Shipowning K/S	[1],[4]
Country of incorporation of subsidiary	Denmark
Proportion of ownership interest in subsidiary	100.00%	[2]
VesselCo 1 K/S
Disclosure of subsidiaries [line items]
Name of subsidiary	VesselCo 1 K/S	[1]
Country of incorporation of subsidiary	Denmark
Proportion of ownership interest in subsidiary	100.00%	[2]
VesselCo 3 K/S
Disclosure of subsidiaries [line items]
Name of subsidiary	VesselCo 3 K/S	[1],[6]
Country of incorporation of subsidiary	Denmark
Proportion of ownership interest in subsidiary	100.00%	[2]
VesselCo 5 K/S
Disclosure of subsidiaries [line items]
Name of subsidiary	VesselCo 5 K/S	[1],[7]
Country of incorporation of subsidiary	Denmark
Proportion of ownership interest in subsidiary	100.00%	[2]
Vesselco 6 K/S
Disclosure of subsidiaries [line items]
Name of subsidiary	VesselCo 6 K/S	[1]
Country of incorporation of subsidiary	Denmark
Proportion of ownership interest in subsidiary	100.00%	[2]
VesselCo 6 Pte. Ltd.
Disclosure of subsidiaries [line items]
Name of subsidiary	VesselCo 6 Pte. Ltd.	[1]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
VesselCo 7 Pte. Ltd.
Disclosure of subsidiaries [line items]
Name of subsidiary	VesselCo 7 Pte. Ltd.	[1]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
VesselCo 8 Pte. Ltd.
Disclosure of subsidiaries [line items]
Name of subsidiary	VesselCo 8 Pte. Ltd.	[1]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
VesselCo 9 Pte. Ltd.
Disclosure of subsidiaries [line items]
Name of subsidiary	VesselCo 9 Pte. Ltd.	[1],[8]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
VesselCo 10 Pte. Ltd.
Disclosure of subsidiaries [line items]
Name of subsidiary	VesselCo 10 Pte. Ltd.	[1],[8]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
VesselCo 11 Pte. Ltd.
Disclosure of subsidiaries [line items]
Name of subsidiary	VesselCo 11 Pte. Ltd.	[1],[8]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
VesselCo 12 Pte. Ltd.
Disclosure of subsidiaries [line items]
Name of subsidiary	VesselCo 12 Pte. Ltd.	[1],[7]
Country of incorporation of subsidiary	Singapore
Proportion of ownership interest in subsidiary	100.00%	[2]
TORM Shipping (Phils.), Inc.
Disclosure of subsidiaries [line items]
Name of subsidiary	TORM SHIPPING (PHILS.), INC.	[1]
Country of incorporation of subsidiary	Philippines
Proportion of ownership interest in subsidiary	25.00%	[2]
VesselCo A ApS
Disclosure of subsidiaries [line items]
Name of subsidiary	VesselCo A ApS	[1]
Country of incorporation of subsidiary	Denmark
Proportion of ownership interest in subsidiary	100.00%	[2]
VesselCo C ApS
Disclosure of subsidiaries [line items]
Name of subsidiary	VesselCo C ApS	[1]
Country of incorporation of subsidiary	Denmark
Proportion of ownership interest in subsidiary	100.00%	[2]
VesselCo E ApS
Disclosure of subsidiaries [line items]
Name of subsidiary	VesselCo E ApS	[1],[7]
Country of incorporation of subsidiary	Denmark
Proportion of ownership interest in subsidiary	100.00%	[2]
Vesselco F ApS
Disclosure of subsidiaries [line items]
Name of subsidiary	VesselCo F ApS	[1],[6]
Country of incorporation of subsidiary	Denmark
Proportion of ownership interest in subsidiary	100.00%	[2]
[1]	All subsidiaries are consolidated in full.
[2]	For all subsidiaries, ownership and voting rights are the same except for TORM SHIPPING (PHILS.), INC where voting rights are 100%.
[3]	Entities dissolved in the financial year ended 31 December 2017.
[4]	Entities dissolved in the financial year ended 31 December 2016.
[5]	Entities dissolved in the financial year ended 31 December 2018.
[6]	Entities added in the financial year ended 31 December 2018.
[7]	Entities added in the financial year ended 31 December 2017.
[8]	Entities added in the financial year ended 31 December 2016.

ENTITIES IN THE GROUP (Details

ENTITIES IN THE GROUP (Details 1) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Entities [Line Items]
Profit and loss from continuing operations		$ (34,779)		$ 2,407	$ (142,491)
Other comprehensive income	[1]	(7,419)	[2]	7,279	(1,250)
Total comprehensive income		$ (42,198)		$ 9,686	$ (143,741)
Long Range 2 A/S
Disclosure Of Entities [Line Items]
Country		Denmark
% Control		50.00%
Profit and loss from continuing operations		$ 0
Other comprehensive income		0
Total comprehensive income		$ 0
LR2 Management K/S
Disclosure Of Entities [Line Items]
Country		Denmark
% Control		50.00%
Profit and loss from continuing operations		$ 0
Other comprehensive income		0
Total comprehensive income		$ 0
Marine Exhaust Technology Ltd.
Disclosure Of Entities [Line Items]
Country		Hong Kong
% Control		28.00%
Profit and loss from continuing operations		$ 0
Other comprehensive income		0
Total comprehensive income		$ 0
[1]	No income tax was incurred relating to other comprehensive income/(loss) items.
[2]	Please refer to "Consolidated Statement of Comprehensive Income".

ENTITIES IN THE GROUP (Detail T

ENTITIES IN THE GROUP (Detail Textuals)	12 Months Ended
	Dec. 31, 2018
Disclosure of information about consolidated structured entities [abstract]
Percentage of voting rights held in subsidiaries	100.00%

EARNINGS PER SHARE AND DIVIDE_3

EARNINGS PER SHARE AND DIVIDEND PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Earnings Per Share And Dividend Per Share [Abstract]
Net profit/(loss) for the year	$ (34.8)	$ 2.4	$ (142.5)
Weighted average number of shares	73.4	62.3	63.1
Weighted average number of treasury shares	(0.3)	(0.3)	(0.2)
Weighted average number of shares outstanding	73.1	62	62.9
Dilutive effect of outstanding share options	0	0	0
Weighted average number of shares outstanding incl. dilutive effect of share options	73.1	62	62.9
Basic earnings/(loss) per share (USD)	$ (0.48)	$ 0.04	$ (2.27)
Diluted earnings/(loss) per share (USD)	$ (0.48)	$ 0.04	$ (2.27)

EARNINGS PER SHARE AND DIVIDE_4

EARNINGS PER SHARE AND DIVIDEND PER SHARE (Details 1) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
DIVIDEND PER SHARE
Dividend for the year	$ 0	$ 1.2	$ 25
Number of shares, end of period	74.2	62.3	62.3
Dividend per share	$ 0	$ 0.02	$ 0.40

BUSINESS COMBINATIONS IN 2015 (

BUSINESS COMBINATIONS IN 2015 (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about business combination [abstract]
Goodwill	$ 0	$ 0	$ 0

BUSINESS COMBINATIONS IN 2015_2

BUSINESS COMBINATIONS IN 2015 (Detail Textuals)	12 Months Ended
	Dec. 31, 2018
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]
Percentage of voting rights held in subsidiaries	100.00%