TORM (TRMD) 20-F 6 Mar 25 2024 FY Annual report (foreign) Financial data

Cover page

Cover page	12 Months Ended
	Dec. 31, 2024 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38294
Entity Registrant Name	TORM plc
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	4th Floor
Entity Address, Address Line Two	120 Cannon Street
Entity Address, City or Town	London
Entity Address, Postal Zip Code	EC4N 6AS
Entity Address, Country	GB
Title of 12(b) Security	Class A common shares, par value $0.01 per share
Trading Symbol	TRMD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	97,814,051
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001655891
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Tuborg Havnevej 18
Entity Address, City or Town	Hellerup
Entity Address, Postal Zip Code	DK-2900
Entity Address, Country	DK
Contact Personnel Name	Jacob Meldgaard
City Area Code	45
Local Phone Number	39179200

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor information [Abstract]
Auditor Name	EY Godkendt Revisionspartnerselskab
Auditor Firm ID	1757
Auditor Location	Copenhagen, Denmark

Consolidated Income Statement

Consolidated Income Statement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Profit or loss [abstract]
Revenue	$ 1,559.2	$ 1,520.4	$ 1,443.4
Port expenses, bunkers, commissions, and other cost of goods and services sold	(418.5)	(430.3)	(459.5)
Operating expenses	(245.1)	(216)	(202.1)
Profit from sale of vessels	51.3	50.4	10.2
Administrative expenses	(95.6)	(82.9)	(55)
Other operating income and expenses	(0.5)	6.3	5.9
Share of profit/(loss) from joint ventures	0	0	0.2
Impairment losses on tangible assets	0	0	(2.6)
Depreciation and amortization	(192)	(149.3)	(139)
Operating profit (EBIT)	658.8	698.6	601.5
Financial income	24.8	14.3	4
Financial expenses	(74.1)	(60.9)	(48.8)
Profit/(loss) before tax	609.5	652	556.7
Tax	2	(4)	5.9
Net profit/(loss) for the year	611.5	648	562.6
Net profit/(loss) for the year attributable to:
TORM plc shareholders	612.5	648.3	562.8
Non-controlling interest	$ (1)	$ (0.3)	$ (0.2)
Earnings per share for TORM plc shareholders
Basic earnings/(loss) per share (in USD per share)	$ 6.54	$ 7.75	$ 6.92
Diluted earnings/(loss) per share (in USD per share)	$ 6.36	$ 7.48	$ 6.80

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of comprehensive income [abstract]
Net profit/(loss) for the year	$ 611.5	$ 648	$ 562.6
Items that may be reclassified to profit or loss:
Exchange rate adjustment arising from translation of entities using a functional currency different from USD	(0.6)	0	(0.5)
Reclassification of exchange rate adjustments on disposal of joint venture	0	0	0.1
Fair value adjustment on hedging instruments	7.1	3.1	54.9
Fair value adjustment on hedging instruments transferred to income statement	(19.7)	(22)	1.7
Tax on other comprehensive income	2.6	4.6	(13.2)
Items that may not be reclassified to profit or loss:
Remeasurements of net pension and other post-retirement benefit liability or asset	(0.1)	0	0
Other comprehensive income/(loss) after tax	(10.7)	(14.3)	43
Total comprehensive income/(loss) for the year	600.8	633.7	605.6
Total comprehensive income/(loss) for the year attributable to:
TORM plc shareholders	601.9	634.1	605.7
Non-controlling interest	$ (1.1)	$ (0.4)	$ (0.1)

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible assets
Goodwill	$ 1.7	$ 1.8	$ 1.8
Other intangible assets	2	1.8	1.9
Total intangible assets	3.7	3.6	3.7
Tangible fixed assets
Land and buildings	8.1	5.5	3.8
Vessels and capitalized dry-docking	2,826.7	2,070.2	1,855.9
Prepayments on vessels	0	86	0
Other non-current assets under construction	4.6	4.2	0
Other plant and operating equipment	3.3	4.4	5.6
Total tangible fixed assets	2,842.7	2,170.3	1,865.3
Financial assets
Investments in joint ventures	0.1	0.1	0.1
Loan receivables	4.5	4.5	4.6
Deferred tax asset	3.1	0.4	0.6
Other investments	0.2	0	0.2
Total financial assets	7.9	5	5.5
Total non-current assets	2,854.3	2,178.9	1,874.5
Current assets
Inventories	68.4	61.7	72
Trade receivables	183.9	211	259.5
Other receivables	59.6	60.5	74
Prepayments	12.2	15.2	10.4
Cash and cash equivalents incl. restricted cash	291.2	295.6	323.8
Current assets excluding assets held for sale	615.3	644	739.7
Assets held for sale	0	47.2	0
Total current assets	615.3	691.2	739.7
TOTAL ASSETS	3,469.6	2,870.1	2,614.2
Equity
Common shares	1	0.9	0.8
Share premium	271	260	167.6
Treasury shares	(4.2)	(4.2)	(4.2)
Hedging reserves	15.5	25.6	39.9
Other reserves	320	0	0
Translation reserves	(0.8)	(0.4)	(0.5)
Retained profit	1,471.5	1,382.2	1,297.8
Equity attributable to TORM plc shareholders	2,074	1,664.1	1,501.4
Non-controlling interest	0.8	1.9	2.3
Total equity	2,074.8	1,666	1,503.7
Non-current liabilities
Non-current tax liability related to held-over gains	45.2	45.2	45.2
Deferred tax liabilities in the balance sheet	0.3	3.6	6.1
Borrowings	1,061	886.9	849.8
Other non-current liabilities	2.9	3	3
Total non-current liabilities	1,109.4	938.7	904.1
Current liabilities
Borrowings	165.3	172.7	117.1
Trade payables	50	43.1	48.5
Current tax liabilities	0.7	0.6	2
Other liabilities	61.3	45.2	31.1
Provisions	0.6	0.5	6.8
Prepayments from customers	7.5	3.3	0.9
Total current liabilities	285.4	265.4	206.4
Total liabilities	1,394.8	1,204.1	1,110.5
TOTAL EQUITY AND LIABILITIES	$ 3,469.6	$ 2,870.1	$ 2,614.2

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions		Total	Common shares	Share premium	Treasury shares	[1]	Hedging reserves	Translation reserves	Other reserves	Retained profit	Equity attributable to shareholders of TORM plc	Non-controlling interest
Equity at beginning of period at Dec. 31, 2021		$ 1,052.2	$ 0.8	$ 159.6	$ (4.2)		$ (3.6)	$ 0.1	$ 0	$ 899.5	$ 1,052.2	$ 0
Comprehensive income/(loss) for the year:
Net profit/(loss) for the year		562.6								562.8	562.8	(0.2)
Other comprehensive income/(loss) for the year	[2]	56.2					56.7	(0.6)			56.1	0.1
Tax on other comprehensive income		(13.2)					(13.2)				(13.2)
Total comprehensive income/(loss) for the year		605.6	0	0	0		43.5	(0.6)	0	562.8	605.7	(0.1)
Capital increase	[3]	8		8							8
Share-based compensation		2.2								2.2	2.2
Dividends paid		(166.7)								(166.7)	(166.7)
Total changes in equity for the period		449.1	0	8	0		43.5	(0.6)	0	398.3	449.2	(0.1)
Non-controlling interest arising on acquisition		2.4										2.4
Equity at end of period at Dec. 31, 2022		1,503.7	0.8	167.6	(4.2)		39.9	(0.5)	0	1,297.8	1,501.4	2.3
Comprehensive income/(loss) for the year:
Net profit/(loss) for the year		648								648.3	648.3	(0.3)
Other comprehensive income/(loss) for the year	[2]	(18.9)					(18.9)	0.1			(18.8)	(0.1)
Tax on other comprehensive income		4.6					4.6				4.6
Total comprehensive income/(loss) for the year		633.7	0	0	0		(14.3)	0.1	0	648.3	634.1	(0.4)
Capital increase	[3]	92.7	0.1	92.6							92.7
Transaction costs of capital increase		(0.2)		(0.2)							(0.2)
Share-based compensation		22.5								22.5	22.5
Dividends paid		(586.4)								(586.4)	(586.4)
Total changes in equity for the period		162.3	0.1	92.4	0		(14.3)	0.1	0	84.4	162.7	(0.4)
Non-controlling interest arising on acquisition		0
Equity at end of period at Dec. 31, 2023		1,666	0.9	260	(4.2)		25.6	(0.4)	0	1,382.2	1,664.1	1.9
Comprehensive income/(loss) for the year:
Net profit/(loss) for the year		611.5								612.5	612.5	(1)
Other comprehensive income/(loss) for the year	[2]	(13.3)					(12.7)	(0.4)		(0.1)	(13.2)	(0.1)
Tax on other comprehensive income		2.6					2.6				2.6
Total comprehensive income/(loss) for the year		600.8	0	0	0		(10.1)	(0.4)	0	612.4	601.9	(1.1)
Capital increase	[3]	331.7	0.1	331.6							331.7
Capital reduction	[4]	0		(320)					320
Transaction costs of capital increase		(0.6)		(0.6)							(0.6)
Share-based compensation		30.2								30.2	30.2
Dividends paid		(553.3)								(553.3)	(553.3)
Total changes in equity for the period		408.8	0.1	11	0		(10.1)	(0.4)	320	89.3	409.9	(1.1)
Non-controlling interest arising on acquisition		0
Equity at end of period at Dec. 31, 2024		$ 2,074.8	$ 1	$ 271	$ (4.2)		$ 15.5	$ (0.8)	$ 320	$ 1,471.5	$ 2,074	$ 0.8
[1] ¹⁾ Please refer to Note 18 for further information on treasury shares. ²⁾ Please refer to "Consolidated Statement of Comprehensive Income". ³⁾ Please refer to Note 18 for further information on capital increases during the year. ⁴⁾ The Share premium reserve was reduced by USD 320.0 m, as decided at the Annual General Meeting on 11 April 2024 and subsequently approved by the court, in order to create further distributable reserves to support: (i) the future payment by the Company of dividends to its shareholders; and (ii) share buy-backs should circumstances dictate it desirable.

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	[1]
Reduction of issued capital	$ 0
Share premium
Reduction of issued capital	$ 320
[1] ⁴⁾ The Share premium reserve was reduced by USD 320.0 m, as decided at the Annual General Meeting on 11 April 2024 and subsequently approved by the court, in order to create further distributable reserves to support: (i) the future payment by the Company of dividends to its shareholders; and (ii) share buy-backs should circumstances dictate it desirable.

Consolidated Cash Flow Statemen

Consolidated Cash Flow Statement - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flow from operating activities
Net profit/(loss) for the year		$ 611.5	$ 648	$ 562.6
Adjustments:
Profit from sale of vessels		(51.3)	(50.4)	(10.2)
Depreciation and amortization		192	149.3	139
Impairment losses on tangible assets		0	0	2.6
Share of profit/(loss) from joint ventures		0	0	(0.2)
Financial income		(24.8)	(14.3)	(4)
Financial expenses		74.1	60.9	48.8
Tax expenses/(income)		(2)	4	(5.9)
Other non-cash movements		22.9	14.5	(3.6)
Dividends received from joint ventures		0	0	0
Interest received and realized exchange gains		24.8	14.3	4
Interest paid and realized exchange losses		(66.9)	(66)	(49.5)
Income taxes paid		(1.3)	(3.1)	(0.7)
Change in inventories, receivables and payables, etc.		47.8	47.8	(180.9)
Net cash flow from operating activities		826.8	805	502
Cash flow from investing activities
Investment in tangible fixed assets	[1]	(582.4)	(509.7)	(119.3)
Investment in intangible fixed assets		(1.1)	(0.6)	(0.6)
Acquisition of subsidiaries, net of cash acquired		0	0	1.1
Sale of tangible fixed assets		130.6	166.4	106.6
Change in restricted cash		10.8	(26.7)	23.5
Net cash flow from investing activities		(442.1)	(370.6)	11.3
Cash flow from financing activities
Proceeds, borrowings		419.4	676.4	96.3
Repayment, borrowings		(256.3)	(585.4)	(275.2)
Dividends paid		(553.3)	(586.4)	(166.7)
Capital increase	[1]	12.5	6.2	8
Transaction costs share issue		(0.6)	(0.2)	0
Net cash flow from financing activities		(378.3)	(489.4)	(337.6)
Net cash flow from operating, investing, and financing activities		6.4	(55)	175.7
Cash and cash equivalents as of January 01		265.5	320.5	144.8
Cash and cash equivalents as of December 31		271.9	265.5	320.5
Restricted cash as of December 31		19.3	30.1	3.3
Cash and cash equivalents, including restricted cash as of December 31		$ 291.2	$ 295.6	$ 323.8
[1] ¹⁾ In 2024 , the share capital was increased by USD 331.7m ( 2023 : USD 92.7m , 2022 : USD 8.0m ) including a USD 319.2 m ( 2023 : USD 86.5 m, 2022 : USD 0.0 m) non-cash share issues in relation to the acquisition of 19 ( 2023 : five , 2022 : zero ) vessels. Please refer to Note 18 for further reference.

Consolidated Cash Flow Statem_2

Consolidated Cash Flow Statement (Parenthetical) $ in Millions		12 Months Ended
		Dec. 31, 2024 USD ($) vessel	Dec. 31, 2023 USD ($) vessel	Dec. 31, 2022 USD ($) vessel
Disclosure of classes of share capital [line items]
Capital increase	[1]	$ 331.7	$ 92.7	$ 8
Amount of non cash share issue		$ 319.2	$ 86.5	$ 0
Number of vessels acquired | vessel		19	5	0
[1] ³⁾ Please refer to Note 18 for further information on capital increases during the year.

ACCOUNTING POLICIES, CRITICAL A

ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS	12 Months Ended
	Dec. 31, 2024
ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
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 that primarily owns and operates a fleet of product tankers and is engaged in the marine engineering industry. TORM plc is a public company limited by shares and is incorporated in England and Wales. Its registered number is 09818726 , and its registered address is 4th Floor , 120 Cannon Street , London , EC4N 6AS , United Kingdom . Unless otherwise indicated, the terms “ TORM plc ” and “Parent Company” refers solely to TORM plc and the terms “we”, “us”, “our”, the ”Company”, and the “Group” refer to TORM plc and its consolidated subsidiaries, which include TORM A/S. TORM plc is listed on Nasdaq in Copenhagen, Denmark, on Nasdaq in New York, the United States as well as having bonds listed on Oslo Stock Exchange, Norway. Basis of Preparation The consolidated financial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards (“UK-adopted IAS”). The consolidated financial statements are also prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and IFRS as adopted by the European Union (“EU”), as applied to financial periods beginning on or after January 01, 2024 and additional disclosure requirements for listed companies in accordance with the Danish Financial Statements Act. 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 of the Company is USD , and the Company applies USD as the presentation currency in the preparation of the consolidated financial statements. Going Concern As of December 31, 2024 , TORM’s available liquidity including undrawn and committed facilities was USD 615m , including a total cash position of USD 291m (including cash held for dividend payment). TORM’s net interest-bearing debt was USD 948m , and the net debt loan-to-value ratio was 26.8% (Tanker segment only and before dividend payment related to Q4 2024). Further information on TORM’s objectives and policies for managing our capital, our financial risk management objectives, and our exposure to credit and liquidity risk can be found in note 25 to the financial statements. The principal risks and uncertainties facing TORM are set out on pages 17-21. TORM monitors our funding position throughout the year to ensure that we have access to sufficient funds to meet the forecasted cash requirements and loan commitments, and to monitor compliance with the financial covenants in our loan facilities, details of which are available in Note 2 to the financial statements. A key element for TORM’s financial performance in the going concern period relates to the increased geopolitical risk following Russia’s invasion of Ukraine in February 2022, while the conflicts in the Middle East are expected to have a lessor impact on the product tanker market. While the changed geopolitical landscape initially supported market dynamics, crude cannibalization significantly reduced the net positive effect in the second half of 2024. TORM’s base case assumes that these dynamics will persist, albeit with a lower estimated impact on the product tanker market and resultingly with freight rates and vessel values materializing below 2024 levels. TORM monitors the general development in the geopolitical situation and potential effects on the product tanker market. In the base case, TORM has sufficient liquidity and headroom for all the covenant limits. In addition to the base case, TORM has developed a reverse stress case. The reverse stress case covers the lowest TCE rate that only just meet the minimum liquidity covenant and the lowest vessel values that do not breach any of the facilities’ minimum security values in the period. In the reverse stress case, with TCE rates slightly below the lowest rolling four-quarter average since 2000 on a per vessel class basis and a related decline in vessel values, TORM maintains sufficient headroom on liquidity and covenants throughout the going concern period. NOTE 1 – continued The Board of Directors has considered TORM’s cash flow forecasts and the expected compliance with TORM’s financial covenants for the period until March 31, 2026 . Based on this review, the Board of Directors has a reasonable expectation that taking reasonably possible changes in trading performance and vessel valuations into account, TORM will be able to continue in operation and comply with our financial covenants for the period until March 31, 2026 . Accordingly, TORM continues to adopt the going concern basis in preparing our financial statements. Adoption of New or Amended IFRS Standards IASB has issued a number of new or amended accounting standards (IFRS) and interpretations (IFRIC). TORM has implemented the following standards and amendments issued by the IASB and adopted by the UK in the consolidated financial statements for 2024 : • Amendments to IAS 1 Presentation of Financial Statements • Amendments to IFRS 16 Lease Liability in a Sale and Leaseback • Amendments to IAS 7 and IFRS 7 Supplier Finance Agreements For the new standards and amendments, it is assessed that application of these effective on January 01, 2024 has not had any material accounting impact, but only limited impact on disclosures on the consolidated financial statements in 2024 . The below have been issued by the IASB and adopted by the UK but have not yet come into effect for consolidated financial statements of 2024: • Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (January 2025) • Annual Improvements to IFRS Accounting Standards—Volume 11 (January 2026) The below have been issued by the IASB and not yet adopted by the UK and not yet come into effect: • Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments (January 2026) • Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature dependent Electricity (January 2026) • IFRS 18 Presentation and Disclosure in Financial Statements (January 2027) • IFRS 19 Subsidiaries without Public Accountability: Disclosures (January 2027) • IFRS 10 and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture issued in September 2014 (deferred indefinitely). TORM has assessed the accounting standards and interpretations above except IFRS 18, and TORM does not expect the new standards to have any material impact on neither TORM’s figures nor the disclosures. The impact of IFRS 18 on the consolidated financial statements has not yet been determined on a sufficiently reliable basis. NOTE 1 – continued Accounting Policies The Group’s material accounting policy information is provided below in combination with the accounting policies described in each of the individual notes to the consolidated financial statements as outlined in the following notes: • Segment reporting • Revenue from contracts with customers • Staff costs • Intangible assets • Tangible fixed assets • Leasing • Impairment • Loan receivables • Inventories • Financial items • Trade receivables • Tax • Other liabilities • Borrowings • Derivative financial instruments • Provisions • Earnings per share • Business combinations 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 • The ability to use its power over the investee to affect the amounts of the investor’s returns TORM reassesses 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 • Any additional facts and circumstances which 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. NOTE 1 – continued 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 using consistent accounting policies and eliminating intercompany transactions, balances, and shareholdings as well as gains and losses on transactions between the consolidated entities. Foreign Currencies The functional currency of all significant entities, including subsidiaries and associated companies, is United States 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 exchange rate for each transaction, 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 in “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. Income Statement Port expenses, bunkers, and commissions and other costs of goods and services sold Port expenses, bunker fuel consumption, commissions, and other costs of goods sold are recognized as incurred. To the extent that the costs are recoverable, costs directly attributable to relocate the vessel to the load port are capitalized and amortized over the course of the transportation period. Gains and losses on forward bunker contracts, forward freight agreements (FFA) as well as write-down for losses on trade receivables are included in this line. 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 at the time of delivery 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 and income Other operating expenses primarily comprise management fees paid to commercial and technical managers for managing the fleet, profits and losses deriving from the disposal of fixed assets other than vessels as well as claims and disputes provisions. NOTE 1 – continued Depreciation and impairment losses and reversals of 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. Subsequent reversal of impairment losses is recognized if the recoverable amount exceeds the carrying amount to the extent that the carrying amount does not exceed the carrying amount without any historical impairment losses. Balance Sheet Financial assets Financial assets are initially recognized on 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 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. 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. Dividend Interim dividends are recognized when paid. Any year-end dividend is recognized as a liability at the date of approval at the AGM. Other non-current liabilities Other non-current liabilities consist of long-term employee-related liabilities related to the frozen Danish holiday funds in connection with the transition to the new Danish Holiday Act. TORM has elected to keep the holiday funds until the employees, covered at the transition date, reach the age of retirement. The liability is remeasured annually based on an index rate published by the Holiday Allowance fund. Trade payables Trade payables are recognized at the fair value of the item purchased and are subsequently measured at amortized cost. Deferred income Deferred income relates to amounts received from customers in advance of the related performance obligations being satisfied. NOTE 1 – continued 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 are included. Further, the change in working capital is taken into account. Cash flow from investing activities comprises the cash used or received in 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 the cash used or received in borrowings (amount of new borrowings and repayments), purchases or sales of treasury shares, dividends paid to shareholders. Cash and cash equivalents including restricted cash comprise cash and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents including restricted cash 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 relates to cash provided as security for initial margin calls and negative market values on derivatives as well as a sale and leaseback transaction prepayment to be released upon delivery of the vessel. Critical Accounting Estimates and Judgements The preparation of financial statements in accordance with IFRS requires the 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 the 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. The 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. The Management also makes various accounting judgements in the preparation of the consolidated financial statements which can affect the amounts recognized. Judgements The Management has assessed that TORM has two cash-generating units (CGUs), being the Main Fleet and the Marine Engineering (previously referred to as Marine Exhaust) cash-generating units. The Main Fleet is comprised of TORM ’s LR1, LR2 and MR vessels, which are largely interchangeable, and the cash flows generated by them are interdependent. These vessels are operated via the One TORM platform collectively as a combined internal pool, employed principally in the spot market, and actively managed to meet the needs of our customers in that market, particularly regarding the location of vessels meeting required specifications and the price of transport rather than vessel class. Given the technical specifications and capacity of vessels, the Main Fleet is relatively homogenous with a very high degree of interoperability. All vessels in the Main Fleet can handle multiple sizes of cargo and sail all seas and oceans, over both shorter and long distances. The Main Fleet is monitored and managed on an aggregated level as one pool, i.e. each vessel or vessel class does not generate cash inflows which are largely independent of those from other vessels or vessel classes. The MR vessels acquired in prior years with chemical trading capability are operated as all other product tanker vessels and thus included in the Main Fleet CGU. NOTE 1 – continued In addition, the activities within the Marine Engineering segment represent a single CGU because cash inflows are generated independent of the cash inflows from the Main Fleet from serving the existing external customer base of the Marine Engineering segment. Estimates Carrying amounts of vessels The Company evaluates the carrying amounts of the vessels (including newbuildings) to determine if events have occurred which would require a modification of their carrying amounts. The recoverable amount of vessels is reviewed based on events or changes in circumstances which would indicate that the carrying amount of its vessels might not be recoverable. In assessing the recoverability of the vessels, the Company reviews certain indicators of potential impairment or indication of any past impairment losses that should be reversed. If an indication of impairment or reversal of past impairment is identified, the need for recognizing an impairment loss or a recognition of a reversal of a past impairment loss is assessed by comparing the carrying amount of the vessels to the higher of the fair value less costs of disposal and the value in use. The Management assesses indicators of impairment that include, but are not limited to, broker vessel values, time charter rates, weighted average cost of capital, and any other adverse impacts from current economic, environmental, and geopolitical uncertainty, as well as the carrying amount of the net assets against the market capitalization. The fair value less cost of disposal of the vessels is based on the market approach which considers the valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels. The shipbrokers’ primary input is deadweight tonnage, yard, and age of the vessel. The fair value assumes that the vessels are in good and seaworthy condition and with prompt, charter-free delivery. The assessment of the value in use is based on projection of future discounted cash flows related to the vessels which 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-docking costs and discount rates All these factors have been historically volatile, especially the freight rates. 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 change, an impairment write-down or reversal of impairment may be required. For more information refer to Note 12 .

LIQUIDITY, CAPITAL RESOURCES AN

LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2024
LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS
Liquidity, capital resources and subsequent events	NOTE 2 – LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS Liquidity and Capital Resources As of 31 December 2024 , TORM’s cash and cash equivalents including restricted cash totaled USD 291 m ( 2023 : USD 296 m , 2022 : USD 324 m ), and undrawn and committed credit facilities as listed below amounted to USD 324 m ( 2023 : USD 343 m , 2022 : USD 93 m ). TORM has the following debt facilities as of December 31, 2024 . Debt Facility Maturity Outstanding amount 2024 (USDm) Outstanding amount 2023 (USDm) Outstanding amount 2022 (USDm) Senior Unsecured Bonds 2029 200.0 — — Syndicated Facilities 2023 2029 160.0 224.0 — Syndicated Facilities 2020 Repaid — — 143.8 Danish Ship Finance Facility 2020 2031 245.6 192.6 201.8 ING Facility 2023 2029 51.4 57.9 — HCOB Facility 2023 Repaid — 31.2 — HCOB Facilities 2020-2021 Repaid — — 63.5 HCOB Facility 2024 2031 87.5 — — KfW Facility 2019 2032 31.8 34.8 37.9 CEXIM 2016 Repaid — — 41.1 Other credit facilities 2026 1.9 4.8 4.9 Total 778.2 545.3 493.0 In 2024 , TORM refinanced a number of debt facilities involving repayment of debt in relation to sale of vessels, as well as financing additional second-hand vessel purchases. TORM repaid debt on seven vessels previously funded by HCOB. In total, the company had 19 vessels delivered throughout the year with 14 vessels financed by mortgage debt and revolving credit facilities and the remaining five being unencumbered. TORM obtained funding from HCOB to partly finance a purchase of five second-hand vessels. Moreover, TORM completed consolidation of the HCOB facilities by amending the facility with maturity prolonged to 2031 . TORM also refinanced the Danish Shipping Facility to partly fund the acquisition of three MR vessels. As of 31 December 2024 , the scheduled minimum payments on mortgage debt and bank loans in 2025 amount to USD 113.7 m. TORM has the following undrawn facilities as of December 31, 2024 . Undrawn Facility Maturity Undrawn amount 2024 (USDm) Undrawn amount 2023 (USDm) Undrawn amount 2022 (USDm) Syndicated Facilities 2023 - RCF 2029 100.0 100.0 — Syndicated Facilities 2020 - RCF Cancelled — — 92.6 Syndicated Facilities 2024 - RCF 2031 149.5 — — HCOB Facility 2023 - RCF Cancelled — 24.9 — DSF Additional Facility Cancelled — 52.6 — Syndicated Bridge to Bond Facility Cancelled — 165.0 — HCOB Facility 2024 - RCF 2031 74.1 — — Total 323.6 342.5 92.6 TORM announced a USD 150 m revolving syndicate credit facility with eight banks to partly finance the purchase of six second-hand vessels. Furthermore, the HCOB revolving credit facility increased to USD 74 m and the maturity prolonged to 2031. Also, the maturity of TORM’s USD 100 m Syndicated Facilities was extended by one year to 2029 . As of December 31, 2024 , all three credit facilities remain undrawn. TORM has the following lease facilities as of December 31, 2024 . Lease Facility Maturity Outstanding amount 2024 (USDm) Outstanding amount 2023 (USDm) Outstanding amount 2022 (USDm) Bocomm Leasing Facilities 2019-2021 2032 135.6 148.9 162.2 Bocomm Leasing Facilities 2019 Repaid — — 49.4 Springliner Leases 2026 25.0 27.9 30.7 China Development Bank Financial Leasing 2032 136.5 149.0 160.8 China Merchant Bank Financial Leasing 2033 159.5 195.8 37.3 Showa Leasing Repaid — — 18.7 Eifuku Leasing Repaid — — 20.9 Total 456.6 521.6 480.0 TORM did not engage in any new lease facilities in 2024. As of December 31, 2024 , the scheduled minimum payments on lease agreements in 2024 amounts to USD 51 m. TORM manages its capital structure for the Group as a whole in order to support our spot-based vessel employment profile. This is done through a conservative leverage, a strong liquidity position and limited off-balance sheet commitments. TORM ongoingly stress tests the capital structure and liquidity position as well as prepares cash flow forecasts to make sure the capital structure remains robust to potential risks. Besides the liquidity position, the main considerations are loan-to-value ratio, distribution policy, CAPEX commitments, off-balance sheet liabilities, terms and sources of funding vessel investments, hedging of financial market risks and fleet employment strategy, hereunder entering into FFA contracts. On March 2024 , TORM amended the distribution policy with effect from the first quarter of 2024. With this TORM intends to distribute on a quarterly basis excess liquidity above a threshold liquidity level. The threshold liquidity level will be determined as the sum of i) the product of liquidity requirement per vessel and the number of owned and leased vessels in TORM’s fleet as at the balance sheet day and ii) a discretionary element determined by the Board taking into consideration TORM’s capital structure, strategic opportunities, future obligations and market trends. TORM ’s debt facilities include financial covenants related to: • Minimum liquidity (cash and cash equivalents minimum amount requirement at all times) • Minimum security value (loan-to-value for individual borrowings) • Equity ratio (minimum level) Financial covenants should be complied with on a daily basis, and is reported to counterparties on a quarterly basis. During 2024 , 2023 and 2022 , TORM did not have any covenant breaches, and the Management has assessed that a covenant breach in the near future is remote. Please refer to Note 20 for further information on facilities with financial covenants. Subsequent Events After the end of 2024, TORM sold the MR vessels TORM Ragnhild, TORM Resilience and TORM Thames to new owners with expected delivery during the remaining part of Q1 2025. TORM’s Board of Directors has on the date of this report approved an interim dividend for the fourth quarter of USD 0.60 per share to be paid to the shareholders corresponding to an expected total dividend payment of USD 58.4m . The distribution for the quarter is equivalent to 75% of net profit and reflects the Distribution Policy. The payment date is April 02, 2025 to all shareholders on record as of March 20, 2025 , and the ex-dividend date is 19 March 2025 for the shares listed on Nasdaq OMX Copenhagen and March 20, 2025 for the shares listed on Nasdaq New York. The dividend payment will not be recognized as a liability and there are no tax consequences.

SEGMENT

SEGMENT	12 Months Ended
	Dec. 31, 2024
Disclosure of operating segments [abstract]
Segment	NOTE 3 – SEGMENT Segment Reporting - Consolidated Income Statement USDm 2024 2023 2022 Tanker segment Marine Engineerin g segment Inter- segment elimination Total Tanker segment Marine Engineeri ng segment Inter- segment elimination Total Tanker segment Marine Engineeri ng segment Inter- segment eliminatio n Total Revenue 1,544.0 29.6 (14.4) 1,559.2 1,491.4 48.0 (19.0) 1,520.4 1,440.4 5.9 (2.9) 1,443.4 Port expenses, bunkers, and commissions (409.2) — — (409.2) (407.6) — — (407.6) (458.9) — — (458.9) Other cost of goods and services sold — (18.5) 9.2 (9.3) — (36.6) 13.9 (22.7) — (3.0) 2.4 (0.6) Operating expenses (245.6) — 0.5 (245.1) (216.4) — 0.4 (216.0) (202.1) — — (202.1) Profit from sale of vessels 51.3 — — 51.3 50.4 — — 50.4 10.2 — — 10.2 Administrative expenses (87.9) (7.7) — (95.6) (76.5) (6.4) — (82.9) (52.4) (2.6) — (55.0) Other operating income and expenses (0.6) 0.1 — (0.5) 6.0 0.3 — 6.3 5.9 — — 5.9 Share of profit/(loss) from joint ventures — — — — — — — — 0.2 — — 0.2 Impairment losses and reversal of impairment on tangible assets — — — — — — — — (2.6) — — (2.6) Depreciation and amortization (191.2) (0.8) — (192.0) (148.2) (1.1) — (149.3) (138.7) (0.3) — (139.0) Operating profit (EBIT) 660.8 2.7 (4.7) 658.8 699.1 4.2 (4.7) 698.6 602.0 — (0.5) 601.5 Financial income 24.7 0.1 — 24.8 14.3 — — 14.3 3.9 0.1 — 4.0 Financial expenses (73.9) (0.2) — (74.1) (60.5) (0.4) — (60.9) (48.7) (0.1) — (48.8) Profit before tax 611.6 2.6 (4.7) 609.5 652.9 3.8 (4.7) 652.0 557.2 — (0.5) 556.7 Tax 2.5 (0.5) — 2.0 (4.0) — — (4.0) 5.9 — — 5.9 Net profit for the year 614.1 2.1 (4.7) 611.5 648.9 3.8 (4.7) 648.0 563.1 — (0.5) 562.6 The eliminations above represent revenue and other costs of goods and services sold from the installation of scrubbers performed by the Marine Engineering entities on tanker vessels within the Tanker segment. All revenue from the Tanker segment is derived from external customers. In all material aspects, TORM’s customers are domiciled outside the UK and are spread all over the world with only a few countries contributing significantly to TORM’s revenue. Below is presented the countries contributing with more than 10% of TORM's revenue. Countries contributing more than 10% of TORM's revenue 2024 2023 2022 USDm % of total USDm % of total USDm % of total Switzerland 264.3 17.0 % 242.5 16.0 % 220.9 15.3 % United States 243.1 15.6 % 182.7 12.0 % — — % United Arab Emirates 160.5 10.3 % — — % — — % Mexico — — % — — % 178.2 12.8 % A major part of TORM's revenues stems from a small group of customers. Below is presented the number of customers exceeding 10% of TORM's consolidated revenue and the customers' share of TORM's consolidated revenue. Customers contributing more than 10% of TORM's revenue 2024 2023 2022 Number of customers 0 0 1 Share of consolidated revenue — % — % 12 % NOTE 3 – continued Segment Reporting - Consolidated Balance Sheet USDm 2024 2023 2022 Tanker segment Marine Engineerin g segment Inter- segment elimination Total Tanker segment Marine Engineeri ng segment Inter- segment elimination Total Tanker segment Marine Engineeri ng segment Inter- segment elimination Total ASSETS Intangible assets Goodwill — 1.7 — 1.7 — 1.8 — 1.8 — 1.8 — 1.8 Other intangible assets 1.1 0.9 — 2.0 0.9 0.9 — 1.8 0.7 1.3 — 2.0 Total intangible assets 1.1 2.6 — 3.7 0.9 2.7 — 3.6 0.7 3.1 — 3.8 Tangible fixed assets Land and buildings 8.1 — — 8.1 4.9 0.6 — 5.5 2.8 1.0 — 3.8 Vessels and capitalized dry-docking 2,843.9 — (17.2) 2,826.7 2,081.7 — (11.5) 2,070.2 1,863.4 — (7.5) 1,855.9 Prepayments on vessels — — — — 86.0 — — 86.0 — — — — Other non-current assets under construction — 4.8 (0.2) 4.6 — 4.5 (0.3) 4.2 — — — — Other plant and operating equipment 2.1 1.2 — 3.3 3.3 1.1 — 4.4 4.1 1.5 — 5.6 Total tangible fixed assets 2,854.1 6.0 (17.4) 2,842.7 2,175.9 6.2 (11.8) 2,170.3 1,870.3 2.5 (7.5) 1,865.3 Financial assets Investments in joint ventures 0.1 — — 0.1 0.1 — — 0.1 0.1 — — 0.1 Loan receivables 4.5 — — 4.5 4.5 — — 4.5 4.6 — — 4.6 Deferred tax asset 3.1 — — 3.1 0.4 — — 0.4 0.5 — — 0.5 Other investments 0.2 — — 0.2 — — — — 0.2 — — 0.2 Total financial assets 7.9 — — 7.9 5.0 — — 5.0 5.4 — — 5.4 Total non-current assets 2,863.1 8.6 (17.4) 2,854.3 2,181.8 8.9 (11.8) 2,178.9 1,876.4 5.6 (7.5) 1,874.5 Inventories 62.6 5.8 — 68.4 58.0 3.7 — 61.7 61.1 11.0 (0.1) 72.0 Trade receivables 179.1 4.8 — 183.9 206.2 5.0 (0.2) 211.0 255.7 4.2 (0.4) 259.5 Other receivables 54.7 4.9 — 59.6 58.8 1.7 — 60.5 72.7 1.3 — 74.0 Prepayments 11.6 0.6 — 12.2 10.7 4.5 — 15.2 9.7 0.7 — 10.4 Cash and cash equivalents incl. restricted cash 284.9 6.3 — 291.2 290.7 4.9 — 295.6 321.4 2.4 — 323.8 Current assets excluding assets held for sale 592.9 22.4 — 615.3 624.4 19.8 (0.2) 644.0 720.6 19.6 (0.5) 739.7 Assets held for sale — — — — 47.2 — — 47.2 — — — — Total current assets 592.9 22.4 — 615.3 671.6 19.8 (0.2) 691.2 720.6 19.6 (0.5) 739.7 TOTAL ASSETS 3,456.0 31.0 (17.4) 3,469.6 2,853.4 28.7 (12.0) 2,870.1 2,597.0 25.2 (8.0) 2,614.2 NOTE 3 – continued Segment Reporting - Consolidated Balance Sheet USDm 2024 2023 2022 Tanker segment Marine Engineering segment Inter- segment elimination Total Tanker segment Marine Engineering segment Inter- segment elimination Total Tanker segment Marine Engineering segment Inter- segment elimination Total EQUITY AND LIABILITIES Total equity 2,072.9 11.7 (9.8) 2,074.8 1,661.3 9.9 (5.2) 1,666.0 1,498.0 6.2 (0.5) 1,503.7 Liabilities NON-CURRENT LIABILITIES Non-current tax liability related to held-over gains 45.2 — — 45.2 45.2 — — 45.2 45.2 — — 45.2 Deferred tax liability — 0.3 — 0.3 3.3 0.3 — 3.6 5.8 0.3 — 6.1 Borrowings 1,060.8 0.2 — 1,061.0 884.0 2.9 — 886.9 844.6 5.2 — 849.8 Other non-current liabilities 2.3 0.6 — 2.9 2.2 0.8 — 3.0 2.2 0.8 — 3.0 Total non-current liabilities 1,108.3 1.1 — 1,109.4 934.7 4.0 — 938.7 897.8 6.3 — 904.1 CURRENT LIABILITIES Borrowings 163.5 1.8 — 165.3 169.7 3.0 — 172.7 115.7 1.4 — 117.1 Trade payables 46.2 3.8 — 50.0 39.6 3.4 — 43.0 46.4 3.5 (1.4) 48.5 Current tax liabilities 0.4 0.3 — 0.7 0.6 — — 0.6 1.6 0.4 — 2.0 Other liabilities 60.7 0.6 — 61.3 44.8 0.5 (0.1) 45.2 31.0 0.3 (0.2) 31.1 Provisions — 0.6 — 0.6 — 0.6 — 0.6 6.5 0.3 — 6.8 Prepayments from customers 4.0 11.1 (7.6) 7.5 2.7 7.3 (6.7) 3.3 — 6.8 (5.9) 0.9 Total current liabilities 274.8 18.2 (7.6) 285.4 257.4 14.8 (6.8) 265.4 201.2 12.7 (7.5) 206.4 Total liabilities 1,383.1 19.3 (7.6) 1,394.8 1,192.1 18.8 (6.8) 1,204.1 1,099.0 19.0 (7.5) 1,110.5 TOTAL EQUITY AND LIABILITIES 3,456.0 31.0 (17.4) 3,469.6 2,853.4 28.7 (12.0) 2,870.1 2,597.0 25.2 (8.0) 2,614.2 Non-current asset additions during the year: Goodwill — — — — — — — — — 1.8 — 1.8 Other intangible assets 0.5 0.5 — 1.0 0.6 — — 0.6 0.6 1.2 — 1.8 Land and buildings 5.6 — — 5.6 4.4 — — 4.4 0.3 1.1 — 1.4 Vessels and capitalized dry-docking 798.5 — (5.8) 792.7 520.4 — (4.0) 516.4 84.7 — (7.5) 77.2 Prepayments on vessels 111.5 — — 111.5 86.0 — — 86.0 43.1 — — 43.1 Other non-current assets under construction — 0.4 (0.2) 0.2 — 4.5 (0.3) 4.2 — — — — Other plant and operating equipment 0.7 0.6 — 1.3 1.1 0.2 — 1.3 0.8 1.6 — 2.4 Total non-current asset additions 916.8 1.5 (6.0) 912.3 612.5 4.7 (4.3) 612.9 129.5 5.7 (7.5) 127.7 The Company’s non-current assets are based on domicile of the legal entity ownership in the following countries: USDm 2024 2023 2022 UK 357.2 0.2 0.1 Denmark 1,604.2 1,746.6 1,607.7 Singapore 799.7 336.7 257.1 USA 76.0 79.8 — Other countries 9.7 10.6 4.5 Non-current assets 2,846.8 2,173.9 1,869.4 NOTE 3 – continued Accounting Policies The segmentation is based on the Group’s internal management and reporting structure. The Group has two operating segments, the Tanker segment, for which the services provided primarily comprise transportation of refined oil products such as gasoline, jet fuel, and naphtha, and the Marine Engineering segment for which the services provided primarily comprise developing and producing advanced and green marine equipment. Transactions between the segments are based on market-related prices and are eliminated at Group level. TORM considers the global product tanker market as a whole, and as the individual vessels are not limited to specific parts of the world, the Group has only one geographical segment for the Tanker segment. Further, the internal management reporting does not provide geographical information for either the Tanker segment or the Marine Engineering segment. Consequently, geographical segment information on revenue from external customers or non-current segment assets for the Tanker segment or the Marine Engineering segment are not provided .

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	12 Months Ended
	Dec. 31, 2024
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Revenue from contracts with customers	NOTE 4 – REVENUE FROM CONTRACTS WITH CUSTOMERS USDm 2024 2023 2022 Disaggregation of revenue Transportation of oil products and chemicals 1,544.0 1,491.4 1,440.4 Scrubbers and related services 9.1 21.7 1.2 Welding and mounting 4.9 5.3 1.1 Others 1.2 2.0 0.7 Total revenue 1,559.2 1,520.4 1,443.4 Tanker segment 1,544.0 1,491.4 1,440.4 Marine Engineering segment 29.6 48.0 5.9 Intersegment elimination (14.4) (19.0) (2.9) Total revenue 1,559.2 1,520.4 1,443.4 USDm 2024 2023 2022 Customer contract balances Trade receivables 183.9 211.0 259.5 Customer contract assets¹⁾ 2.4 2.5 3.0 Customer contract liabilities²⁾ (7.5) (3.4) (0.9) Total 178.8 210.1 261.6 ¹⁾ Recognized in prepayments. ²⁾ Recognized in prepayments from customers. Refer to Note 15 for further information on trade receivables. Customer contract assets primarily relate to prepaid voyage expenses until the cargo load date. During the year, USD 2.5 m was recognized relating to customer contracts entered in 2023 ( 2023 : USD 3.0 m relating to 2022 , 2022 : USD 2.0 m relating to 2021 ). Customer contract liabilities primarily relate to prepaid charter hire and prepayments received by customers in connection with scrubber installations. The change in customer contract liabilities during the year is primarily caused by change in prepayments received by customers in connection with scrubber installations of USD 2.8 m. Accounting policies 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 Revenue comprises freight, charter hire, and demurrage revenue from the vessels as well as Marine Engineering revenue. Revenue is recognized when or as performance obligations are satisfied by transferring services to the customer, i.e. over time, provided that the stage of completion can be measured reliably. Revenue is measured as the consideration that the Group expects to be entitled to. Freight revenue including charter hire and demurrage (and related voyage costs) are recognized in the income statement according to the entered charter parties from the date of load to the date of delivery of the cargo (discharge). The completion is determined using the load-to-discharge method based on the percentage of the estimated duration of the voyage completed at the reporting date because the customer receives the benefit during the voyage as it is provided. Cross-over voyages 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. NOTE 4 – continued When recognizing revenue, there is a risk that the actual number of days it takes to complete the voyage will differ from the estimate. 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 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, 97% of the demurrage claim submitted is recognized as demurrage revenue upon initial recognition. For cross-over voyages, an estimate of incurred demurrage is recognized at the balance sheet date. The Company receives the demurrage payment upon reaching final agreement on the amount, which could be up to approximately 100 days after the original demurrage claim was submitted. Any adjustments to the final agreement are recognized as demurrage revenue. Marine Engineering revenue Some of the Group’s contracts with customers relate to the sale of marine engineering equipment with installation services. Customers obtain control of the marine engineering equipment with installation services when the goods are delivered to the customer, they have completed commissioning and delivery has been accepted by the customers. When without installation services, customers obtain control of the marine engineering equipment when the goods are delivered to and have been accepted by the customers. Revenue is thus recognized upon the customers obtaining control. There is generally only one performance obligation related hereto. A warranty provision is recognized for expected repair costs related to warranty claims for sold marine engineering equipment within the standard warranty period of one year . These provisions are recognized when the equipment is sold and are based on historical experience. The warranty provision estimates are updated annually.

STAFF COSTS

STAFF COSTS	12 Months Ended
	Dec. 31, 2024
STAFF COSTS
Staff costs	NOTE 5 – STAFF COSTS Employee Information Staff costs included in operating expenses relate to the 109 seafarers employed under Danish contracts ( 2023 : 105 , 2022 : 100 ). 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. USDm 2024 2023 2022 Total staff costs Staff costs included in operating expenses 9.6 8.6 7.7 Staff costs included in administrative expenses 77.3 69.3 42.0 Total 86.9 77.9 49.7 Staff costs comprise the following Wages and salaries 47.3 46.9 38.8 Share-based compensation 30.3 23.0 2.9 Pension costs 4.2 3.8 3.3 Other social security costs 0.4 1.4 1.5 Other staff costs 4.7 2.8 3.2 Total 86.9 77.9 49.7 Average number of permanent employees Seafarers 109 105 100 Land-based 498 468 386 Total 607 573 486 At the end of 2024 TORM has a pool of 3,677 ( 2023 : 3,271 , 2022 : 3,218 ) seafarers. The majority of seafarers on vessels are on short-term contracts. The average number of seafarers on board vessels on short-term contracts in 2024 was 1,721 ( 2023 : 1,625 , 2022 : 1,565 ). Total seafarers’ costs in 2024 were USD 141.4 m ( 2023 : USD 127.1 m, 2022 : USD 124.9 m), which is included in “Operating expenses” of which USD 131.8 m ( 2023 : USD 118.5 m, 2022 : USD 117.2 m) pertains to cost for seafarers on board vessels on short term contracts and USD 9.6 m ( 2023 : USD 8.6 m, 2022 : USD 7.7 m) pertains to cost for seafarers employed under the Danish contract as indicated in the staff costs table above. USD '000 2024 2023 2022 Non-Executive Board and Committee remuneration, short term Christopher H. Boehringer 212 214 210 David N. Weinstein 217 219 207 Göran Trapp 163 164 155 Annette Malm Justad 163 164 155 Total 755 761 727 NOTE 5 – continued Executive Management USD '000 Salary Taxable benefits Annual performance bonus Share-based payment Total Executive Management remuneration Jacob Meldgaard 2022, TORM A/S¹⁾ 1,040 39 593 — 1,672 2022, TORM plc¹⁾ 72 — — 439 511 2023, TORM A/S¹⁾ 1,119 40 1,277 — 2,436 2023, TORM plc¹⁾ 77 — — 4,383 4,460 2024, TORM A/S¹⁾ 1,141 40 1,233 — 2,414 2024, TORM plc¹⁾ 76 — — 5,530 5,606 ¹⁾ Paid by legal entity as noted. Senior Management Team The aggregated compensation expensed by the Group to the three ( 2023 : three , 2022 : three ) other members of the Senior Management Team in 2024 (excluding CEO Jacob Meldgaard ) was USD 9.5m ( 2023 : USD 7.5 m , 2022 : USD 2.8 m ), which includes an aggregate of USD 0.1 m ( 2023 : USD 0.1 m , 2022 : USD 0.1 m ) allocated for pensions (defined contribution plans) and share-based payment of USD 7.5 m (2023: 6.0 m, 2022: 0.7 m) for these individuals . LTIP element of CEO Jacob Meldgaard's remuneration package 2024: Ordinary Ordinary Retention Ordinary Grant Date 23-Mar-22 29-Mar-23 29-Mar-23 07-Mar-24 RSU LTIP grant¹⁾ 255,200 255,200 300,000 255,200 Exercise price per share DKK 58.00 DKK 220.60 USD 0.01 USD 258.40 RSU grant value assuming 100% vesting USD 0.5m USD 2.5m USD 10.7m USD 1.9m ¹⁾ LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 9 dated March 23, 2022 , announcement no.9 dated March 29, 2023 and announcement no.9 dated March 7, 2024 , therefore there is no minimum or maximum for 2022, 2023 and 2024. 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 an 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 program. For voluntary leavers subject to the Danish Stock Options Act, the RSUs will vest in accordance with the vesting schedule, but for all other leavers, all unvested RSUs shall be immediately forfeited for no consideration. Options are granted under the plan for no consideration and carry no dividend or voting rights. In accordance with its Remuneration Policy, TORM has granted the CEO a number of Restricted Share Units (RSUs). There are no performance conditions associated with this grant of RSUs. Refer to Long-Term Incentive Program – restricted share units granted to the executive director on page 178 in the Annual Report 2024 for further information. The original RSUs granted to the CEO in 2016 vested in equal installments over a five years period. Subsequent awards vest in equal installments over three years . NOTE 5 – continued Vested RSUs may be exercised for a period of 360 days from each vesting date. Details of the CEO’s awards and interests in Restricted Share Units are set out on page 116. The single figure remuneration table for the CEO does not include any amounts in relation to the RSU awards as there are no performance conditions associated with this grant of RSUs. As detailed in announcement no. 9 issued on March 23, 2022 , the CEO was granted a total of 255,200 RSUs which will vest in equal amounts over the next three years . The first amount could be exercised from January 01, 2023 . The exercise price for each RSU is DKK 58.0 , corresponding to the average price of TORM shares in the 90 calendar days preceding the publication of TORM plc ’s 2021 Annual Report plus a 15% premium. Vested RSUs may be exercised for a period of 360 days from each vesting date. As detailed in announcement no. 9 issued on March 29, 2023 , the CEO was granted a total of 255,200 RSUs which will vest in equal amounts over the next three years . The first amount could be exercised from January 01, 2024 . The exercise price for each RSU is DKK 220.6 , corresponding to the average price of TORM shares in the 90 calendar days preceding the publication of TORM plc’s 2022 Annual Report plus a 15% premium adjusted for the dividend payment related to TORM’s fourth quarter 2022 results. Vested RSUs may be exercised for a period of 360 days from each vesting date. In addition to the RSUs granted above, the CEO is granted a total of 300,000 RSUs in the Additional Retention Program on similar terms as outlined above, with the exception that the strike price for these RSUs is set to one US cent and that all RSUs will vest on March 01, 2026. As detailed in announcement no. 9 issued on March 07, 2024 , the CEO was granted a total of 255,200 RSUs which will vest in equal amounts over the next three years . The first amount could be exercised from January 01, 2025 . The exercise price for each RSU is DKK 258.4 corresponding to the average price of TORM shares in the 90 calendar days preceding the publication of TORM plc’s 2023 Annual Report plus a 15% premium. Vested RSUs may be exercised for a period of 360 days from each vesting date. 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, including the CEO. The RSUs granted entitle the holder to acquire one TORM A-share. The program comprises the following number of shares in TORM plc : Number of shares (1,000) 2024 2023 2022 Outstanding as of January 01 4,417.7 2,424.0 2,372.9 Granted during the period¹⁾ 1,506.4 3,136.6 1,393.0 Exercised during the period (1,345.4) (1,137.6) (1,078.0) Expired/forfeited during the period (122.1) (5.3) (263.9) Outstanding as of December 31 4,456.6 4,417.7 2,424.0 Exercisable as of December 31 — — — ¹⁾ Includes additional 36,259 RSUs granted in 2024 to adjust for the impact of dividends on the share price in accordance with the original terms of the grant. No modifications to the terms of the grant in the RSU program have occurred. In 2022 , the Board of Directors agreed to grant a total of 1,137,770 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 58.0 The exercise period is 360 days from each vesting date. The fair value of the options granted in 2022 was determined using the Black-Scholes model and is not material. The average remaining contractual life for the restricted shares as of December 31, 2022 was 1.5 years , and as of December 31, 2024 was 0.0 years . In 2023 , the Board of Directors agreed to grant a total of 1,248,153 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 220.6 . The exercise period is 360 days from each vesting date. The fair value of the options granted in 2023 was determined using the Black-Scholes model and amounts to USD 10.8 m. The average remaining contractual life for the restricted shares as of December 31, 2023 was 1.5 years , and as of December 31, 2024 was one year . In addition to the RSUs granted above, the other management is granted a total of 1,333,222 RSUs in the Additional Retention Program on similar terms as outlined above, with the exception that the strike price for these RSUs is set to one US cent and that all RSUs will vest on March 01, 2026 . The fair value of the options in the Additional Retention Program granted in 2023 was determined using the Black-Scholes model and amounts to USD 40.4 m. In 2024 , the Board of Directors agreed to grant a total of 1,214,986 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 258.4 . The exercise period is 360 days from each vesting date. The fair value of the options granted in 2024 was determined using the Black-Scholes model and amounts to USD 8.1 m. The average remaining contractual life for the restricted shares as of December 31, 2024 is 1.5 years . Accounting Policies 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. 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 which will eventually vest. The fair value of the share schemes is calculated using the Black-Scholes model at the grant date.

REMUNERATION TO AUDITORS APPOIN

REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING	12 Months Ended
	Dec. 31, 2024
Auditor's remuneration [abstract]
Remuneration to auditors appointed at the parent company's annual general meeting	NOTE 6 – REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY’S ANNUAL GENERAL MEETING The remuneration of the auditor is required to be presented as follows: USDm 2024 2023 2022 Audit fees Fees payable to the Company's auditor for the audit of the Company's annual accounts 1.2 1.2 0.9 Audit of the Company's subsidiaries pursuant to legislation 0.1 0.1 0.1 Total audit fees 1.3 1.3 1.0 Non-audit fees Audit-related services 0.5 0.1 0.2 Others 0.5 0.1 0.2 Total non-audit fees 1.0 0.2 0.4 Total 2.3 1.5 1.4 Under SEC regulations, the remuneration of the auditor of USD 2.3 m ( 2023 : USD 1.5 m, 2022 : USD 1.4 m) is required to be presented as follows: Audit fees USD 1.8 m ( 2023 : USD 1.4 m, 2022 : USD 1.2 m), audit-related fees USD 0.5 m ( 2023 : USD 0.1 m, 2022 : USD 0.2 m), tax fees USD 0.0 m ( 2023 : USD 0.0 m, 2022 : USD 0.0 m), and all other fees USD 0.0 m (2023: USD 0.0 m, 2022: USD 0.0 m.). TORM's 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.

FINANCIAL ITEMS

FINANCIAL ITEMS	12 Months Ended
	Dec. 31, 2024
Analysis of income and expense [abstract]
Financial items	NOTE 7 – FINANCIAL ITEMS USDm 2024 2023 2022 Financial income Interest income from cash and cash equivalents, including restricted cash ¹⁾ 24.5 14.2 4.0 Other financial income 0.3 0.1 — Total 24.8 14.3 4.0 Financial expenses Interest expenses on borrowings ¹⁾ 69.7 55.6 48.5 Financial expenses arising from lease liabilities regarding right-of-use assets 0.6 0.5 0.2 Exchange rate adjustments, including loss from forward exchange rate contracts 0.7 0.4 0.5 Commitment fee 1.9 1.3 0.6 Amortization of interest rate swaps 1.7 2.2 2.4 Ineffectiveness on interest rate swaps (1.5) (2.4) (3.6) Other financial expenses 1.0 3.3 0.2 Total 74.1 60.9 48.8 Total financial items (49.3) (46.6) (44.8) ¹⁾ Interest for financial assets and liabilities not at fair value through profit and loss. Accounting Policies 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. Interest is recognized in accordance with the accrual basis of accounting considering 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 leases liabilities, 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 payments under interest rate hedge instruments. Interest is recognized in accordance with the accrual basis of accounting considering the effective interest rate.

TAX

TAX	12 Months Ended
	Dec. 31, 2024
TAX
Tax	USDm 2024 2023 2022 Tax on profit for the year Current tax for the year 1.0 0.6 0.5 Adjustments related to previous years (1.0) — (0.1) Adjustment of deferred tax (3.3) 2.2 (7.3) Income tax charge for the year (3.3) 2.8 (6.9) Tonnage tax charge for the year 1.3 1.2 1.0 Total (2.0) 4.0 (5.9) Adjustment of deferred tax of USD (3.3) m for the year ended December 31, 2024 primarily consists of the recognition of deferred tax assets for unused tax credits for charges subject to the corporate interest restriction and for carried forward losses. 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 December 31, 2034. The Group expects to participate in the tonnage tax scheme after the binding period and, as a minimum, to maintain an investment and activity level equivalent to that at the time of entering the tonnage tax scheme. Under the different tonnage tax schemes that TORM is subject to, 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 • A rate applicable to the specific net tonnage of the vessels based on a sliding scale Corporate income tax is primarily levied on the Group’s non-vessel-related activities. The effective tax rate of the Group is 0.3% ( 2023 : 1.0% , 2022 (1.0)% ). Net deferred tax liability in relation to activities outside the tonnage tax regime amounts to USD 6.2 m. USDm 2024 2023 2022 Deferred tax assets Deferred tax assets related to Corporate Interest Restriction 1.7 0.5 3.4 Deferred tax assets related to trading losses 6.9 5.1 4.6 Other temporary differences 0.4 — — Deferred tax assets before offset 9.0 5.6 8.0 Offset against deferred tax liabilities from Corporate Interest Restriction — (0.5) (3.4) Offset against deferred tax liabilities from trading losses — (4.7) (4.0) Offset from tax liabilities (5.9) — — Deferred tax assets, net as of December 31 3.1 0.4 0.6 Deferred tax liabilities Deferred tax liabilities arising from changes in equity 5.9 8.5 13.2 Other temporary differences 0.3 0.3 0.3 Deferred tax liabilities before offset 6.2 8.8 13.5 Offset against tax liabilities arising from changes in equity (5.9) — — Offset from tax assets — (5.2) (7.4) Deferred tax liabilities in the balance sheet 0.3 3.6 6.1 NOTE 8 – continued Deferred tax assets and liabilities are offset and reported net where appropriate within territories. Deferred tax at the balance sheet date have been measured using the appropriate enacted tax rates and are reflected in these financial statements and all deferred tax movements arise from the origination and reversal of temporary differences. Deferred tax assets are recognized to the extent that the realization of the relaxed tax benefit through future taxable profits is probable . As per December 31, 2024 , there are unused tax credits of USD 2.2 m ( 2023 : USD 2.2 m, 2022 2.2 m) relating to prior year losses, as the utilization of these losses may not be used to offset taxable profit due to a high degree of uncertainty of future taxable profits. The deferred tax liability is derived from temporary differences between the accounting and tax values of derivative financial instruments of USD 5.9 m ( 2023 : USD 8.5 m, 2022 : USD 13.2 m) and intangible assets of USD 0.0 m ( 2023 : USD 0.0 m, 2022 : 0.3 m). USDm 2024 2023 2022 Non-current tax liability related to held-over gains Balance as of December 31 (45.2) (45.2) (45.2) The non-current tax liability related to held-over gains is the undiscounted income tax payable calculated on the realized gain on sale of vessels which came from corporate income taxation into the Danish tonnage tax scheme upon initial application in 2001 (the held-over gain reflected in the transition account under the Danish tonnage tax scheme). This tax liability will become payable, in part or in full, if the Danish owned fleet of vessels is significantly or fully disposed of, or if operated to end of useful life and sold for scrap. If TORM discontinues its participation in the Danish tonnage tax scheme, a deferred tax liability would arise in relation to the vessels held by the Group and taken out of the tonnage tax scheme. The Management considers this to be a remote scenario. 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. Accounting Policies Pillar Two Tax Effects Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. Under the legislation, the parent company will be required to pay, in UK, top-up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15%. The main jurisdictions in which exposures to this tax may exist include Denmark, Singapore and the US. As the majority of these companies’ revenue consist of international shipping income, it is assessed that this income will be excluded from the GloBE income with reference to the shipping carveout described in Article 3.3. TORM has applied the exception in IAS 12 'Income Taxes' to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Based on our fiscal year for 2024, the Group has prepared a preliminary Transitional Country-by-Country Reporting (CbCR) Safe Harbour assessment concluding that we expect to be eligible for the Transitional CbCR Safe Harbour in a majority of jurisdictions in which we are present. As of December 31, 2024, the calculated top-up tax does not have a material impact on our financial result. NOTE 8 – continued Tax Tax expenses comprise the expected income tax charge for the year in accordance with IAS 12 as well as tonnage tax related to the Group’s vessels for the year. The income tax charge for the year includes adjustments relating to previous years and the change in deferred tax for the year. However, income tax relating to items in other comprehensive income is recognized directly in the statement of other comprehensive income. 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 income tax purposes. Deferred tax is calculated at the income tax rates which are expected to apply in the period when the liability is settled or the asset is realized, based on the laws which have been enacted or substantially enacted at the balance sheet date. The deferred tax is charged through the income statement except when it relates to other comprehensive income items. No deferred tax is recognized related to assets and liabilities, including vessels which are subject to tonnage tax. Income tax balances The expected income tax payable on the taxable profits for the year is classified as current tax in the balance sheet. Income taxes expected to fall due after more than one year are classified as non-current liabilities or assets in the balance sheet. Income tax is measured using tax rates enacted or substantially enacted at the balance sheet date and includes any adjustment to tax payable in respect of previous years. Current and non-current income tax balances are not discounted.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2024
Disclosure of detailed information about intangible assets [abstract]
Intangible assets	NOTE 9 – INTANGIBLE ASSETS USDm 2024 2023 2022 GOODWILL Cost: Balance as of January 01 13.2 13.2 11.4 Exchange rate adjustments (0.1) — — Additions from business combinations — — 1.8 Balance as of December 31 13.1 13.2 13.2 Impairment: Balance as of January 01 11.4 11.4 11.4 Impairment losses — — — Balance as of December 31 11.4 11.4 11.4 Carrying amount 1.7 1.8 1.8 The opening balance in 2022 on goodwill cost and impairment relates to the reverse acquisition of TORM A/S in 2015 , which was impaired in 2016 . The goodwill addition in 2022 of USD 1.8m relates to the acquisition of Marine Exhaust Technology A/S, which is allocated to the Marine Engineering cash-generating unit. Please refer to note 34 for further reference on acquisition and note 12 for further reference on impairment testing. USDm 2024 2023 2022 OTHER INTANGIBLE ASSETS Cost: Balance as of January 01 2.8 2.3 — Exchange rate adjustments — — 0.2 Additions 1.1 0.5 0.6 Additions from business combinations — — 1.2 Transfer from other items — — 0.3 Balance as of December 31 3.9 2.8 2.3 Amortization: Balance as of January 01 1.0 0.4 — Amortization for the year 0.9 0.6 0.3 Transfer from other items — — 0.1 Balance as of December 31 1.9 1.0 0.4 Carrying amount 2.0 1.8 1.9 Accounting Policies Goodwill Goodwill is measured as the excess of the cost of the business combination over the fair value of the acquired assets, liabilities, and contingent liabilities and is recognized as an asset under intangible assets. For each business combination, TORM elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. Goodwill is not amortized as it is considered to have an indefinite useful life, but the recoverable amount of goodwill is assessed annually. For impairment testing purposes, goodwill is on initial recognition allocated to the cash generating unit expected to benefit from the synergies of the combination. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is first allocated to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss for goodwill is not reversed in a subsequent period. NOTE 9 – continued Other Intangible Assets Other intangible assets consist of software as well as scrubber test facility development costs and customer list acquired in connection with the Marine Exhaust Technology A/S acquisition. Other intangible assets are measured at cost less accumulated amortization and impairment losses. Other intangible assets are considered as having finite useful lives and are amortized on a straight-line basis over: • Software: 3 years • Scrubber test facility: 2 years • Customer list: 7 years

TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS	12 Months Ended
	Dec. 31, 2024
Disclosure of detailed information about property, plant and equipment [abstract]
Tangible fixed assets	NOTE 10 – TANGIBLE FIXED ASSETS USDm 2024 2023 2022 LAND AND BUILDINGS Cost: Balance as of January 01 14.6 12.0 10.9 Exchange rate adjustment (0.2) (0.2) (0.3) Additions 5.6 4.4 0.3 Additions from business combinations — — 1.1 Disposals (2.4) (1.6) — Balance as of December 31 17.6 14.6 12.0 Depreciation: Balance as of January 01 9.1 8.2 6.1 Exchange rate adjustment 0.2 — (0.2) Disposals (2.3) (1.6) — Depreciation for the year 2.5 2.5 2.3 Balance as of December 31 9.5 9.1 8.2 Carrying amount as of December 31 8.1 5.5 3.8 USDm 2024 2023 2022 VESSELS AND CAPITALIZED DRY-DOCKING Cost: Balance as of January 01 2,622.1 2,421.2 2,443.3 Additions 792.7 476.0 77.2 Disposals (20.7) (31.9) (14.2) Transferred from prepayments 197.5 40.6 55.1 Transferred to assets held for sale (90.7) (283.8) (140.2) Balance as of December 31 3,500.9 2,622.1 2,421.2 Depreciation: Balance as of January 01 536.3 543.8 475.0 Disposals (20.7) (31.9) (14.2) Depreciation for the year 186.7 143.7 133.7 Transferred to assets held for sale (41.7) (119.3) (50.7) Balance as of December 31 660.6 536.3 543.8 Impairment: Balance as of January 01 15.6 21.5 30.5 Impairment losses on tangible fixed assets¹⁾ — — 2.7 Transferred to assets held for sale (2.0) (5.9) (11.7) Balance as of December 31 13.6 15.6 21.5 Carrying amount as of December 31 2,826.7 2,070.2 1,855.9 ¹⁾ For additional information regarding impairment considerations, please refer to Note 12 NOTE 10 – continue d Included in the carrying amount for “Vessels and capitalized dry-docking” are capitalized dry-docking costs in the amount of USD 108.2 m ( 2023 : USD 75.1 m, 2022 : USD 50.1 m). Included in the carrying amount for “Vessels and capitalized dry-docking” are vessels on time charter leases (as lessor) in the amount of USD 395.5 m ( 2023 : 169.8 m, 2022 : 13.7 m). Please refer to Note 23 for expected redelivery of the vessels. In 2024 TORM took delivery of 19 ( 2023 : 5 , 2022 : 0 ) vessels in connection with partly share-based transactions for a total purchase price of USD 864.5m ( 2023 : USD 173.0m , 2022 : 0.0m ) , of which USD 86.0 m was paid in 2023. The fair value of the vessels is based on the market approach which considers the valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels. The shipbrokers’ primary input is deadweight tonnage, yard, and age of the vessel. The fair value assumes that the vessels are in good and seaworthy condition and with prompt, charter-free delivery. USDm 2024 2023 2022 PREPAYMENTS ON VESSELS Cost: Balance as of January 01 86.0 — 12.0 Additions 111.5 126.6 43.1 Transferred to vessels (197.5) (40.6) (55.1) Balance as of December 31 — 86.0 — Carrying amount as of December 31 — 86.0 — USDm 2024 2023 2022 OTHER PLANT AND OPERATING EQUIPMENT Cost: Balance as of January 01 11.2 10.5 9.3 Exchange rate adjustment (0.1) — (0.2) Additions 1.3 1.3 0.8 Additions from business combinations — — 1.6 Disposals (6.5) (0.6) (0.7) Transfers — — (0.3) Balance as of December 31 5.9 11.2 10.5 Depreciation: Balance as of January 01 6.8 4.9 3.0 Exchange rate adjustment (0.1) — (0.2) Disposals (5.9) (0.6) (0.6) Depreciation for the year 1.8 2.5 2.8 Transfers — — (0.1) Balance as of December 31 2.6 6.8 4.9 Carrying amount as of December 31 3.3 4.4 5.6 NOTE 10 – continued For information on assets provided as collateral security, please refer to Note 21 . Please refer to Note 12 for information on impairment testing. The depreciation expense related to “Other plant and operating equipment” of USD 1.8 m relates to “Administrative expense” ( 2023 : USD 2.5 m, 2022 : USD 2.8 m). Depreciation and impairment losses on tangible fixed assets on “Vessels and capitalized dry-docking” relate to operating expenses. Accounting Policies Vessels Vessels consist of owned vessels and vessels financed via sale and leaseback transactions. Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Costs comprise acquisition costs 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. In partly share-based acquisitions, vessels are measured at fair value at the delivery date, where the purchase price is compared to valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels and adjusted if a material difference is identified. All major components of vessels (scrubbers, etc.) except for dry-docking costs are depreciated on a straight-line basis to the estimated residual value over their estimated useful life. Different drivers such as TORM’s short and long-term climate targets, the revised IMO’s Green House Gas Strategy, and other new regulation and policies with increased focus on carbon reduction on both short and long-term impact the determination of the estimated useful life. Considering the different drivers, TORM estimates the useful life to be 25 years for newbuildings - in line with previous years and with what is used by other shipowners with comparable tonnage. Depreciation is based on costs less the estimated residual value. Residual value is estimated as the lightweight tonnage of each vessel multiplied by the recycling prices per ton. TORM has completed phasing in green recycling prices in the calculation of residual values by applying a weighted average of green recycling and conventional recycling prices, while using a 3 -year average to limit volatility. 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 TORM ’s business plans. TORM also evaluates the carrying amounts to determine if events have occurred which indicate impairment and would require a modification of the carrying amounts at the reporting date. 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 thereof 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 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 the purchase of second-hand vessels not yet delivered and to newbuilding contracts for vessels not yet delivered which also include the share of borrowing costs directly attributable to the acquisition of the underlying vessel. When a vessel is delivered, the prepaid amount is reallocated to the financial statement line “Vessels and capitalized dry-docking”. NOTE 10 – continued Land and buildings and other plant and operating equipment Land and buildings and other plant and operating equipment consist of leaseholds regarding office buildings, leasehold improvements, company cars, 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. The current estimates are: • Land and buildings • Office buildings: Over the shorter of the remaining leasing term and the estimated useful life • Leasehold improvements: Over the shorter of the remaining leasing term and the estimated useful life • Other plant and operating equipment • Company cars: Over the lease term, typically 3 years • IT equipment: 3 – 5 years • Software: 3 – 5 years • Other equipment 3 – 15 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 the Management. For a right-of-use asset, depreciation commences at the commencement date of the lease. 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 which are usual and customary for sales of such assets, and when its sale is highly probable. The 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”.

LEASING

LEASING	12 Months Ended
	Dec. 31, 2024
Presentation of leases for lessee [abstract]
Leasing	NOTE 11 – LEASING TORM leases office buildings, some vehicles, and other administrative equipment. Except for short-term leases and leases of low-value assets, each lease is reflected on the balance sheet as a right-of-use asset with a corresponding lease liability. The right-of-use assets are included in the financial statement line item in which the corresponding underlying assets would be presented if they were owned. Please refer to Note 10 . As of December 31, 2024 , TORM had recognized the following right-of-use assets: USDm Land and buildings Other plant and operating equipment Cost: Balance as of January 01, 2024 14.6 1.5 Exchange rate adjustments (0.2) — Additions 5.6 — Disposals (2.4) (0.3) Balance as of December 31, 2024 17.6 1.2 Depreciation: Balance as of January 01, 2024 9.1 0.7 Exchange rate adjustment 0.2 — Disposals (2.3) (0.3) Depreciation for the year 2.5 0.3 Balance as of December 31, 2024 9.5 0.7 Carrying amount as of December 31, 2024 8.1 0.5 USDm Land and buildings Other plant and operating equipment Cost: Balance as of January 01, 2023 12.0 1.3 Exchange rate adjustments (0.2) 0.1 Additions 4.4 0.1 Disposals (1.6) — Balance as of December 31, 2023 14.6 1.5 Depreciation: Balance as of January 01, 2023 8.2 0.4 Exchange rate adjustments — (0.1) Disposals (1.6) — Depreciation for the year 2.5 0.4 Balance as of December 31, 2023 9.1 0.7 Carrying amount as of December 31, 2023 5.5 0.8 NOTE 11 – continued USDm Land and buildings Other plant and operating equipment Cost: Balance as of January 01, 2022 10.9 0.7 Exchange rate adjustments (0.3) — Additions 0.3 0.1 Additions from business combinations 1.1 0.9 Disposals — (0.4) Balance as of December 31, 2022 12.0 1.3 Depreciation: Balance as of January 01, 2022 6.1 0.5 Disposals — (0.3) Depreciation for the year 2.3 0.2 Balance as of December 31, 2022 8.2 0.4 Carrying amount as of December 31, 2022 3.8 0.9 The table below describes the nature of the Group’s leasing activities by type of right-of-use assets recognized on the balance sheet as of December 31, 2024 : Land and buildings Other plant and operating equipment No. of right-of-use assets leased 16 6 Range of remaining term 0 - 5 years 0 - 2 years Average remaining lease term 2.7 years 2.1 years No. of leases with extension options 12 6 No. of leases with options to purchase 0 1 No. of leases with termination options 12 8 Lease liabilities regarding right-of-use assets are included on the balance sheet under “Borrowings”. USDm 2024 2023 2022 Maturity analysis - contractual undiscounted cash flow Less than one year 3.1 2.9 2.7 One to five years 7.2 4.7 2.6 More than five years — — — Total undiscounted lease liabilities as of December 31 10.3 7.6 5.3 Lease liabilities included under “Borrowings” as of December 31 8.6 6.6 5.0 Non-current 6.4 4.1 2.5 Current 2.2 2.5 2.5 NOTE 11 – continued Extension and termination options are included in several leases in order to optimize operational flexibility in terms of managing contracts. The lease term determined by TORM is the non-cancellable period of a lease, together with any extension/termination options if these are/are not reasonably certain to be exercised. Lease payments not recognized as a liability TORM has elected not to recognize a lease liability for short-term leases (leases of an expected term of 12 months or less) or for leases of low-value assets. Payments made under such leases are expensed on a straight-line basis. The expenses relating to payments not recognized as a lease liability are insignificant. Cash outflow for leases The total cash outflow for leases amounts to USD 3.6 m ( 2023 : USD 3.2 m, 2022 : USD 2.7 m). Accounting policies TORM assesses whether a contract is or contains a lease at inception of the contract and recognizes right-of-use assets and corresponding lease liabilities at the lease commencement date, except for short-term leases and leases of low value. For these leases, TORM recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. Agreements to charter in vessels and to lease land and buildings and other plant and operating equipment for which TORM substantially has the control are recognized on the balance sheet as right-of-use assets and initially measured at cost, which comprises the initial amount of the lease liabilities adjusted for any lease payments made at or before the commencement date. Subsequently the right-of-use assets are measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated and written down under the same accounting policy as the assets 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 under “Borrowings” and initially measured at the present value of the lease payments that are not paid at the commencement date. The Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. Subsequently lease liabilities are measured at amortized cost using the effective interest method, where the lease liabilities are remeasured when there is a change in future lease payments. Leases to charter out vessels are classified as operating leases as the leases are short-term in nature and usually less than one year. Chartered-out vessels are presented as part of Vessels and capitalized dry-docking. Please refer to Note 6 . The lease income is recognized in the income statement on a straight-line basis over the lease term. Following a sale transaction, for agreements to immediately charter in the related vessels (sale and leaseback) but for which TORM maintains substantially all the risks and rewards incidental to economic ownership including repurchase options at lower value that the initial sales price, the proceeds received are presented as a financial liability in “Borrowings”. No gain or loss is recorded, and the asset remains recognized on the balance sheet under Vessels and capitalized dry-docking.

IMPAIRMENT TESTING

IMPAIRMENT TESTING	12 Months Ended
	Dec. 31, 2024
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [abstract]
Impairment testing	NOTE 12 – IMPAIRMENT TESTING The Management of TORM has assessed that TORM has two CGUs being the Main Fleet and the Marine Engineering cash-generating unit, following the acquisition of Marine Exhaust Technology A/S in 2022 and the disposal of the two remaining Handysize vessel in 2022 . The Main Fleet is comprised of TORM’s LR1, LR2 and MR vessels, which are operated collectively as a combined internal pool, employed principally in the spot market and actively managed to meet the needs of our customers in that market, particularly regarding the location of vessels meeting required specifications. All vessels in the Main Fleet can handle multiple sizes of refined oil cargos and sail all seas and oceans, over both short and long distances. Given the technical specifications and capacity of the vessels, the Main Fleet is relatively homogenous with a very high degree of interoperability. The Main Fleet includes the 2021 acquired MR vessels with chemical trading capability, which are operated as all other product tanker vessels. The Marine Engineering segment represent a single CGU because cash inflows are generated independent of the cash inflows from the Main Fleet from serving the existing external customer base of the Marine Engineering segment. As of December 31, 2024 , the Management tested the carrying amount of Marine Engineering investment for impairment as further set out below. Tanker Segment As of December 31, 2024 , the Management has assessed indicators of impairment that include, but are not limited to, broker vessel values, time charter rates, weighted average cost of capital, any other adverse impacts from current economic, environmental, and geopolitical uncertainty, as well as the carrying amount of the net assets against the market capitalization. Vessel values from two internationally recognized shipbrokers were on average 26.0% above the carrying value of the vessels in the Main Fleet CGU, supporting the carrying amount. Consequently, the Management did not determine the recoverable amount of the CGU as no indicators were identified. As of December 31, 2023 and December 31, 2022 , the assessment of the recoverable amount of the Main Fleet was based on the fair value less cost of disposal. Recoverable amount Excess values (recoverable amount less carrying amount) ¹⁾ 2024 2023 2022 2024 2023 2022 CGU USDm USDm USDm USDm USDm USDm Main Fleet ²⁾ N/A 3,495.0 2,647.0 N/A 952.1 784.0 Total N/A 3,495.0 2,647.0 N/A 952.1 784.0 ¹⁾ Included in the excess value is the outstanding installments for purchased not delivered vessels. ²⁾ No impairment losses and reversals was incurred in 2024 , 2023 and 2022 . December 31, 2024 As noted above, the recoverable amount of the Main Fleet CGU was not determined as no indicators of impairment were identified. Additionally, no impairment was recognized during 2024 in connection with disposal of individual vessels as set out in Note 10 . NOTE 12 – continued December 31, 2023 As of December 31, 2023 , the assessment of the recoverable amount of the Main Fleet is based on the fair value less cost of disposal of the vessels. The recoverable amount of the Main Fleet as of December 31, 2023 amounts to USD 3,495 m, and is based on the market approach which considers the valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels. The shipbrokers’ primary input is deadweight tonnage, yard, and age of the vessel. The fair value assumes that the vessels are in good and seaworthy condition and with prompt, charter-free delivery. The fair value less costs of disposal of the vessels is determined to be within Level 3 of the fair value hierarchy. We have assessed the impact from climate changes and the potential adverse impact on vessel values, however, no specific adjustments in this respect have been reflected in the impairment testing of the Main Fleet given the recoverable amount has been based on the fair value less costs of disposal. Further discussion can be found in the Audit Committee Report, page 102 and TCFD pages 87-89 in the Annual Report for 2023. We continue to monitor the development closely, and we continuously work on more specific plans for our ambition to have zero CO 2 emissions from operating our fleet by 2050, which may impact our impairment testing in the future. Based on this review, the Management concluded that as of December 31, 2023 assets within the Main Fleet were not impaired as fair value less costs of disposal exceeded the carrying amount by USD 952 m. No impairment was recognized during 2023 in connection with disposal of individual vessels as set out in Note 8 in the Annual Report 2023. December 31, 2022 As of 31 December 2022 , the assessment of the recoverable amount of the Main Fleet is based on the fair value less cost of disposal of the vessels. The recoverable amount of the Main Fleet as of December 31, 2022 amounts to USD 2,647 m, and is based on the market approach which considers the valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels. The shipbrokers’ primary input is deadweight tonnage, yard, and age of the vessel. The fair value assumes that the vessels are in good and seaworthy condition and with prompt, charter-free delivery. The fair value less costs of disposal of the vessels is determined to be within Level 3 of the fair value hierarchy. We have assessed the impact from climate changes and the potential adverse impact on vessel values, however, no specific adjustments in this respect have been reflected in the impairment testing of the Main Fleet given the recoverable amount has been based on the fair value less costs of disposal. Further discussion can be found in the Audit Committee Report, page 91 and TCFD pages 75-77 in the Annual Report for 2022. We continue to monitor the development closely, and we continuously work on more specific plans for our ambition to have zero CO 2 emissions from operating our fleet by 2050, which may impact our impairment testing in the future. Based on this review, the Management concluded that as of December 31, 2022 assets within the Main Fleet were not impaired as fair value less costs of disposal exceeded the carrying amount by USD 784 m. Impairments recognized during 2022 of USD 2.7 m ( 2021 : USD 4.6 m) as set out in Note 8 of the 2022 Annual Report relate to the disposal of individual vessels during the year. The recoverable amount of the vessels was based on fair value less costs of disposal, which amounted to USD 31.8 m. The fair value was based on sales price less transaction costs (fair value hierarchy Level 2) . Marine Engineering Segment Marine Exhaust Technology A/S was acquired in 2022 which was also the first year the impairment testing was performed. December 31, 2024 As of December 31, 2024 , the assessment of the recoverable amount of the Marine Engineering cash-generating unit is based on value in use. The result of the impairment test showed an excess value of USD 28.6 m compared to the carrying amount. No impairment of goodwill was recognized as of December 31, 2024 . Key assumptions used in the determination of value in use The value in use is calculated based on future cash flows using a five-year budget period from 2025-2029. The future cash flows are based on the budget for 2025 , assuming no growth in sales. Cost of goods sold is calculated using the gross margins from the 2025 budget. The gross margins are assumed to be constant in the budget period. Operating costs are based on the 2025 budget and are being inflated in the forecast period with the assumed inflation rates of 2% - 3% p.a. Cash levels are assumed constant in the forecast period, investments in non-current assets are USD 0.2 m in 2025 and zero afterwards, and lastly, leasing liabilities are assumed constant. The terminal value extending beyond 2029 are based on a continuation of before mentioned parameters. The discount rate used in the value in use calculation was based on a Weighted Average Cost of Capital (WACC) of 7.4% as of December 31, 2024 . The WACC was calculated by using a standard WACC model in which cost of equity, cost of debt and capital structure were the key parameters. The impairment test was sensitive to reasonably possible changes in the key assumptions, which may result in future impairments. These were related to the future development in sales across all revenue segments. All other things being equal, the sensitivities to the value in use have been assessed as follows: • A n increase/decrease in the total sales of 10.0 % from 2025 and onwards would result in an increase/decrease in the value in use of USD 13.3 m. December 31, 2023 As of December 31, 2023 , the assessment of the recoverable amount of the Marine Engineering cash-generating unit is based on value in use. The result of the impairment test showed an excess value of USD 9.8 m compared to the carrying amount. No impairment of goodwill was recognized as of December 31, 2023 . Key assumptions used in the determination of value in use The value in use is calculated based on future cash flows using a five-year budget period from 2024-2028. The future cash flows are based on the budget for 2024 , assuming no growth in sales. Cost of goods sold is calculated using the gross margins from the 2024 budget. The gross margins are assumed to be constant in the budget period. Operating costs are based on the 2024 budget and are being inflated in the forecast period with the assumed inflation rates of 2% - 3% p.a. Cash levels are assumed constant in the forecast period, investments in non-current assets are USD 0.1 m in 2024 and zero afterwards, and lastly, leasing liabilities are assumed constant. The terminal value extending beyond 2028 are based on a continuation of before mentioned parameters. The discount rate used in the value in use calculation was based on a Weighted Average Cost of Capital (WACC) of 8.8 % as of December 31, 2023 . The WACC was calculated by using a standard WACC model in which cost of equity, cost of debt and capital structure were the key parameters. The impairment test was sensitive to reasonably possible changes in the key assumptions, which may result in future impairments. These were related to the future development in sales across all revenue segments. All other things being equal, the sensitivities to the value in use have been assessed as follows: • An increase/decrease in the total sales of 10.0 % from 2024 and onwards would result in an increase/decrease in the value in use of USD 12.1 m. December 31, 2022 As of December 31, 2022 , the assessment of the recoverable amount of the Marine Engineering cash-generating unit is based on value in use. The result of the impairment test showed an excess value of USD 3.2 m compared to the carrying amount. No impairment of goodwill was recognized as of December 31, 2022 . Key assumptions used in the determination of value in use The value in use is calculated based on future cash flows using a five-year budget period from 2023-2027. The future cash flows are based on the budget for 2023 , assuming no growth in sales. Cost of goods sold is calculated using the gross margins from the 2023 budget. The gross margins are assumed to be constant in the budget period. Operating costs are based on the 2023 budget and are being inflated in the forecast period with the assumed inflation rates of 2% - 3% p.a. Cash levels are assumed constant in the forecast period, investments in non-current assets are USD 0.3 m in 2023 and zero afterwards, and lastly, leasing liabilities are assumed constant. The terminal value extending beyond 2027 are based on a continuation of before mentioned parameters. The discount rate used in the value in use calculation was based on a Weighted Average Cost of Capital (WACC) of 10.8 % as of December 31, 2022 . The WACC was calculated by using a standard WACC model in which cost of equity, cost of debt and capital structure were the key parameters. The impairment test was sensitive to reasonably possible changes in the key assumptions, which may result in future impairments. These were related to the future development in sales across all revenue segments. All other things being equal, the sensitivities to the value in use have been assessed as follows: • An increase/decrease in the total sales of 10.0 % from 2023 and onwards would result in an increase/decrease in the value in use of USD 3.8 m. Accounting Policies Impairment of assets Non-current assets are reviewed at the reporting date to determine any indication of impairment including a significant decline in either the assets’ market value, increase in market rates of return, or in the cash flows expected to be generated by the fleet. At least annually, or if impairment indicator(s) exists, an impairment test on a CGU level will be performed. A CGU is determined as the smallest group of assets that generates independent cash inflows. An asset/CGU is impaired if the recoverable amount is below the carrying amount. The recoverable amount of the CGU is estimated as the higher of fair value less costs of disposal and value in use. The value in use is the present value of the future cash flows expected to be derived from a 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 CGU 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. For the purpose of assessing impairment, assets, time charter and bareboat contracts are grouped at the lowest levels at which

LOAN RECEIVABLES

LOAN RECEIVABLES	12 Months Ended
	Dec. 31, 2024
LOAN RECEIVABLES
Loan receivables	NOTE 13 – LOAN RECEIVABLES USDm 2024 2023 2022 Loan receivables Cost: Balance as of January 01 4.7 4.7 4.7 Balance as of December 31 4.7 4.7 4.7 Expected credit loss: Balance as of January 01 0.2 0.1 0.1 Additions during the year — 0.1 — Balance as of December 31 0.2 0.2 0.1 Carrying amount as of December 31 4.5 4.5 4.6 The loans were issued as part of sale and lease back transactions in 2019 for two MR vessels. The loans will mature in 2026 and have an interest rate applicable fixed at 1% per annum. Expected credit loss is recognized based on the 12 -month expected credit losses. Accounting Policies Loan receivables Loan receivables are initially recognized on the balance sheet as fair value less transaction costs. After initial recognition, loan receivables are measured at amortized cost. Amortized cost is defined as the amount initially recognized reduced by principal repayments and allowances for the expected credit loss (ECL).

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2024
Inventories [Abstract]
Inventories	NOTE 14 – INVENTORIES USDm 2024 2023 2022 Bunkers 46.1 49.3 52.8 Lubeoil 10.9 8.5 8.3 EU Emission Allowances 5.6 0.2 — Other 5.8 3.7 10.9 Balance as of 31 December 68.4 61.7 72.0 During 2024 , bunker inventories of USD 278.2m ( 2023 : USD 272.4m , 2022 : USD 295.5m ) were recognized as an expense in Port expenses, bunkers, commissions, and other cost of goods and services sold . During 2024 , lubeoil inventories of USD 8.1m ( 2023 : USD 7.5m , 2022 : USD 6.4m ) were recognized as an expense in Operating expenses . During 2024 , EU Emission Allowances inventories of USD 5.0m ( 2023 : USD 0.0m , 2022 : USD 0.0m ) were recognized as an expense in Port expenses, bunkers, commissions, and other cost of goods and services sold . During 2024 , other inventories of USD 9.3m ( 2023 : USD 22.7m , 2022 : USD 0.6m) were recognized as an expense in Port expenses, bunkers, commissions, and other cost of goods and services sold . Accounting Policies Inventories consist of bunkers, lubeoil, EU Emission Allowances and other inventories. Bunkers, lubeoil and other inventories are stated at the lower of cost in accordance with the FIFO-principle and net realizable value. Cost of bunkers and lubeoil includes expenditure incurred in acquiring bunkers and lubeoil including delivery costs less discounts. The cost of other inventories consists of raw materials and components based on direct costs, direct payroll costs and a proportionate share of indirect production costs. Indirect production costs include the proportionate share of capacity costs directly relating hereto, which are allocated on the basis of the normal capacity of the production facility . At January 01, 2024 the EU Emission Trading System was extended to maritime transport emissions, where shipping companies must surrender allowances to cover emissions related to EU port calls. EU Emission Allowances are purchased in connection with TORM's cargo transportation only, similar to a tax on purchase of bunkers. TORM has no intention of selling or trading the allowances. In the absence of any specific IFRS standards or IFRIC interpretations on accounting for emission rights of carbon dioxide generated as part of the EU Emission Trading scheme (EU ETS), and considering the above, EU Emission Allowances are treated similar to bunker inventories. The following policies are applied for EU Emission Allowances: The emission rights are considered as a part of the bunker consumption for the delivery of transportation services and thus recognized as inventories at their acquisition cost. As these allowances are utilized during the voyage, the carrying amount of these allowances are recognized as an expense against a liability in the period in which the associated revenue is recognized.

TRADE RECEIVABLES

TRADE RECEIVABLES	12 Months Ended
	Dec. 31, 2024
TRADE RECEIVABLES
Trade receivables	NOTE 15 – TRADE RECEIVABLES USDm 2024 2023 2022 Analysis as of December 31 of trade receivables: Gross trade receivables: Not due 73.0 97.5 122.3 Due < 30 days 32.0 42.6 52.1 Due between 30 and 180 days 82.6 62.4 76.8 Due > 180 days 6.3 19.2 18.9 Total gross 193.9 221.7 270.1 Allowance for expected credit loss 10.0 10.7 10.6 Total net 183.9 211.0 259.5 The Management makes allowances for expected credit losses based on “the simplified approach” according to IFRS 9 to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. As a result of improved collection efforts and decreased losses on trade receivables, the Management reassessed the accounting estimates included in the expected credit loss allowance matrix during 2024. The outcome of the reassessment resulted in an updated allowance matrix, reversing allowances of USD 5.9m in 2024. Expected credit loss for receivables overdue 180 days or less is 0% - 3% , depending on the category of the receivable. Expected credit loss for receivables overdue more than 180 days is 10% - 100% , dependi ng on the category of the receivable. Expected credit loss for receivables overdue more than one year is 50% - 100% , also depending on the category of the receivable. For all “legal” cases, allowances of 100% are made. Movements in provisions for impairment of trade receivables during the year are as follows: USDm 2024 2023 2022 Allowance for expected credit loss Balance as of January 01 10.7 10.6 4.7 Provisions for the year 5.8 3.3 6.5 Provisions reversed during the year (6.5) (3.2) (0.6) Balance as of December 31 10.0 10.7 10.6 Allowance for expected credit loss of trade receivables has been recognized in the income statement under “Port expenses, bunkers, commissions, and other costs of goods sold”. Allowance for expected credit loss of trade receivables is calculated using an aging factor as well as specific customer knowledge and is based on a provision matrix on days past due. Accounting Policies Receivables Outstanding trade receivables and other receivables which are expected to be realized within 12 months from the balance sheet date are classified as “Trade receivables” or “Other receivables” and presented as current assets. Receivables are, at initial recognition, measured at their transaction price less allowance for expected credit losses over the lifetime of the receivable and are subsequently measured at amortized cost adjusted for changes in expected credit losses. Derivative financial instruments included in other receivables are measured at fair value. Expected credit losses Expected credit losses are, at initial recognition, determined using an ageing factor as well as a specific customer knowledge such as 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 subsequently, and if the debtor’s ability to pay is becoming doubtful, expected credit losses are calculated on an individual basis. When there are no reasonable expectations of recovering the carrying amount, the receivable is written off in part or entirely.

OTHER RECEIVABLES

OTHER RECEIVABLES	12 Months Ended
	Dec. 31, 2024
Trade and other receivables [abstract]
Other receivables	NOTE 16 – OTHER RECEIVABLES USDm 2024 2023 2022 Derivative financial instruments 33.0 37.6 55.3 Escrow accounts 1.4 14.9 14.9 Vessel sale 18.9 — — Other 6.3 8.0 3.8 Balance as of December 31 59.6 60.5 74.0 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 26 for further information on fair value hierarchies.

PREPAYMENTS

PREPAYMENTS	12 Months Ended
	Dec. 31, 2024
Current prepayments and current accrued income including current contract assets [abstract]
Prepayments	NOTE 17 – PREPAYMENTS USDm 2024 2023 2022 Prepaid operating expenses 1.7 1.2 — Prepaid bareboat hire 2.8 0.8 3.0 Prepaid customer contract assets 2.4 2.5 3.0 Other prepayments 5.3 10.7 4.4 Balance as of December 31 12.2 15.2 10.4

COMMON SHARES AND TREASURY SHAR

COMMON SHARES AND TREASURY SHARES	12 Months Ended
	Dec. 31, 2024
COMMON SHARES AND TREASURY SHARES
Common shares and treasury shares	NOTE 18 – COMMON SHARES AND TREASURY SHARES Common shares 2024 2023 2022 Nominal value per share (USD) Number of shares Number of shares Number of shares A-shares 0.01 97,814,051 86,225,684 82,311,299 B-shares 0.01 1 1 1 C-shares 0.01 1 1 1 Total 97,814,053 86,225,686 82,311,301 During the year, the share capital was increased by 11,588,367 A-shares with a nominal value of USD 115,883.67 . The total amount including share premium amounted to USD 331.7 m. USD 319.2 m was non-cash increases in conjunction with the acquisition of the 19 vessels, and USD 12.5 m was contributed in cash in connection with exercises of Restricted Share Units. During 2023 , the share capital was increased by 3,914,385 A-shares with a nominal value of USD 39,143.90 .The total amount including share premium amounted to USD 92.7 m. USD 86.5 m was a non-cash increase in conjunction with the acquisition of the five vessels, and USD 6.2 m was contributed in cash in connection with exercises of Restricted Share Units. During 2022 , the share capital was increased by 1,078,030 A-shares with a nominal value of USD 10,780.30 in connection with exercise of Restricted Share Units leading to a total cash contribution of USD 8.0 m. 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 General Meetings and gives the shareholders the right to dividends, liquidation proceeds, or other distributions. The A-shares carry no other rights or obligations. The B-share has one vote at the General Meetings, 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 Meetings 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) 5 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. NOTE 18 – continued Treasury shares 2024 2023 2022 Number of shares ('000) Balance as of January 01 493.4 493.4 493.4 Balance as of December 31 493.4 493.4 493.4 2024 2023 2022 Nominal value USD '000 Balance as of January 01 4.9 4.9 4.9 Balance as of December 31 4.9 4.9 4.9 Treasury shares - continued 2024 2023 2022 Percentage of share capital Balance as of January 01 0.6 % 0.6 % 0.6 % Dilution due to capital increases (0.1) — % 0.0 % Balance as of December 31 0.5 % 0.6 % 0.6 % As of December 31, 2024 , the Company's holding of treasury shares represented 493,371 shares ( 2023 : 493,371 shares, 2022 : 493,371 shares) of USD 0.01 each at a total nominal value of USD 0.0 m ( 2023 : USD 0.0 m, 2022 : USD 0.0 m) and a market value of USD 9.6 m ( 2023 : USD 14.9 m, 2022 : USD 14.0 m). We plan to solicit the approval of our shareholders and apply for a court order from the Companies Court in England and Wales to effect the cancellation of 493,371 treasury shares that we purchased in share buybacks on Nasdaq Copenhagen A/S in 2016 and 2020. The cancellation of these treasury shares is intended to rectify the fact that these repurchases were not made in accordance with the UK Companies Act, which distinguishes between buybacks effected through “market purchases” and “off-market purchases.” We effected these buybacks under “market purchase” resolutions; however, for purposes of the UK Companies Act, Nasdaq Copenhagen A/S is an overseas exchange, making it ineligible for buybacks conducted under the “market purchase” provisions. The cancellation of the affected treasury shares will not affect the rights attached to, or result in any other change to, any of our other shares (or their nominal value). Restricted Share Units Key management participates in an LTIP program, which gives the right to buy TORM shares at a predefined share price. Please refer to note 5 .

OTHER LIABILITIES

OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2024
OTHER LIABILITIES
Other liabilities	NOTE 19 – OTHER LIABILITIES USDm 2024 2023 2022 Accrued operating expenses 22.7 17.8 10.5 Accrued interest 11.3 2.1 3.6 Wages and social expenses 19.0 22.4 15.1 Accrued administration expenses 2.6 1.9 1.5 Derivative financial instruments 2.5 2.8 1.9 EU Emission Allowances 5.2 — — Other 0.9 1.2 1.5 Balance as of December 31 64.2 48.2 34.1 Hereof non-current 2.9 3.0 3.0 Hereof current 61.3 45.2 31.1 The carrying amount is a reasonable approximation of fair value due to the short-term nature of the payable. Please refer to note 26 for further information on fair value hierarchies. Accounting Policies Other liabilities are generally measured at amortized cost. Derivative financial instruments included in other liabilities are measured at fair value.

EFFECTIVE INTEREST RATE, OUTSTA

EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS	12 Months Ended
	Dec. 31, 2024
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate, outstanding borrowings	NOTE 20 – EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS 2024 2023 2022 USDm Fixed/ floating Maturity Effective interest¹⁾ Carrying value²⁾ Maturity Effective interest¹⁾ Carrying value²⁾ Maturity Effective interest¹⁾ Carrying value²⁾ Borrowings Syndicate Facility⁵⁾ Floating 2029 7.2 % 160.0 2028 6.6 % 224.0 2026 7.6 % 143.8 Bond Facility⁵⁾ Fixed 2029 9.9 % 200.0 — — — — — — DSF Facility⁵⁾ Floating 2029 6.4 % 123.8 2029 5.9 % 140.1 2027 6.7 % 201.8 DSF Facility 2⁵⁾ Floating 2029 6.2 % 92.0 2029 5.8 % 52.5 — — — DSF Facility 3⁵⁾ Floating 2031 6.2 % 29.8 — — — — — — HCOB Facility⁵⁾ Floating 2031 7.4 % 87.5 2029 7.8 % 31.2 2025 9.9 % 42.4 ING⁵⁾ Floating 2029 6.4 % 51.4 2029 5.9 % 57.9 — — — KFW Facility⁵⁾ Floating 2032 7.1 % 31.8 2032 6.4 % 34.8 2032 7.1 % 37.9 BoComm 2 (USD)³⁾ Floating 2032 7.6 % 62.1 2032 7.0 % 66.7 2031 7.4 % 71.3 BoComm 3 (USD)³⁾ Floating 2029 7.9 % 73.5 2029 7.3 % 82.2 2029 7.8 % 90.9 CDBL³⁾ Fixed 2032 6.1 % 136.5 2032 5.7 % 149.0 2029 5.8 % 160.8 Springliner (USD)³⁾ Fixed 2026 4.8 % 25.0 2026 4.8 % 27.9 2026 4.8 % 30.7 CMBFL³⁾ Fixed 2033 5.8 % 159.5 2033 5.7 % 195.8 2033 4.9 % 37.3 Other credit facilities Floating 2026 4.3 % 1.8 2026 4.7 % 4.8 2026 3.1 % 4.9 CEXIM (USD)⁵⁾ Floating — — — — — — 2030 7.0 % 41.1 HCOB Facility 2⁵⁾ Floating — — — — — — 2026 8.3 % 21.1 BoComm 1 (USD)³⁾ Floating — — — — — — 2025 8.7 % 49.4 Eifuku (USD)³⁾ Floating — — — — — — 2026 7.9 % 20.9 Showa (USD)³⁾ Floating — — — — — — 2024 8.6 % 18.7 Weighted average effective interest rate⁴⁾ 7.1 % 6.2 % 7.1 % Total borrowings 1,234.7 1,066.9 973.0 Borrowing costs (17.0) (13.9) (11.1) Right-of-use lease liabilities 8.6 6.6 5.0 Total 1,226.3 1,059.6 966.9 Hereof non-current 1,061.0 886.9 849.8 Hereof current 165.3 172.7 117.1 ¹⁾ Effective interest rate includes deferred borrowing costs. ²⁾ Because of the floating interest rate, the carrying value of the Group's borrowings is approximately equal to the fair value except for fixed rate borrowings, where the fair value amounts to USD 544.8 m ( 2023 : USD 402.8 m, 2022 : USD 223.5 m (compared to a total carrying value as of December 31, 2024 of USD 521.0 m, 2023 : USD 372.7 m, 2022 : USD 233.7 m). ³⁾ Lease debt recognized under sale and leaseback arrangement with repurchase options (accounted for as finance transactions). ⁴⁾ Please refer to Note 24 for average interest rate including hedges. ⁵⁾ Facility with financial covenant. Total carrying value amounts to USD 776.3m as of December 31, 2024 ( 2023 : USD 540.5m , 2022 : USD 488.1m ). In addition to the facilities above, TORM had undrawn credit facilities of USD 323.6 m as of December 31, 2024 . Please refer to Note 2 for further information on the Company’s liquidity and capital resources and Notes 24 and 25 for further information on interest rate swaps and financial risks. NOTE 20 – continued The following table summarizes the reconciliation of liabilities arising from financing activities: Cash movements Non-cash movements USDm Opening balance as of January 01, 2024 Borrowings Repayments Business combin- ations Other changes End balance as of December 31, 2024 Borrowings 1,059.6 419.4 (256.3) — 3.6 1,226.3 Total 1,059.6 419.4 (256.3) — 3.6 1,226.3 Cash movements Non-cash movements USDm Opening balance as of January 01, 2023 Borrowings Repayments Business combin- ations Other changes End balance as of December 31, 2023 Borrowings 966.9 676.4 (585.4) — 1.7 1,059.6 Total 966.9 676.4 (585.4) — 1.7 1,059.6 Cash movements Non-cash movements USDm Opening balance as of January 01, 2022 Borrowings Repayments Business combin- ations Other changes End balance as of December 31, 2022 Borrowings 1,135.4 96.3 (275.2) 7.9 2.5 966.9 Total 1,135.4 96.3 (275.2) 7.9 2.5 966.9 Accounting Policies Borrowings consist of mortgage debt, bank loans, bonds and lease liabilities. Borrowings are initially 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

COLLATERAL SECURITY FOR BORROWI

COLLATERAL SECURITY FOR BORROWINGS	12 Months Ended
	Dec. 31, 2024
COLLATERAL SECURITY FOR BORROWINGS
Collateral security for borrowings	NOTE 21 – COLLATERAL SECURITY FOR BORROWINGS The total carrying amount of vessels which have been provided as security for borrowings amounts to USD 2,827 m as of December 31, 2024 ( 2023 : USD 2,070 m, 2022 : USD 1,856 m), including transferred ownership under sale and leaseback arrangements accounted for as financing transactions, where the vessels are not derecognized and where vessels are provided as security for lease debt. USD 0.7 m ( 2023 : USD 0.7 m, 2022 : USD 0.7 m) in floating charge in Marine Exhaust Technology A/S have been provided as security for loans to other lenders. USD 0.3 m ( 2023 : USD 0.4 m, 2022 : USD 0.4 m) in floating charge in Marine Exhaust Technology A/S have been provided as security for loans to banks. In 2024 zero shares ( 2023 : 10,500 shares, 2022 : 10,500 shares) in ME Production A/S with a book value of zero ( 2023 : USD 2.1 m, 2022 : USD 2.1 m) have been provided as security for loans to the lenders of Marine Exhaust Technology A/S. USD 6.2 m ( 2023 : USD 6.6 m, 2022 : USD 6.4 m) in floating charge in ME Production A/S with a book value of 7.4 m ( 2023 : USD 10.5 m, 2022 : USD 10.2 m) have been provided as security for loans to banks. Please refer to Note 1 for further information.

GUARANTEE COMMITMENTS AND CONTI

GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2024
GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIES
Commitments and contingent liabilities	NOTE 22 – GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIES The guarantee commitments of the Group are less than USD 0.1 m ( 2023 : USD 0.1 m, 2022 : USD 0.1 m) and relate to guarantee commitments to Danish Shipping. The Group is involved in certain other legal proceedings and disputes (refer to Note 31). It is the 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.

CONTRACTUAL OBLIGATIONS AND RIG

CONTRACTUAL OBLIGATIONS AND RIGHTS	12 Months Ended
	Dec. 31, 2024
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations and rights	NOTE 23 – CONTRACTUAL RIGHTS AND OBLIGATIONS The following table summarizes the Group's contractual obligations as of December 31, 2024 . USDm 2025 2026 2027 2028 2029 Thereafter Total Borrowings ¹⁾ 167.9 166.2 132.8 118.1 488.2 170.1 1,243.3 Interest payments related to scheduled interest fixing 51.1 46.5 43.7 39.8 26.0 5.3 212.4 Estimated variable interest payments ²⁾ 9.9 8.8 8.4 8.5 5.7 4.7 46.0 Committed scrubber installations ³⁾ 11.9 1.1 7.9 2.1 — — 23.0 Trade payables and other obligations 92.0 — — — — 2.7 94.7 Total 332.8 222.6 192.8 168.5 519.9 182.8 1,619.4 The following table summarizes the Group's contractual obligations as of December 31, 2023 . USDm 2024 2025 2026 2027 2028 Thereafter Total Borrowings ¹⁾ 174.9 148.0 148.4 112.0 120.0 370.2 1,073.5 Interest payments related to scheduled interest fixing 41.0 32.5 26.7 24.5 19.5 18.4 162.6 Estimated variable interest payments ²⁾ 6.3 5.3 6.1 6.2 7.5 8.9 40.3 Secondhand vessel commitments 190.4 — — — — — 190.4 Committed scrubber installations ³⁾ 23.6 — 2.0 8.1 2.0 — 35.7 Trade payables and other obligations 85.0 — — — — 2.7 87.7 Total 521.2 185.8 183.2 150.8 149.0 400.2 1,590.2 The following table summarizes the Group's contractual obligations as of December 31, 2022 USDm 2023 2024 2025 2026 2027 Thereafter Total Borrowings ¹⁾ 119.8 130.0 127.2 185.9 161.7 253.4 978.0 Interest payments related to scheduled interest fixing 34.8 30.6 24.7 18.0 14.1 22.1 144.3 Estimated variable interest payments ²⁾ 3.3 1.6 2.5 2.2 5.5 11.1 26.2 Committed scrubber installations ³⁾ 17.3 1.1 — — — — 18.4 Trade payables and other obligations 81.6 — — — — 2.5 84.1 Total 256.8 163.3 154.4 206.1 181.3 289.1 1,251.0 ¹⁾ The presented amounts to be repaid do not include directly related borrowing costs arising from the issuing of the loans of USD 17.0m ( 2023 : USD 13.9m . 2022 : USD 11.1m ), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 7.3m ( 2023 : USD 9.0m , 2022 : USD 0.7m ). ²⁾ Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments. ³⁾ Commitments for pollution reduction installations NOTE 23 – continued TORM has contractual rights to receive future payments as lessor of vessels on time charter and bareboat charter to customers. The following table summarizes the Group's contractual rights as of December 31, 2024 USDm 2025 2026 2027 2028 2029 Thereafter Total Contractual rights - as lessor: Charter hire income for vessels ⁵⁾ 67.8 26.2 11.9 — — — 105.9 Total 67.8 26.2 11.9 — — — 105.9 The following table summarizes the Group's contractual rights as of December 31, 2023 USDm 2024 2025 2026 2027 2028 Thereafter Total Contractual rights - as lessor: Charter hire income for vessels ⁵⁾ 37.8 24.1 — — — — 61.9 Total 37.8 24.1 — — — — 61.9 The following table summarizes the Group's contractual rights as of December 31, 2022 USDm 2023 2024 2025 2026 2027 Thereafter Total Contractual rights - as lessor: Charter hire income for vessels ⁵⁾ 2.1 — — — — — 2.1 Total 2.1 — — — — — 2.1 ⁵⁾ Charter hire income for vessels on time charter is recognized under "Revenue". During the years revenue from time charter amounted to USD 145.6m ( 2023 : USD 43.8m , 2022 : USD 64.7m ). The average period until redelivery of the vessels for the period ended December 31, 2024 was 1.8 years ( 2023 : 1.6 years , 2022 : 0.4 years ).

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2024
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments	NOTE 24 – DERIVATIVE FINANCIAL INSTRUMENTS Please refer to Note 26 for further information on fair value hierarchies. USDm 2024 2023 2022 Fair value of derivatives: Derivative financial instruments regarding freight and bunkers: Forward freight agreements — fair value through profit and loss 7.8 1.7 — Bunker swaps — fair value through profit and loss 0.3 (0.2) — Bunker swaps — hedge accounting 0.1 (0.5) — Derivative financial instruments regarding interest and currency exchange rate: Forward exchange contracts — hedge accounting (2.3) 0.5 0.4 Interest rate swaps — hedge accounting 24.7 35.3 53.7 Fair value of derivatives as of December 31 30.6 36.8 54.1 Derivative financial instruments are presented as below on the balance sheet: Financial Financial USDm assets liabilities 2024 Offsetting financial assets and financial liabilities: Gross amount 32.9 (2.3) Offsetting amount — — Net amount presented in the balance sheet 32.9 (2.3) Financial Financial USDm assets liabilities 2023 Offsetting financial assets and financial liabilities: Gross amount 37.7 (0.9) Offsetting amount (0.1) 0.1 Net amount presented in the balance sheet 37.6 (0.8) Financial Financial USDm assets liabilities 2022 Offsetting financial assets and financial liabilities: Gross amount 54.5 (0.4) Offsetting amount — — Net amount presented in the balance sheet 54.5 (0.4) Derivative financial instruments assets are offset against derivative financial instruments liabilities where the counterparty is identical, where TORM has legal right to offset and intends to settle on a net basis.. Hedging of risks with derivative financial instruments is made with a ratio of 1 :1 and where hedge items can be a portion of exposure. Sources of ineffectiveness are mainly derived from differences in timing and interest base rate. Any ineffective portions of the cash flow hedges are recognized in the income statement as financial items. Value adjustments of the effective part of cash flow hedges are recognized directly to other comprehensive income. Gains and losses on cash flow hedges are transferred upon realization from the hedging reserve into the income statement. NOTE 24 - continued FFAs are used to mitigate fluctuations in the freight rates of vessels with a duration of 0 - 24 months. The FFAs are not designated for hedge accounting. Forward exchange contracts with a fair value of USD -2.3 m (net loss) are designated as hedge accounting relationships to hedge a part of TORM payments in 2025 regarding administrative and operating expenses denominated in DKK with a notional value of DKK 348.9 m ( 2023 : DKK , 325.5 m 2022 : DKK 280.3 m). Interest rate swaps with a fair value of USD 24.7 m (net gain) applying the USD Secured Overnight Financing Rate ("SOFR") compounded in arrears are designated as hedge accounting relationships to fix a part of TORM's interest payments during the period 2025-2032 with a notional value of USD 498.7 m ( 2023 : USD 923.0 m, 2022 : USD 687.2 m). Bunker swaps with a fair value USD 0.1 m (net gain) are designated as hedge accounting relationships and are used to reduce the exposure to fluctuations in bunker prices for fixed voyages denominated in MT with a notional value of MT 9,000 ( 2023 : MT 9,600 , 2022 MT 0 ). At year-end 2024 , 2023 , and 2022 , TORM held the following derivative financial instruments designated as hedge accounting: 2024 Notional value Unit 2025 2026 After 2026 Forward exchange contracts (USD/DKK) ¹⁾ 348.9 DKKm 348.9 Interest rate swaps ²⁾ 498.7 USDm 134.5 95.2 268.9 Bunker swaps ³⁾ 9,000.0 MT 9,000.0 — — ¹⁾ The average hedge of USD/DKK currency was 6.8 ²⁾ The average interest rate was 1.29% p.a. plus margin. ³⁾ The average price of the hedging instruments was USD 391.0 Hedge accounting Expected maturity 2023 Notional value Unit 2024 2025 After 2025 Forward exchange contracts (USD/DKK) ¹⁾ 325.5 DKKm 325.5 — Interest rate swaps ²⁾ 923.0 USDm 103.3 172.0 647.7 Bunker swaps ³⁾ 9,600.0 MT 9,600.0 ¹⁾ The average hedge of USD/DKK currency was 6.8 ²⁾ The average interest rate was 1.45 p.a. plus margin. ³⁾ The average price of the hedging instruments was 539.2 Hedge accounting Expected maturity 2022 Notional value Unit 2023 2024 After 2024 Forward exchange contracts (USD/DKK) ¹⁾ 280.3 DKKm 280.3 — — Interest rate swaps ²⁾ 687.2 USDm 136.9 51.6 498.7 Bunker swaps ³⁾ — MT — — — ¹⁾ The average hedge of USD/DKK currency was 6.9 ²⁾ The average interest rate was 1.37 p.a. plus margin. TORM only enters into interest derivatives under established ISDA agreements supported with or without credit support annexes with predefined credit thresholds. Cash collateral of USD 11.3 m ( 2023 : USD 27.9 m, 2022 : USD 1.4 m) has been provided as security for the agreements relating to derivative financial instruments, which does not meet the offsetting criteria in IAS 32, but which 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. TORM did not enter into any enforceable netting arrangements. Further details on derivative financial instruments are provided in Notes 25 and 26 . The table below shows realized amounts as well as fair value adjustments regarding derivative financial instruments recognized in the income statements and equity in 2024 , 2023 and 2022 . Income statement Other comprehensive income Equity USDm Port expenses, bunkers, and commissions Financial items Operating expenses Admini- strative expenses Transfer to income statement Fair value adjustment Hedging reserves as of December 31 2024 Forward freight agreements 8.2 — — — — — — Bunker swaps (0.1) — — — 0.1 0.5 0.1 Forward exchange contracts — — (0.6) (0.5) 1.1 (4.0) (2.3) Interest rate swaps — 22.5 — — (20.9) 10.5 23.7 Total 8.1 22.5 (0.6) (0.5) (19.7) 7.0 21.5 2023 Forward freight agreements 23.0 — — — — — — Bunker swaps 1.0 — — — 0.3 (0.8) (0.5) Forward exchange contracts — — — (0.1) 0.1 0.1 0.5 Interest rate swaps — 24.7 — — (22.3) 3.7 34.1 Total 24.0 24.7 — (0.1) (21.9) 3.0 34.1 2022 Forward freight agreements (33.3) — — — — — — Bunker swaps 13.8 — — — (3.3) 3.3 — Forward exchange contracts — — (2.4) (2.3) 4.6 (2.7) 0.4 Interest rate swaps — 3.2 — — 0.4 54.3 52.6 Total (19.5) 3.2 (2.4) (2.3) 1.7 54.9 53.0 The hedging reserves as of December 31 relates to derivatives used for cash flow hedge for open hedging instruments, only. Certain interest rate swaps fair value change are considered ineffective and is recognized in "Financial expenses" in the income statement. Please refer to page F- 63 for a full overview of the fair value of hedge instruments. Please refer to Note 22 for further information on commercial and financial risks. NOTE 24 - continued Accounting Policies 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 to mitigate risks relating to future fluctuations in prices and interest rates, etc. on future committed or anticipated transactions. TORM applies hedge accounting under the specific rules on cash flow hedges, when appropriate, as described below for each type of derivative. Changes in the fair value of derivative financial instruments 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. Portion of the changes in fair value deemed to be ineffective is recognized immediately in the income statement. Changes in the fair value of derivative financial instruments 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, certain forward freight agreements and forward contracts regarding bunker purchases do not qualify for hedge accounting. Changes in fair value of these derivative financial instruments are therefore recognized in the income statement under “Financial income” or “Financial expenses” for interest rate swaps and under “Port expenses, bunkers and commissions” for forward freight agreements and forward bunker contracts.

RISKS ASSOCIATED WITH TORM'S AC

RISKS ASSOCIATED WITH TORM'S ACTIVITIES	12 Months Ended
	Dec. 31, 2024
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Risk associated with Torm's activities	NOTE 25 – RISKS ASSOCIATED WITH TORM’S ACTIVITIES TORM ’s overall risk tolerance and inherited exposure to risks is divided into five main categories: • Emerging risks • Industry and market risks • Operational risks • Compliance and IT risks • Financial risks The risks described below under each of the five categories are considered to be among the most significant and quantifiable risks for TORM . Emerging 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. The Management continues to monitor long-term strategic risks to ensure the earliest possible mitigation of potential risks and develop the necessary capabilities to exploit opportunities created by the same risks. Please refer to the Risk Management section in our Sustainability Statement under E1 Climate Change section on page 64 in the Annual Report 2024 for a detailed description of emerging risks. Industry and Market Risks Industry and market-related risk factors relate to changes in the markets and in the political, economic, and physical environment which the Management cannot control, such as freight rates and vessel and bunker prices. Freight rate fluctuations TORM ’s income is primarily generated from voyages carried out using the Company’s fleet of vessels. As such, TORM is exposed to the considerable volatility which characterizes freight rates for such voyages. It is TORM ’s strategy to seek a certain exposure to this risk, as volatility also represents an opportunity because earnings have historically 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 aims to reduce 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 12 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 ahead, based on market expectations and in accordance with TORM ’s risk management policies. During 2024 , 8.5% ( 2023 : 12.6% , 2022 : 12.8% ) of the 31,287 earning days deriving from operating the Company’s product tankers were covered in this way. Physical time charter contracts accounted for 65.6% ( 2023 : 8.5% , 2022 : 46.1% ) of overall coverage. In 2024 , the Company sold FFAs with a notional contract value of USD 82.6 m ( 2023 : USD 213.9 m, 2022 : USD 58.3 m) and bought FFAs with a notional contract value of USD 11.7 m ( 2023 : USD 0 m, 2022 : USD 92.3 m). The total notional contract volume sold in 2024 was 2,430,000 metric tons ( 2023 : 5,400,000 metric tons; 2022 : 2,310,000 metric tons), and the total notional volume bought was 250,000 metric tons ( 2023 : 0 metric tons, 2022 : 2,592,000 metric tons). At the end of 2024 , the coverage of available earning days for 2025 was 12.8% through time charters, current spot voyages and cargo contracts ( 2023 : 11.3% , 2022 : 3.7% ). 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. NOTE 25 – continued 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 2025 2024 2023 Decrease in freight rates of USD/day 1,000: Changes in profit/loss before tax for the following year (28.9) (27.8) (26.5) Changes in equity for the following year (28.9) (27.8) (26.5) Sales and purchase price fluctuations As an owner of vessels, TORM is exposed to risks associated with changes in the value of the vessels, which can vary considerably during their useful lives. As of December 31, 2024 , the carrying value of the fleet was USD 2,826.7 m ( 2023 : USD 2,070.2 m, 2022 : USD 1,855.9 m). Based on broker valuations, TORM ’s fleet had a market value of USD 3,582.9 m as of December 31, 2024 ( 2023 : USD 3,080.9 m, 2022 : USD 2,650.3 m). Bunker price fluctuations The cost of fuel oil consumed by the vessels, known in the industry as bunkers, accounted for 69.0% ( 2023 : 66.6% 61.3% ) of the total voyage costs in 2024 and is by far the biggest single cost related to a voyage. TORM is exposed to fluctuations in bunker prices which are not reflected in the freight rates achieved by TORM . To reduce this exposure, TORM hedges the bunker exposure with oil product instruments to the extent bunker element in the freight rates achieved is considered fixed. 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 only hedges bunker exposure whenever the freight is fixed beyond one month. In 2024 , 6.0% ( 2023 : 17.7% , 2022 : 15.2% ) of TORM ’s total bunker purchase was hedged through bunker hedging contracts. At the end of 2024 , TORM had covered 7% ( 2023 : 5% , 2022 : —% ) of its bunker requirements for 2025 . The total bunker exposure is estimated to be approximately 432,316 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 price USDm 2025 2024 2023 Increase in the bunker prices of 10% per ton: Changes in profit/loss before tax for the following year (22.5) (25.9) (22.1) Changes in equity for the following year (22.5) (25.9) (22.1) Operational Risks Operational risks are risks associated with the ongoing operations of the business and include risks such as the safe operation of vessels, the availability of experienced seafarers and staff, terrorism, piracy as well as insurance and counterparty risk. NOTE 25 – continued Insurance Coverage During the fleet’s operation, various casualties, accidents, and other incidents may occur which may result in financial losses for TORM . For example national and international rules, regulations, and conventions could mean that TORM may incur substantial liabilities if a vessel is involved in an oil spill or emission of other environmentally hazardous agents. 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 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 members of the internationally recognized collaboration, International Group of P&I clubs, and TORM ’s vessels are each insured for the maximum amount available in the P&I system. At the end of 2024 , the aggregate insured value of hull and machinery and interest for TORM’s owned vessels amounted to USD 4.32 bn ( 2023 : USD 2.34 bn, 2022 : USD 2.8 bn). 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. This characterizes the method for identifying the market value of a derivative instrument. TORM 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 situation are brought to the Management’s attention . TORM ’s counterparty risks are primarily associated with: • Receivables, cash and cash equivalents, including restricted cash • Contracts of affreightment with a positive fair value • Derivative financial instruments and commodity instruments with a positive fair value Receivables, cash, and cash equivalents, including restricted cash The majority of TORM ’s customers are companies operating in the oil industry. It has been assessed that these companies are, to a great extent, subject to the same risk factors as those identified for TORM . A major part of TORM ’s freight revenues stem from a small group of customers. In 2024 , one customer accounted for 8% of TORM ’s freight revenues ( 2023 : one accounted for 8% , 2022 : one accounted for 12% ). 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, TORM ’s credit risk is limited as freight is usually paid prior to the cargo’s discharge, or, alternatively, a suitable bank guarantee is placed in lieu thereof. Because of the payment patterns mentioned above, TORM ’s receivables primarily consist of receivables from voyages in progress at year-end and outstanding demurrage. For the past five years, TORM has not experienced any significant losses in respect of charter payments or any other freight agreements. With regard to the collection of original demurrage claims, TORM ’s average stands at 98.4% ( 2023 : 98.6% , 2022 : 98.6% ), which is considered to be satisfactory given the differences in interpretation of events. In 2024 , demurrage represented 13% ( 2023 : 16.0% , 2022 : 14.0% ) of the total freight revenues. Please refer to Note 1 for more details on recognition of demurrage claims into revenue. NOTE 25 – continued 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, or triple AAA-rated money market funds. Cash is invested with the aim of getting the highest possible yield, while maintaining a low counterparty risk, and having adequate liquidity reserves for possible investment opportunities or to withstand a sudden drop in freight rates. Derivative Financial Instruments and Commodity Instruments In 2024 , 100% ( 2023 : 100% , 2022 : 100% ) of TORM ’s forward freight agreements (FFAs) were traded via clearing houses or over- the-counter (OTC). Trade via clearing houses effectively reduces counterparty credit risk by daily clearing of balance and OTC trades are only done with investment grade counterparties. 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 entered into with investment grade counterparties. Financial risks Financial risks relate to TORM ’s financial position, financing, and cash flows generated by the business, including foreign exchange risk and interest rate risk. TORM ’s liquidity and capital resources are described in Note 2 . Foreign Exchange Risk TORM uses USD as its functional currency because most 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 TORM ’s expenses denominated in currencies other than USD accounts for approximately 57.8% ( 2023 : 60.2% , 2022 : 81.4% ) for administrative expenses and approximately 19.9% ( 2023 : 21.6% , 2022 : 19.8% ) for operating expenses. TORM ’s expected administrative and operating expenses in DKK and EUR for 2025 are approximately DKK 494.0 m, whereof 69.1% ( 2023 : 68.3% , 2022 : 68.9% ) are hedged through FX forward contracts. All FX forward contracts have maturity within 2025 , and TORM ’s average hedge USD/DKK currency rate is 6.8 . FX exposure is hedged in its entirety for all risks. 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 the USD/EUR exchange rates of 10% would result in a change in profit/loss before tax and equity as follows: USDm 2025 2024 2023 Effect of a 10% increase of DKK and EUR: Changes in profit/loss before tax for the following year (2.1) (2.2) (1.8) Changes in equity for the following year (2.1) (2.2) (1.8) Interest rate risk TORM ’s interest rate risk generally relates to interest-bearing borrowings. All TORM ’s loans for financing vessels are denominated in USD. Please refer to Note 20 for additional information on borrowings. At the end of 2024 , TORM had fixed 82.7% ( 2023 : 86.9% , 2022 : 94.6% ) of the debt then outstanding with interest rate swaps, fixed rate leasing debt and senior unsecured bond corresponding to an amount of USD 1,019.7 m. USD 498.7 m of this amount is hedged at an interest rate of 1.29% plus margin with interest rate swaps with maturity in the period 2025-2030. NOTE 25 – continued 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 2025 2024 2023 Effect of a 1%-point increase in interest rates: Changes in profit/loss before tax for the following year (3.0) (2.7) (0.7) Changes in equity for the following year 8.7 10.4 16.3 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 December 31, 2024 , TORM ’s loan portfolio was spread across 13 different banks. As of December 31, 2024 , TORM maintains a liquidity reserve of USD 291.2 m in cash and cash equivalents, including restricted cash, combined with USD 323.6 m in undrawn and committed credit facilities. Cash is only placed in banks with an investment grade rating. For further information on contractual obligations, including a maturity analysis, please refer to Note 23 .

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2024
FINANCIAL INSTRUMENTS
Financial instruments	NOTE 26 – FINANCIAL INSTRUMENTS Observable input (Level 2) Financial instruments measured at fair value Financial instruments measured at amortized cost Total carrying value 2024 Financial assets Loan receivables¹⁾ — — 4.5 4.5 Trade receivables¹⁾ — — 183.9 183.9 Other receivables 33.0 33.0 26.6 59.6 Cash and cash equivalents, including restricted cash¹⁾ — — 291.2 291.2 Total 33.0 33.0 506.2 539.2 Financial liabilities Borrowings¹⁾²⁾ — — 1,226.3 1,226.3 Other non-current liabilities — — 2.9 2.9 Trade payables¹⁾ — — 50.0 50.0 Other liabilities¹⁾ 2.5 2.5 58.8 61.3 Total 2.5 2.5 1,338.0 1,340.5 2023 Financial assets Loan receivables¹⁾ — — 4.5 4.5 Trade receivables¹⁾ — — 211.0 211.0 Other receivables 37.6 37.6 22.9 60.5 Cash and cash equivalents, including restricted cash¹⁾ — — 295.6 295.6 Total 37.6 37.6 534.0 571.6 Financial liabilities Borrowings¹⁾²⁾ — — 1,059.6 1,059.6 Other non-current liabilities — — 3.0 3.0 Trade payables¹⁾ — — 43.1 43.1 Other liabilities¹⁾ 2.8 2.8 42.4 45.2 Total 2.8 2.8 1,148.1 1,150.9 2022 Financial assets Loan receivables¹⁾ — — 4.6 4.6 Trade receivables¹⁾ — — 259.5 259.5 Other receivables 55.3 55.3 18.7 74.0 Cash and cash equivalents, including restricted cash¹⁾ — — 323.8 323.8 Total 55.3 55.3 606.6 661.9 Financial liabilities Borrowings¹⁾²⁾ — — 966.9 966.9 Other non-current liabilities — — 3.0 3.0 Trade payables¹⁾ — — 48.5 48.5 Other liabilities¹⁾ 1.9 1.9 29.2 31.1 Total 1.9 1.9 1,047.6 1,049.5 ¹⁾ Due to the short maturity, the carrying value is considered to be an appropriate expression of the fair value. ²⁾ See Note 21. ³⁾ Derivative financial instruments are presented in the balance sheet line "Other receivables" and "Other liabilities". 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 2 fair value measurements are those derived from input other than quoted prices included in Level 1 which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) NOTE 26 - Continued Methods and assumptions in determining fair value of financial instruments Derivative part of other receivables and other liabilities The fair value of derivatives in other receivables and other liabilities 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

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2024
Disclosure of transactions between related parties [abstract]
Related party transactions	NOTE 27 – RELATED PARTY TRANSACTIONS TORM ’s ultimate controlling party is Brookfield Oaktree Holdings, LLC, a limited liability company incorporated in the USA. The immediate controlling shareholder is OCM Njord Holdings S.á.r.l. (Njord Luxco). Shareholders' contribution and dividends paid are disclosed in the consolidated statement of changes in equity. Dividends to related parties are paid out based on the related parties’ ownership of shares. The remuneration of key management personnel, which consists of the Board of Directors, Executive Director and the Senior Management Team, is disclosed in Note 5 . On September 01, 2022 , TORM purchased 75% of the shares in Marine Exhaust Technology A/S, thereby obtaining a controlling interest in its joint venture entity Marine Exhaust Technology (Hong Kong) Ltd. Until September 01, 2022 , TORM ’s transactions with its joint venture entity producing scrubbers for the TORM fleet covered CAPEX of USD 5.6

ASSETS HELD FOR SALE AND NON-CU

ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR	12 Months Ended
	Dec. 31, 2024
ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR
Assets held for sale and Non-current assets sold during the year	NOTE 28 – ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR During 2024 , TORM delivered three vessels sold in 2023 for a total consideration of USD 66.5m . The vessels had a carrying value of USD 47.2m . After deducting related bunker costs, the sales resulted in a profit of USD 17.2m , which is recognized in the income statement for 2024. During 2024 , TORM sold and delivered four vessels for a total consideration of USD 83.0m . The vessels had a carrying value of USD 47.0m . After deducting related bunker costs, the sales resulted in a profit of USD 34.1m , which is recognized in the income statement for 2024. The sales consideration for one vessel of USD 18.9m has not yet been received as per 31 December 2024. During 2023 , TORM sold and delivered eight vessels for a total consideration of USD 166.4 m. The vessels sold and delivered to new owners during 2023 had a carrying value of USD 111.4 m. After deducting related bunker cost, the sales resulted in a profit of USD 50.4 m which are recognized in the income statement for 2023 . Additionally, TORM sold three vessels with a carrying value of USD 47.2 m classified as assets held for sale at the end of 2023 as the vessels were not yet delivered to new owners. During 2022 , TORM sold seven vessels. All the vessels sold in 2022 and one vessel sold in 2021 were delivered to the new owners to a total consideration of USD 106.6 m. The vessels sold and delivered to the new owners during 2022 had a carrying value of USD 93.8 m. The sales resulted in an impairment loss of USD 2.6 m and a profit of USD 10.2 m which are recognized in the income statement for 2022 .

CASH FLOWS

CASH FLOWS	12 Months Ended
	Dec. 31, 2024
CASH FLOWS
Cash flows	NOTE 29 – CASH FLOWS USDm 2024 2023 2022 Reversal of other non-cash movements: Exchange rate adjustments (0.6) 0.1 (0.3) Share-based payments 30.2 22.5 2.2 Fair value adjustments on derivative financial instruments (6.6) (1.5) 0.6 Reversal of provisions adjustments — (6.5) (6.3) Other adjustments (0.1) (0.1) 0.2 Total 22.9 14.5 (3.6) USDm 2024 2023 2022 Change in inventories, receivables, and payables: Change in inventories (10.2) 1.2 (21.8) Change in receivables 41.7 45.2 (158.1) Change in prepayments 8.4 (1.8) (5.7) Change in trade payables and other liabilities 7.9 3.2 4.7 Total 47.8 47.8 (180.9)

ENTITIES IN THE GROUP

ENTITIES IN THE GROUP	12 Months Ended
	Dec. 31, 2024
ENTITIES IN THE GROUP [Abstract]
Subsidiaries and joint ventures	NOTE 30 – ENTITIES IN THE GROUP Entity Country TORM plc United Kingdom Investments in subsidiaries ⁵⁾: Entity Country Ownership ⁴⁾ TORM A/S Denmark 100 % OCM Singapore Njord Holdings Almena, Pte. Ltd ¹⁾ Singapore 100 % OCM Singapore Njord Holdings Hardrada, Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings St.Michaelis Pte. Ltd ¹⁾ Singapore 100 % OCM Singapore Njord Holdings St. Gabriel Pte. Ltd ¹⁾ Singapore 100 % OCM Singapore Njord Holdings Agnete, Pte. Ltd ¹⁾ Singapore 100 % OMI Holding Ltd.¹⁾ Mauritius 100 % TORM Crewing Service Ltd.¹⁾ Bermuda 100 % TORM Middle East DMCC Emirates 100 % TORM Shipping India Private Limited ³⁾ India 100 % TORM Singapore Pte. Ltd. Singapore 100 % TORM Tanker Corporation ⁶⁾ USA 100 % TORM USA LLC ⁶⁾ USA 100 % TORM VesselCo UK Limited United Kingdom 100 % VesselCo 8 Pte. Ltd. ¹⁾ Singapore 100 % VesselCo 9 Pte. Ltd. Singapore 100 % VesselCo 10 Pte. Ltd. ²⁾ Singapore 100 % VesselCo 11 Pte. Ltd. ¹⁾ Singapore 100 % VesselCo 12 Pte. Ltd. Singapore 100 % TORM SHIPPING (PHILS.), INC. ⁴⁾ Philippines 25 % Marine Exhaust Technology A/S Denmark 75 % ME Production A/S Denmark 75 % Marine Exhaust Technology (Hong Kong) Ltd. China 59 % ME Production (Zhejiang) Co, Ltd. China 75 % Suzhou ME Production Technology Co, Ltd.⁶⁾ China 59 % ¹⁾ Entities dissolved in the financial year ended December 31, 2022 ²⁾ Entities dissolved in the financial year ended December 31, 2023 ³⁾ Entities with different reporting periods: TORM Shipping India has a financial reporting period that runs from April 01 to March 31 as required by the Indian government's laws and legislations. ⁴⁾For all subsidiaries, ownership and voting rights are the same except for TORM SHIPPING (PHILS.), INC where voting rights are 100% ⁵⁾ All subsidiaries are consolidated in full. ⁶⁾ Entities not audited NOTE 30 -continued Interest in legal entities included as joint ventures: There has been no activity in the Danish joint venture, Long Range 2 A/S for which TORM controls 50% . TORM obtained control over Marine Exhaust Technology (Hong Kong) Ltd. on September 01, 2022 following the acquisition of Marine Exhaust Technology A/S, where it affected the profit and loss from continuing operations in 2022 with -0.1 m. Before the acquisition, TORM controlled 28% of Marine Exhaust Technology A/S . The table below shows the registered addresses for the companies mentioned above: Denmark India Philippines Tuborg Havnevej 18 2nd Floor 7th Floor DK-2900 Hellerup Leela Business Park Salcedo Towers, 169 Denmark Andheri-Kurla Road HV dela Costa Street Andheri (E) Salcedo Village, Mumbai 400059 Makati City India Philippines 1227 Singapore United Kingdom USA 6 Battery Road #27-02 4th Floor Suite 1625 Six Battery Road 120 Cannon Street 2500 City West Singapore 049909 London, EC4N 6AS Boulevard Singapore United Kingdom 77042, Houston , Texas USA Denmark China Hong Kong Sandholm 7 208 Longward Road Room 12, 10/F 9900 Frederikshavn Zhapu Town Ping Hu Kwai Cheong Centre Denmark Jiaxing City No. 50 Kwai Cheong Road Zhejiang Provice Kwai Chung, New Territories China Hong Kong United Arab Emirates DMCC Business Centre AU Tower 15-G JLT Cluster I Dubai, UAE United Arab Emirates

PROVISIONS

PROVISIONS	12 Months Ended
	Dec. 31, 2024
PROVISIONS
Provisions	NOTE 31 – PROVISIONS USDm 2024 2023 2022 Cargo claim provisions — — 6.5 Warranty provisions 0.6 0.6 0.3 Balance as of December 31 0.6 0.6 6.8 In 2020, TORM was involved in cargo claims relating to a customer having granted indemnities for discharge of cargoes, and not being able to honor those obligations. The cases involved irregular activities by the customer. Legal action was initiated by TORM in the UK and in India against the customer and related individuals. During 2022, TORM settled one claim and reassessed its provisions for the remaining part of the case complex, which led to the reversal of provisions amounting to USD 6.3 m. As expected at the end of 2023, the remaining part of the case complex was resolved in arbitration during the first quarter of 2024 with an award in favor of TORM. Warranty provisions relate to sold marine engineering equipment. Accounting Policies 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 which can be reliably estimated. Provisions are measured at the estimated liability expected to arise, considering the time value of money.

EARNINGS PER SHARE AND DIVIDEND

EARNINGS PER SHARE AND DIVIDEND PER SHARE	12 Months Ended
	Dec. 31, 2024
EARNINGS PER SHARE AND DIVIDEND PER SHARE
Earnings and dividend per share	NOTE 32 – EARNINGS PER SHARE AND DIVIDEND PER SHARE 2024 2023 2022 Earnings per share Net profit/(loss) for the year attributable to TORM plc shareholders (USDm) 612.5 648.3 562.8 Million shares Weighted average number of shares 94.1 84.1 81.8 Weighted average number of treasury shares (0.5) (0.5) (0.5) Weighted average number of shares outstanding 93.6 83.6 81.3 Dilutive effect of outstanding share options 2.7 3.1 1.5 Weighted average number of shares outstanding incl. dilutive effect of share options 96.3 86.7 82.8 Basic earnings/(loss) per share (USD) 6.54 7.75 6.92 Diluted earnings/(loss) per share (USD) 6.36 7.48 6.80 2024 2023 2022 Dividend per share Declared dividend per share (USD) 5.10 4.42 4.63 Declared dividend for the year (USDm) 485.3 370.9 378.7 Proposed dividend per share for approval at Annual General Meeting (USD) — 1.36 — Proposed dividend for approval at Annual General Meeting (USDm) — 126.3 — Dividends paid per share (USD) 5.86 7.01 — Dividends paid during the year (USDm) 553.3 586.4 166.7 Number of shares Number of shares, end of period (million) 97.8 86.2 82.3 Number of treasury shares, end of period (million) (0.5) (0.5) (0.5) Number of shares outstanding, end of period (million) 97.3 85.7 81.8 Accounting Policies Basic earnings per share are 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 are 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.

CASH AND CASH EQUIVALENTS, INCL

CASH AND CASH EQUIVALENTS, INCLUDING RESTRICTED CASH	12 Months Ended
	Dec. 31, 2024
Cash and cash equivalents [abstract]
Cash and cash equivalents including restricted cash	NOTE 33 – CASH AND CASH EQUIVALENTS, INCLUDING RESTRICTED CASH 2024 2023 2022 Cash at banks and on hand 271.9 265.5 320.5 Cash and cash equivalents 271.9 265.5 320.5 Cash provided as security for initial margin calls and negative market values on derivatives, etc.¹⁾ 19.3 30.1 3.3 Restricted cash 19.3 30.1 3.3 Cash and cash equivalents, including restricted cash 291.2 295.6 323.8 ¹⁾ The counterparties have an obligation to return any excess cash provided as security to the Group upon settlement or early

BUSINESS COMBINATION

BUSINESS COMBINATION	12 Months Ended
	Dec. 31, 2024
Disclosure of detailed information about business combination [abstract]
Business combinations	NOTE 34 – BUSINESS COMBINATIONS There were no business combinations in 2023 or 2024. On September 01, 2022 , TORM acquired an ownership stake of 75% of Marine Exhaust Technology A/S (MET), a Danish industrial company specialized in developing and producing advanced and green marine equipment for a cash consideration of USD 2.0 m. TORM acquired MET because the entity has gained strong expertise in developing and producing components for the maritime industry, including scrubbers for the shipping industry. As part of the transaction, TORM also obtained control over the joint venture entity Marine Exhaust Technology (Hong Kong) Ltd in which TORM previously held a 27.5% interest. TORM has elected to measure the non-controlling interest in the acquiree at fair value. The fair value of the non-controlling interest in MET has been assessed based on the EBITDA multiples method using estimated 2023 financials based on expected scrubber orders. The value includes an adjustment based on development costs to account for potential future income from the sales of Flettner rotors. Based on the enterprise value estimate, the equity value is calculated through a standard adjustment for net interest-bearing debt. The previously held interest in Marine Exhaust Technology (Hong Kong) Ltd was remeasured at fair value as part of the transaction leading to a gain of USD 0.3 m recognized in the share of profit/loss from joint ventures in the consolidated income statement. The acquired assets include contractual receivables of USD 5.7 m of which USD 0.3 m were considered to be uncollectible at the day of the acquisition. Transaction costs in connection with the acquisition amounted to less than USD 0.1 m and are recognized as administration expenses. The goodwill of USD 1.8 m represents the value of expected synergies arising from the acquisition and is allocated entirely to the Marine Engineering segment. The goodwill recognized is not expected to be deductible for tax purposes. Revenue and profit for the period generated by the acquired entity amounted to USD 5.9 m and 0.0 m, respectively, and have been recognized in the consolidated income statement since the acquisition. Had the acquisition taken place on January 01, 2022 , the revenue and profit for the Group for 2022 would have been USD 1,455.9 m and USD 561.9 m, respectively. NOTE 34 –continued The following table summarizes the fair values of the assets acquired and the liabilities assumed on September 01, 2022 : 01 September USDm 2022 Intangible assets 1.2 Tangible fixed assets 2.5 Inventories 6.4 Trade receivables 1.6 Other receivables 3.8 Prepayments 1.5 Cash and cash equivalents 3.0 Borrowings (7.9) Deferred tax liabilities (0.3) Provisions (0.4) Other non-current liabilities (0.8) Trade payables (1.5) Other liabilities (0.3) Deferred income (4.3) Current tax liabilities (0.3) Net identifiable assets acquired 4.2 Goodwill 1.8 Total net assets acquired 6.0 Of which fair value of non-controlling interest (2.4) Total purchase consideration 3.6 Cash consideration 2.0 Fair value of previously held interests 1.6 Total purchase consideration 3.6 Cash acquired 3.0 Cash consideration (2.0) Acquisition of subsidiaries, net of cash acquired 1.0 Accounting Policies 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. 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. 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 that 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.

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company has established cybersecurity policies to process cybersecurity threats from the crisis management phase whereby the Company conducts severity and materiality assessments to the disclosure phase. The purpose of these procedures is to ensure that TORM complies with statutory and regulatory requirements such as the: (i) Commission’s cybersecurity policy requiring registrants to disclose material cybersecurity incidents on Form 6-K and to disclose on an annual basis material information regarding its cybersecurity risk management, strategy and governance on Form 20-F; and (ii) Network and Information Security Directive 2 (NIS2 Directive) from the EU which aims to achieve a high common level of cybersecurity across Member States. These policies are intended to apply to all cybersecurity incidents with material or critical risk impact to the Company’s employees, assets and third parties , including customers, external consultants, vendors, and suppliers. An incident (or collection of related incidents) is considered material if there is a substantial likelihood that a reasonable shareholder would consider it important in making an investment decision, or if it would have significantly altered the ‘total mix’ of information made available. The company is continuously reassessing its IT risks. In 2024, the estimated likelihood that a cybersecurity incident would occur changed to "possible" due to the increased threats from Russia and the observed cases of hybrid warfare aimed at critical infrastructure. Impact assessments establish that there will only be minor operational and financial impacts of a cyber incident due to effective business continuity plans including effective incident response and disaster recovery plans.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	IT Security Policies The Company’s IT Security Policy is based on ISO27001:2022. The purpose of the IT Security Policy is to preserve the confidentiality, integrity, and availability of systems and data used by TORM, to reduce the risk of information security incidents, and to ensure compliance with relevant legislation. The Company has also implemented a cybersecurity incident response policy based on the SANS (Sysadmin Audit, Network and Security) incident response framework. The purpose of the incident response policy is to ensure that TORM detects, responds to and reports security incidents to minimize impact, prevent foreseen future incidents and to comply with regulatory requirements. To proactively manage cybersecurity risks, the Company has defined an IT risk management policy based on ISO27005 and integrated the following procedures: (i) Crisis Management Procedure; (ii) Business Continuity Procedure; (iii) Disaster Recovery Procedure; (iv) Disclosure Procedure, and (v) Data Breach Response. To ensure that the Company can comprehensively respond to cybersecurity incidents, the Company has developed and maintained certain procedures including, but not limited to, identifying, and maintaining inventory of critical IT assets, securing defined lines of communication, providing employees with cybersecurity awareness training and testing incident response procedures annually. The Company has also established an identification, containment, eradication and recovery, and post-incident evaluation procedures. The Company has established a detection procedure whereby it deploys a monitoring system that analyzes correlated events from multiple systems and notifies IT of incidents that should be investigated and assessed. The Company has also implemented procedures to continuously monitor vulnerabilities in its systems to proactively mitigate these vulnerabilities before a potential exploit. Additionally, the Company shall attempt to contain the incident’s impact and intend to remediate or remove any malware or other artifacts introduced by the attacks. In case a significant cybersecurity incident occurs, the Company shall compile a detailed examination and discussion of the events, no later than two weeks after the incident. In addition to the Company’s cybersecurity incident response policy described above, TORM has implemented a third-party management policy which is based on COBIT 2019 ( Control Objectives for Information and Related Technologies ) control objectives. The policy applies to any third-party person, independent consultant, organization, or legal entity, including supplier, vendors, or business partners with whom TORM contracts for IT products and services. The Company performs due diligence on its third-party management to ensure that the performance of the supplier, IT security measures and third-party risks are regularly reviewed and assessed.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board of Directors, which ultimately oversees cybersecurity risks and initiatives.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Risk Committee monitors the progress of TORM’s cybersecurity efforts and together with the Chief Financial Officer ensures integrity of reporting. The Risk Committee reports to the Board of Directors at each Risk Committee meeting.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Based on the risk assessment, risks are prioritized for risk treatment to comply with the defined risk appetite and exceptions are escalated to the risk owner (the Chief Financial Officer) for approval. Cybersecurity risks are being continuously monitored and the risk registers for vessels and office are being reviewed on an annual basis. Head of Group IT and the Company's CISO annually report on risks and approved exceptions to the Senior Management Team and the Risk Committee.
Cybersecurity Risk Role of Management [Text Block]	The Chief Financial Officer has the overall risk ownership and accountability to control such risk. The Chief Financial Officer formulates cybersecurity strategies and drives initiatives, and together with the Head of Group IT, set targets, assesses risks, develop policies and procedures, and execute our cybersecurity efforts . The Chief Financial Officer regularly reports to the Risk Committee and the overall Board of Directors, which ultimately oversees cybersecurity risks and initiatives. The Risk Committee monitors the progress of TORM’s cybersecurity efforts and together with the Chief Financial Officer ensures integrity of reporting. The Risk Committee reports to the Board of Directors at each Risk Committee meeting.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The head of Group IT, assisted by the Company's CISO, is responsible for keeping the IT security policy and the IT Risk Management Policy updated and communicated to relevant stakeholders in the TORM Group. Furthermore, it is the head of Group IT’s responsibility to ensure that these policies are reviewed at least once a year and re-approved by the Risk Committee of the Board of Directors. Under the IT Risk Management Policy, cybersecurity risks are identified and evaluated based on an evaluation of threat scenarios, critical assets, vulnerabilities, threats and existing controls. Based on the risk assessment, risks are prioritized for risk treatment to comply with the defined risk appetite and exceptions are escalated to the risk owner (the Chief Financial Officer) for approval. Cybersecurity risks are being continuously monitored and the risk registers for vessels and office are being reviewed on an annual basis. Head of Group IT and the Company's CISO annually report on risks and approved exceptions to the Senior Management Team and the Risk Committee. The Chief Financial Officer has the overall risk ownership and accountability to control such risk. The Chief Financial Officer formulates cybersecurity strategies and drives initiatives, and together with the Head of Group IT, set targets, assesses risks, develop policies and procedures, and execute our cybersecurity efforts . The Chief Financial Officer regularly reports to the Risk Committee and the overall Board of Directors, which ultimately oversees cybersecurity risks and initiatives. The Risk Committee monitors the progress of TORM’s cybersecurity efforts and together with the Chief Financial Officer ensures integrity of reporting. The Risk Committee reports to the Board of Directors at each Risk Committee meeting.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Head of Group IT has more than 10 years of experience in IT management, with six years of experience in roles as chief information officer and Head of IT with enterprise responsibility for information security. Apart from this, the Head of Group IT is Certified in Cybersecurity (CC) from ISC2 and is attending the NIS2 Executive Program by Bech-Bruun. In 2024, the Company hired a CISO with more than 10 years dedicated experience in the cybersecurity field to head the IT risk and security team and to lead the continuous work on increasing the cybersecurity maturity in the Company. The Chief Financial Officer has extensive experience from senior positions in banking and from heading up the Company’s IT and Risk Management Division for more than five years. The Chief Financial Officer is responsible for IT, as well as Risk Management, and has focused intensively on information security, including cybersecurity, and is following a designated NIS2 Executive Program. The Chief Executive Officer has extensive experience from senior management positions in the shipping industry for over 25 years. As Chief Executive Officer and a member of the Board of Directors, he has had the overall managerial responsibility for the Company’s information security, and he has been closely involved in designing the Company’ Risk Management set-up and procedures. The Chief Executive Officer has been closely involved in designing cybersecurity training for the Company’s Board of Directors.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Under the IT Risk Management Policy, cybersecurity risks are identified and evaluated based on an evaluation of threat scenarios, critical assets, vulnerabilities, threats and existing controls. Based on the risk assessment, risks are prioritized for risk treatment to comply with the defined risk appetite and exceptions are escalated to the risk owner (the Chief Financial Officer) for approval. Cybersecurity risks are being continuously monitored and the risk registers for vessels and office are being reviewed on an annual basis. Head of Group IT and the Company's CISO annually report on risks and approved exceptions to the Senior Management Team and the Risk Committee. The Chief Financial Officer has the overall risk ownership and accountability to control such risk. The Chief Financial Officer formulates cybersecurity strategies and drives initiatives, and together with the Head of Group IT, set targets, assesses risks, develop policies and procedures, and execute our cybersecurity efforts . The Chief Financial Officer regularly reports to the Risk Committee and the overall Board of Directors, which ultimately oversees cybersecurity risks and initiatives. The Risk Committee monitors the progress of TORM’s cybersecurity efforts and together with the Chief Financial Officer ensures integrity of reporting. The Risk Committee reports to the Board of Directors at each Risk Committee meeting.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

ACCOUNTING POLICIES, CRITICAL_2

ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Policies)	12 Months Ended
	Dec. 31, 2024
ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
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 • The ability to use its power over the investee to affect the amounts of the investor’s returns TORM reassesses 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 • Any additional facts and circumstances which 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. NOTE 1 – continued 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 using consistent accounting policies and eliminating intercompany transactions,
Foreign currencies	Foreign Currencies The functional currency of all significant entities, including subsidiaries and associated companies, is United States 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 exchange rate for each transaction, 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 in “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.
Income statement	Income Statement Port expenses, bunkers, and commissions and other costs of goods and services sold Port expenses, bunker fuel consumption, commissions, and other costs of goods sold are recognized as incurred. To the extent that the costs are recoverable, costs directly attributable to relocate the vessel to the load port are capitalized and amortized over the course of the transportation period. Gains and losses on forward bunker contracts, forward freight agreements (FFA) as well as write-down for losses on trade receivables are included in this line.
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 at the time of delivery 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 and income Other operating expenses primarily comprise management fees paid to commercial and technical managers for managing the fleet, profits and losses deriving from the disposal of fixed assets other than vessels as well as claims and disputes provisions.
Depreciation and impairment losses and reversals of impairment losses	Depreciation and impairment losses and reversals of 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. Subsequent reversal of impairment losses is recognized if the recoverable amount exceeds the carrying amount to the extent that the carrying amount does not exceed the carrying amount without any historical impairment losses.
Financial assets	Financial assets Financial assets are initially recognized on 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.
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.
Dividend	Dividend Interim dividends are recognized when paid. Any year-end dividend is recognized as a liability at the date of approval at the AGM.
Other non-current liabilities	Other non-current liabilities Other non-current liabilities consist of long-term employee-related liabilities related to the frozen Danish holiday funds in connection with the transition to the new Danish Holiday Act. TORM has elected to keep the holiday funds until the employees, covered at the transition date, reach the age of retirement. The liability is remeasured annually based on an index rate published by the Holiday
Trade payables	Trade payables Trade payables are recognized at the fair value of the item purchased and are subsequently measured at amortized cost.
Deferred income	Deferred income Deferred income relates to amounts received from customers in advance of the related performance obligations being satisfied.
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 are included. Further, the change in working capital is taken into account. Cash flow from investing activities comprises the cash used or received in 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 the cash used or received in borrowings (amount of new borrowings and repayments), purchases or sales of treasury shares, dividends paid to shareholders. Cash and cash equivalents including restricted cash comprise cash and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents including restricted cash 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 relates to cash provided as security for initial margin calls and negative market values on derivatives as well as a sale and leaseback transaction prepayment to be released upon delivery of the vessel.
Critical accounting estimates and judgements	Critical Accounting Estimates and Judgements The preparation of financial statements in accordance with IFRS requires the 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 the 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. The 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. The Management also makes various accounting judgements in the preparation of the consolidated financial statements which can affect the amounts recognized. Judgements The Management has assessed that TORM has two cash-generating units (CGUs), being the Main Fleet and the Marine Engineering (previously referred to as Marine Exhaust) cash-generating units. The Main Fleet is comprised of TORM ’s LR1, LR2 and MR vessels, which are largely interchangeable, and the cash flows generated by them are interdependent. These vessels are operated via the One TORM platform collectively as a combined internal pool, employed principally in the spot market, and actively managed to meet the needs of our customers in that market, particularly regarding the location of vessels meeting required specifications and the price of transport rather than vessel class. Given the technical specifications and capacity of vessels, the Main Fleet is relatively homogenous with a very high degree of interoperability. All vessels in the Main Fleet can handle multiple sizes of cargo and sail all seas and oceans, over both shorter and long distances. The Main Fleet is monitored and managed on an aggregated level as one pool, i.e. each vessel or vessel class does not generate cash inflows which are largely independent of those from other vessels or vessel classes. The MR vessels acquired in prior years with chemical trading capability are operated as all other product tanker vessels and thus included in the Main Fleet CGU. NOTE 1 – continued In addition, the activities within the Marine Engineering segment represent a single CGU because cash inflows are generated independent of the cash inflows from the Main Fleet from serving the existing external customer base of the Marine Engineering segment. Estimates Carrying amounts of vessels The Company evaluates the carrying amounts of the vessels (including newbuildings) to determine if events have occurred which would require a modification of their carrying amounts. The recoverable amount of vessels is reviewed based on events or changes in circumstances which would indicate that the carrying amount of its vessels might not be recoverable. In assessing the recoverability of the vessels, the Company reviews certain indicators of potential impairment or indication of any past impairment losses that should be reversed. If an indication of impairment or reversal of past impairment is identified, the need for recognizing an impairment loss or a recognition of a reversal of a past impairment loss is assessed by comparing the carrying amount of the vessels to the higher of the fair value less costs of disposal and the value in use. The Management assesses indicators of impairment that include, but are not limited to, broker vessel values, time charter rates, weighted average cost of capital, and any other adverse impacts from current economic, environmental, and geopolitical uncertainty, as well as the carrying amount of the net assets against the market capitalization. The fair value less cost of disposal of the vessels is based on the market approach which considers the valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels. The shipbrokers’ primary input is deadweight tonnage, yard, and age of the vessel. The fair value assumes that the vessels are in good and seaworthy condition and with prompt, charter-free delivery. The assessment of the value in use is based on projection of future discounted cash flows related to the vessels which 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-docking costs and discount rates All these factors have been historically volatile, especially the freight rates. 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 change, an impairment write-down or reversal of impairment may be required. For more information refer to Note 12 .
Segment	The segmentation is based on the Group’s internal management and reporting structure. The Group has two operating segments, the Tanker segment, for which the services provided primarily comprise transportation of refined oil products such as gasoline, jet fuel, and naphtha, and the Marine Engineering segment for which the services provided primarily comprise developing and producing advanced and green marine equipment. Transactions between the segments are based on market-related prices and are eliminated at Group level. TORM considers the global product tanker market as a whole, and as the individual vessels are not limited to specific parts of the world, the Group has only one geographical segment for the Tanker segment. Further, the internal management reporting does not provide geographical information for either the Tanker segment or the Marine Engineering segment. Consequently, geographical segment information on revenue from external customers or non-current segment assets for the Tanker segment or the Marine Engineering segment are not provided
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 Revenue comprises freight, charter hire, and demurrage revenue from the vessels as well as Marine Engineering revenue. Revenue is recognized when or as performance obligations are satisfied by transferring services to the customer, i.e. over time, provided that the stage of completion can be measured reliably. Revenue is measured as the consideration that the Group expects to be entitled to. Freight revenue including charter hire and demurrage (and related voyage costs) are recognized in the income statement according to the entered charter parties from the date of load to the date of delivery of the cargo (discharge). The completion is determined using the load-to-discharge method based on the percentage of the estimated duration of the voyage completed at the reporting date because the customer receives the benefit during the voyage as it is provided. Cross-over voyages 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. NOTE 4 – continued When recognizing revenue, there is a risk that the actual number of days it takes to complete the voyage will differ from the estimate. 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 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, 97% of the demurrage claim submitted is recognized as demurrage revenue upon initial recognition. For cross-over voyages, an estimate of incurred demurrage is recognized at the balance sheet date. The Company receives the demurrage payment upon reaching final agreement on the amount, which could be up to approximately 100 days after the original demurrage claim was submitted. Any adjustments to the final agreement are recognized as demurrage revenue. Marine Engineering revenue Some of the Group’s contracts with customers relate to the sale of marine engineering equipment with installation services. Customers obtain control of the marine engineering equipment with installation services when the goods are delivered to the customer, they have completed commissioning and delivery has been accepted by the customers. When without installation services, customers obtain control of the marine engineering equipment when the goods are delivered to and have been accepted by the customers. Revenue is thus recognized upon the customers obtaining control. There is generally only one performance obligation related hereto. A warranty provision is recognized for expected repair costs related to warranty claims for sold marine engineering equipment within the standard warranty period of one year . These provisions are recognized when the equipment is sold and are based on historical experience. The warranty provision estimates are updated annually.
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.
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 which will eventually vest. The fair value of the share schemes is calculated using the Black-Scholes model at the grant date.
Financial income and expenses	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. Interest is recognized in accordance with the accrual basis of accounting considering 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 leases liabilities, 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 payments under interest rate hedge instruments. Interest is recognized in accordance with the accrual basis of accounting considering the effective interest rate.
Tax	Tax Tax expenses comprise the expected income tax charge for the year in accordance with IAS 12 as well as tonnage tax related to the Group’s vessels for the year. The income tax charge for the year includes adjustments relating to previous years and the change in deferred tax for the year. However, income tax relating to items in other comprehensive income is recognized directly in the statement of other comprehensive income.
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 income tax purposes. Deferred tax is calculated at the income tax rates which are expected to apply in the period when the liability is settled or the asset is realized, based on the laws which have been enacted or substantially enacted at the balance sheet date. The deferred tax is charged through the income statement except when it relates to other comprehensive income items. No deferred tax is recognized related to assets and liabilities, including vessels which are subject to tonnage tax.
Income tax balances	Income tax balances The expected income tax payable on the taxable profits for the year is classified as current tax in the balance sheet. Income taxes expected to fall due after more than one year are classified as non-current liabilities or assets in the balance sheet. Income tax is measured using tax rates enacted or substantially enacted at the balance sheet date and includes any adjustment to tax payable in respect of previous years. Current and non-current income tax balances are not discounted.
Goodwill	Goodwill Goodwill is measured as the excess of the cost of the business combination over the fair value of the acquired assets, liabilities, and contingent liabilities and is recognized as an asset under intangible assets. For each business combination, TORM elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. Goodwill is not amortized as it is considered to have an indefinite useful life, but the recoverable amount of goodwill is assessed annually. For impairment testing purposes, goodwill is on initial recognition allocated to the cash generating unit expected to benefit from the synergies of the combination. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is first allocated to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss for goodwill is not reversed in a subsequent period.
Other intangible assets	Other Intangible Assets Other intangible assets consist of software as well as scrubber test facility development costs and customer list acquired in connection with the Marine Exhaust Technology A/S acquisition. Other intangible assets are measured at cost less accumulated amortization and impairment losses. Other intangible assets are considered as having finite useful lives and are amortized on a straight-line basis over: • Software: 3 years • Scrubber test facility: 2 years • Customer list: 7 years
Tangible fixed assets	Vessels Vessels consist of owned vessels and vessels financed via sale and leaseback transactions. Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Costs comprise acquisition costs 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. In partly share-based acquisitions, vessels are measured at fair value at the delivery date, where the purchase price is compared to valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels and adjusted if a material difference is identified. All major components of vessels (scrubbers, etc.) except for dry-docking costs are depreciated on a straight-line basis to the estimated residual value over their estimated useful life. Different drivers such as TORM’s short and long-term climate targets, the revised IMO’s Green House Gas Strategy, and other new regulation and policies with increased focus on carbon reduction on both short and long-term impact the determination of the estimated useful life. Considering the different drivers, TORM estimates the useful life to be 25 years for newbuildings - in line with previous years and with what is used by other shipowners with comparable tonnage. Depreciation is based on costs less the estimated residual value. Residual value is estimated as the lightweight tonnage of each vessel multiplied by the recycling prices per ton. TORM has completed phasing in green recycling prices in the calculation of residual values by applying a weighted average of green recycling and conventional recycling prices, while using a 3 -year average to limit volatility. 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 TORM ’s business plans. TORM also evaluates the carrying amounts to determine if events have occurred which indicate impairment and would require a modification of the carrying amounts at the reporting date. 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 thereof 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 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 the purchase of second-hand vessels not yet delivered and to newbuilding contracts for vessels not yet delivered which also include the share of borrowing costs directly attributable to the acquisition of the underlying vessel. When a vessel is delivered, the prepaid amount is reallocated to the financial statement line “Vessels and capitalized dry-docking”. NOTE 10 – continued Land and buildings and other plant and operating equipment Land and buildings and other plant and operating equipment consist of leaseholds regarding office buildings, leasehold improvements, company cars, 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. The current estimates are: • Land and buildings • Office buildings: Over the shorter of the remaining leasing term and the estimated useful life • Leasehold improvements: Over the shorter of the remaining leasing term and the estimated useful life • Other plant and operating equipment • Company cars: Over the lease term, typically 3 years • IT equipment: 3 – 5 years • Software: 3 – 5 years • Other equipment 3 – 15 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 the Management. For a right-of-use asset, depreciation commences at the
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 which are usual and customary for sales of such assets, and when its sale is highly probable. The 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”.
Leases	TORM assesses whether a contract is or contains a lease at inception of the contract and recognizes right-of-use assets and corresponding lease liabilities at the lease commencement date, except for short-term leases and leases of low value. For these leases, TORM recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. Agreements to charter in vessels and to lease land and buildings and other plant and operating equipment for which TORM substantially has the control are recognized on the balance sheet as right-of-use assets and initially measured at cost, which comprises the initial amount of the lease liabilities adjusted for any lease payments made at or before the commencement date. Subsequently the right-of-use assets are measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated and written down under the same accounting policy as the assets 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 under “Borrowings” and initially measured at the present value of the lease payments that are not paid at the commencement date. The Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. Subsequently lease liabilities are measured at amortized cost using the effective interest method, where the lease liabilities are remeasured when there is a change in future lease payments. Leases to charter out vessels are classified as operating leases as the leases are short-term in nature and usually less than one year. Chartered-out vessels are presented as part of Vessels and capitalized dry-docking. Please refer to Note 6 . The lease income is recognized in the income statement on a straight-line basis over the lease term. Following a sale transaction, for agreements to immediately charter in the related vessels (sale and leaseback) but for which TORM maintains substantially all the risks and rewards incidental to economic ownership including repurchase options at lower value that the initial sales price, the proceeds received are presented as a financial liability in “Borrowings”. No gain or loss is recorded, and the asset remains recognized on the balance sheet under Vessels and capitalized dry-docking.
Impairment of assets	Impairment of assets Non-current assets are reviewed at the reporting date to determine any indication of impairment including a significant decline in either the assets’ market value, increase in market rates of return, or in the cash flows expected to be generated by the fleet. At least annually, or if impairment indicator(s) exists, an impairment test on a CGU level will be performed. A CGU is determined as the smallest group of assets that generates independent cash inflows. An asset/CGU is impaired if the recoverable amount is below the carrying amount. The recoverable amount of the CGU is estimated as the higher of fair value less costs of disposal and value in use. The value in use is the present value of the future cash flows expected to be derived from a 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 CGU 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. For the purpose of assessing impairment, assets, time charter and bareboat contracts are grouped at the lowest levels at which
Loan receivables	Loan receivables Loan receivables are initially recognized on the balance sheet as fair value less transaction costs. After initial recognition, loan receivables are measured at amortized cost. Amortized cost is defined as the amount initially recognized reduced by principal repayments and allowances for the expected credit loss (ECL).
Inventories	Inventories consist of bunkers, lubeoil, EU Emission Allowances and other inventories. Bunkers, lubeoil and other inventories are stated at the lower of cost in accordance with the FIFO-principle and net realizable value. Cost of bunkers and lubeoil includes expenditure incurred in acquiring bunkers and lubeoil including delivery costs less discounts. The cost of other inventories consists of raw materials and components based on direct costs, direct payroll costs and a proportionate share of indirect production costs. Indirect production costs include the proportionate share of capacity costs directly relating hereto, which are allocated on the basis of the normal capacity of the production facility . At January 01, 2024 the EU Emission Trading System was extended to maritime transport emissions, where shipping companies must surrender allowances to cover emissions related to EU port calls. EU Emission Allowances are purchased in connection with TORM's cargo transportation only, similar to a tax on purchase of bunkers. TORM has no intention of selling or trading the allowances. In the absence of any specific IFRS standards or IFRIC interpretations on accounting for emission rights of carbon dioxide generated as part of the EU Emission Trading scheme (EU ETS), and considering the above, EU Emission Allowances are treated similar to bunker inventories. The following policies are applied for EU Emission Allowances: The emission rights are considered as a part of the bunker consumption for the delivery of transportation services and thus recognized as inventories at their acquisition cost. As these allowances are utilized during the voyage, the carrying amount of these allowances are recognized as an expense against a liability in the period in which the associated revenue is recognized.
Receivables	Receivables Outstanding trade receivables and other receivables which are expected to be realized within 12 months from the balance sheet date are classified as “Trade receivables” or “Other receivables” and presented as current assets. Receivables are, at initial recognition, measured at their transaction price less allowance for expected credit losses over the lifetime of the receivable and are subsequently measured at amortized cost adjusted for changes 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 are, at initial recognition, determined using an ageing factor as well as a specific customer knowledge such as 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 subsequently, and if the debtor’s ability to pay is becoming doubtful, expected credit losses are calculated on an individual basis. When there are no reasonable expectations of recovering the carrying amount, the receivable is written off in part or entirely.
Other liabilities	Other liabilities are generally measured at amortized cost. Derivative financial instruments included in other liabilities are measured at fair value.
Effective interest rate, outstanding borrowings	Borrowings consist of mortgage debt, bank loans, bonds and lease liabilities. Borrowings are initially 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
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 to mitigate risks relating to future fluctuations in prices and interest rates, etc. on future committed or anticipated transactions. TORM applies hedge accounting under the specific rules on cash flow hedges, when appropriate, as described below for each type of derivative. Changes in the fair value of derivative financial instruments 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. Portion of the changes in fair value deemed to be ineffective is recognized immediately in the income statement. Changes in the fair value of derivative financial instruments 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, certain forward freight agreements and forward contracts regarding bunker purchases do not qualify for hedge accounting. Changes in fair value of these derivative financial instruments are therefore recognized in the income statement under “Financial income” or “Financial expenses” for interest rate swaps and under “Port expenses, bunkers and commissions” for forward freight agreements and forward bunker contracts.
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 which can be reliably estimated. Provisions are measured at the estimated liability expected to arise, considering the time value of money.
Earnings per share	Basic earnings per share are 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 are 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.
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. 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. 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 that 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.

LIQUIDITY, CAPITAL RESOURCES _2

LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS (Tables)	12 Months Ended
	Dec. 31, 2024
LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS
Disclosure of detailed information about borrowings	TORM has the following debt facilities as of December 31, 2024 . Debt Facility Maturity Outstanding amount 2024 (USDm) Outstanding amount 2023 (USDm) Outstanding amount 2022 (USDm) Senior Unsecured Bonds 2029 200.0 — — Syndicated Facilities 2023 2029 160.0 224.0 — Syndicated Facilities 2020 Repaid — — 143.8 Danish Ship Finance Facility 2020 2031 245.6 192.6 201.8 ING Facility 2023 2029 51.4 57.9 — HCOB Facility 2023 Repaid — 31.2 — HCOB Facilities 2020-2021 Repaid — — 63.5 HCOB Facility 2024 2031 87.5 — — KfW Facility 2019 2032 31.8 34.8 37.9 CEXIM 2016 Repaid — — 41.1 Other credit facilities 2026 1.9 4.8 4.9 Total 778.2 545.3 493.0 TORM has the following undrawn facilities as of December 31, 2024 . Undrawn Facility Maturity Undrawn amount 2024 (USDm) Undrawn amount 2023 (USDm) Undrawn amount 2022 (USDm) Syndicated Facilities 2023 - RCF 2029 100.0 100.0 — Syndicated Facilities 2020 - RCF Cancelled — — 92.6 Syndicated Facilities 2024 - RCF 2031 149.5 — — HCOB Facility 2023 - RCF Cancelled — 24.9 — DSF Additional Facility Cancelled — 52.6 — Syndicated Bridge to Bond Facility Cancelled — 165.0 — HCOB Facility 2024 - RCF 2031 74.1 — — Total 323.6 342.5 92.6 Lease Facility Maturity Outstanding amount 2024 (USDm) Outstanding amount 2023 (USDm) Outstanding amount 2022 (USDm) Bocomm Leasing Facilities 2019-2021 2032 135.6 148.9 162.2 Bocomm Leasing Facilities 2019 Repaid — — 49.4 Springliner Leases 2026 25.0 27.9 30.7 China Development Bank Financial Leasing 2032 136.5 149.0 160.8 China Merchant Bank Financial Leasing 2033 159.5 195.8 37.3 Showa Leasing Repaid — — 18.7 Eifuku Leasing Repaid — — 20.9 Total 456.6 521.6 480.0 2024 2023 2022 USDm Fixed/ floating Maturity Effective interest¹⁾ Carrying value²⁾ Maturity Effective interest¹⁾ Carrying value²⁾ Maturity Effective interest¹⁾ Carrying value²⁾ Borrowings Syndicate Facility⁵⁾ Floating 2029 7.2 % 160.0 2028 6.6 % 224.0 2026 7.6 % 143.8 Bond Facility⁵⁾ Fixed 2029 9.9 % 200.0 — — — — — — DSF Facility⁵⁾ Floating 2029 6.4 % 123.8 2029 5.9 % 140.1 2027 6.7 % 201.8 DSF Facility 2⁵⁾ Floating 2029 6.2 % 92.0 2029 5.8 % 52.5 — — — DSF Facility 3⁵⁾ Floating 2031 6.2 % 29.8 — — — — — — HCOB Facility⁵⁾ Floating 2031 7.4 % 87.5 2029 7.8 % 31.2 2025 9.9 % 42.4 ING⁵⁾ Floating 2029 6.4 % 51.4 2029 5.9 % 57.9 — — — KFW Facility⁵⁾ Floating 2032 7.1 % 31.8 2032 6.4 % 34.8 2032 7.1 % 37.9 BoComm 2 (USD)³⁾ Floating 2032 7.6 % 62.1 2032 7.0 % 66.7 2031 7.4 % 71.3 BoComm 3 (USD)³⁾ Floating 2029 7.9 % 73.5 2029 7.3 % 82.2 2029 7.8 % 90.9 CDBL³⁾ Fixed 2032 6.1 % 136.5 2032 5.7 % 149.0 2029 5.8 % 160.8 Springliner (USD)³⁾ Fixed 2026 4.8 % 25.0 2026 4.8 % 27.9 2026 4.8 % 30.7 CMBFL³⁾ Fixed 2033 5.8 % 159.5 2033 5.7 % 195.8 2033 4.9 % 37.3 Other credit facilities Floating 2026 4.3 % 1.8 2026 4.7 % 4.8 2026 3.1 % 4.9 CEXIM (USD)⁵⁾ Floating — — — — — — 2030 7.0 % 41.1 HCOB Facility 2⁵⁾ Floating — — — — — — 2026 8.3 % 21.1 BoComm 1 (USD)³⁾ Floating — — — — — — 2025 8.7 % 49.4 Eifuku (USD)³⁾ Floating — — — — — — 2026 7.9 % 20.9 Showa (USD)³⁾ Floating — — — — — — 2024 8.6 % 18.7 Weighted average effective interest rate⁴⁾ 7.1 % 6.2 % 7.1 % Total borrowings 1,234.7 1,066.9 973.0 Borrowing costs (17.0) (13.9) (11.1) Right-of-use lease liabilities 8.6 6.6 5.0 Total 1,226.3 1,059.6 966.9 Hereof non-current 1,061.0 886.9 849.8 Hereof current 165.3 172.7 117.1 ¹⁾ Effective interest rate includes deferred borrowing costs. ²⁾ Because of the floating interest rate, the carrying value of the Group's borrowings is approximately equal to the fair value except for fixed rate borrowings, where the fair value amounts to USD 544.8 m ( 2023 : USD 402.8 m, 2022 : USD 223.5 m (compared to a total carrying value as of December 31, 2024 of USD 521.0 m, 2023 : USD 372.7 m, 2022 : USD 233.7 m). ³⁾ Lease debt recognized under sale and leaseback arrangement with repurchase options (accounted for as finance transactions). ⁴⁾ Please refer to Note 24 for average interest rate including hedges. ⁵⁾ Facility with financial covenant. Total carrying value amounts to USD 776.3m as of December 31, 2024 ( 2023 : USD 540.5m , 2022 : USD 488.1m ).

SEGMENT (Tables)

SEGMENT (Tables)	12 Months Ended
	Dec. 31, 2024
Disclosure of operating segments [abstract]
Summary of segment reporting	USDm 2024 2023 2022 Tanker segment Marine Engineerin g segment Inter- segment elimination Total Tanker segment Marine Engineeri ng segment Inter- segment elimination Total Tanker segment Marine Engineeri ng segment Inter- segment eliminatio n Total Revenue 1,544.0 29.6 (14.4) 1,559.2 1,491.4 48.0 (19.0) 1,520.4 1,440.4 5.9 (2.9) 1,443.4 Port expenses, bunkers, and commissions (409.2) — — (409.2) (407.6) — — (407.6) (458.9) — — (458.9) Other cost of goods and services sold — (18.5) 9.2 (9.3) — (36.6) 13.9 (22.7) — (3.0) 2.4 (0.6) Operating expenses (245.6) — 0.5 (245.1) (216.4) — 0.4 (216.0) (202.1) — — (202.1) Profit from sale of vessels 51.3 — — 51.3 50.4 — — 50.4 10.2 — — 10.2 Administrative expenses (87.9) (7.7) — (95.6) (76.5) (6.4) — (82.9) (52.4) (2.6) — (55.0) Other operating income and expenses (0.6) 0.1 — (0.5) 6.0 0.3 — 6.3 5.9 — — 5.9 Share of profit/(loss) from joint ventures — — — — — — — — 0.2 — — 0.2 Impairment losses and reversal of impairment on tangible assets — — — — — — — — (2.6) — — (2.6) Depreciation and amortization (191.2) (0.8) — (192.0) (148.2) (1.1) — (149.3) (138.7) (0.3) — (139.0) Operating profit (EBIT) 660.8 2.7 (4.7) 658.8 699.1 4.2 (4.7) 698.6 602.0 — (0.5) 601.5 Financial income 24.7 0.1 — 24.8 14.3 — — 14.3 3.9 0.1 — 4.0 Financial expenses (73.9) (0.2) — (74.1) (60.5) (0.4) — (60.9) (48.7) (0.1) — (48.8) Profit before tax 611.6 2.6 (4.7) 609.5 652.9 3.8 (4.7) 652.0 557.2 — (0.5) 556.7 Tax 2.5 (0.5) — 2.0 (4.0) — — (4.0) 5.9 — — 5.9 Net profit for the year 614.1 2.1 (4.7) 611.5 648.9 3.8 (4.7) 648.0 563.1 — (0.5) 562.6 USDm 2024 2023 2022 Tanker segment Marine Engineerin g segment Inter- segment elimination Total Tanker segment Marine Engineeri ng segment Inter- segment elimination Total Tanker segment Marine Engineeri ng segment Inter- segment elimination Total ASSETS Intangible assets Goodwill — 1.7 — 1.7 — 1.8 — 1.8 — 1.8 — 1.8 Other intangible assets 1.1 0.9 — 2.0 0.9 0.9 — 1.8 0.7 1.3 — 2.0 Total intangible assets 1.1 2.6 — 3.7 0.9 2.7 — 3.6 0.7 3.1 — 3.8 Tangible fixed assets Land and buildings 8.1 — — 8.1 4.9 0.6 — 5.5 2.8 1.0 — 3.8 Vessels and capitalized dry-docking 2,843.9 — (17.2) 2,826.7 2,081.7 — (11.5) 2,070.2 1,863.4 — (7.5) 1,855.9 Prepayments on vessels — — — — 86.0 — — 86.0 — — — — Other non-current assets under construction — 4.8 (0.2) 4.6 — 4.5 (0.3) 4.2 — — — — Other plant and operating equipment 2.1 1.2 — 3.3 3.3 1.1 — 4.4 4.1 1.5 — 5.6 Total tangible fixed assets 2,854.1 6.0 (17.4) 2,842.7 2,175.9 6.2 (11.8) 2,170.3 1,870.3 2.5 (7.5) 1,865.3 Financial assets Investments in joint ventures 0.1 — — 0.1 0.1 — — 0.1 0.1 — — 0.1 Loan receivables 4.5 — — 4.5 4.5 — — 4.5 4.6 — — 4.6 Deferred tax asset 3.1 — — 3.1 0.4 — — 0.4 0.5 — — 0.5 Other investments 0.2 — — 0.2 — — — — 0.2 — — 0.2 Total financial assets 7.9 — — 7.9 5.0 — — 5.0 5.4 — — 5.4 Total non-current assets 2,863.1 8.6 (17.4) 2,854.3 2,181.8 8.9 (11.8) 2,178.9 1,876.4 5.6 (7.5) 1,874.5 Inventories 62.6 5.8 — 68.4 58.0 3.7 — 61.7 61.1 11.0 (0.1) 72.0 Trade receivables 179.1 4.8 — 183.9 206.2 5.0 (0.2) 211.0 255.7 4.2 (0.4) 259.5 Other receivables 54.7 4.9 — 59.6 58.8 1.7 — 60.5 72.7 1.3 — 74.0 Prepayments 11.6 0.6 — 12.2 10.7 4.5 — 15.2 9.7 0.7 — 10.4 Cash and cash equivalents incl. restricted cash 284.9 6.3 — 291.2 290.7 4.9 — 295.6 321.4 2.4 — 323.8 Current assets excluding assets held for sale 592.9 22.4 — 615.3 624.4 19.8 (0.2) 644.0 720.6 19.6 (0.5) 739.7 Assets held for sale — — — — 47.2 — — 47.2 — — — — Total current assets 592.9 22.4 — 615.3 671.6 19.8 (0.2) 691.2 720.6 19.6 (0.5) 739.7 TOTAL ASSETS 3,456.0 31.0 (17.4) 3,469.6 2,853.4 28.7 (12.0) 2,870.1 2,597.0 25.2 (8.0) 2,614.2 USDm 2024 2023 2022 Tanker segment Marine Engineering segment Inter- segment elimination Total Tanker segment Marine Engineering segment Inter- segment elimination Total Tanker segment Marine Engineering segment Inter- segment elimination Total EQUITY AND LIABILITIES Total equity 2,072.9 11.7 (9.8) 2,074.8 1,661.3 9.9 (5.2) 1,666.0 1,498.0 6.2 (0.5) 1,503.7 Liabilities NON-CURRENT LIABILITIES Non-current tax liability related to held-over gains 45.2 — — 45.2 45.2 — — 45.2 45.2 — — 45.2 Deferred tax liability — 0.3 — 0.3 3.3 0.3 — 3.6 5.8 0.3 — 6.1 Borrowings 1,060.8 0.2 — 1,061.0 884.0 2.9 — 886.9 844.6 5.2 — 849.8 Other non-current liabilities 2.3 0.6 — 2.9 2.2 0.8 — 3.0 2.2 0.8 — 3.0 Total non-current liabilities 1,108.3 1.1 — 1,109.4 934.7 4.0 — 938.7 897.8 6.3 — 904.1 CURRENT LIABILITIES Borrowings 163.5 1.8 — 165.3 169.7 3.0 — 172.7 115.7 1.4 — 117.1 Trade payables 46.2 3.8 — 50.0 39.6 3.4 — 43.0 46.4 3.5 (1.4) 48.5 Current tax liabilities 0.4 0.3 — 0.7 0.6 — — 0.6 1.6 0.4 — 2.0 Other liabilities 60.7 0.6 — 61.3 44.8 0.5 (0.1) 45.2 31.0 0.3 (0.2) 31.1 Provisions — 0.6 — 0.6 — 0.6 — 0.6 6.5 0.3 — 6.8 Prepayments from customers 4.0 11.1 (7.6) 7.5 2.7 7.3 (6.7) 3.3 — 6.8 (5.9) 0.9 Total current liabilities 274.8 18.2 (7.6) 285.4 257.4 14.8 (6.8) 265.4 201.2 12.7 (7.5) 206.4 Total liabilities 1,383.1 19.3 (7.6) 1,394.8 1,192.1 18.8 (6.8) 1,204.1 1,099.0 19.0 (7.5) 1,110.5 TOTAL EQUITY AND LIABILITIES 3,456.0 31.0 (17.4) 3,469.6 2,853.4 28.7 (12.0) 2,870.1 2,597.0 25.2 (8.0) 2,614.2 Non-current asset additions during the year: Goodwill — — — — — — — — — 1.8 — 1.8 Other intangible assets 0.5 0.5 — 1.0 0.6 — — 0.6 0.6 1.2 — 1.8 Land and buildings 5.6 — — 5.6 4.4 — — 4.4 0.3 1.1 — 1.4 Vessels and capitalized dry-docking 798.5 — (5.8) 792.7 520.4 — (4.0) 516.4 84.7 — (7.5) 77.2 Prepayments on vessels 111.5 — — 111.5 86.0 — — 86.0 43.1 — — 43.1 Other non-current assets under construction — 0.4 (0.2) 0.2 — 4.5 (0.3) 4.2 — — — — Other plant and operating equipment 0.7 0.6 — 1.3 1.1 0.2 — 1.3 0.8 1.6 — 2.4 Total non-current asset additions 916.8 1.5 (6.0) 912.3 612.5 4.7 (4.3) 612.9 129.5 5.7 (7.5) 127.7
Summary of major customers	Countries contributing more than 10% of TORM's revenue 2024 2023 2022 USDm % of total USDm % of total USDm % of total Switzerland 264.3 17.0 % 242.5 16.0 % 220.9 15.3 % United States 243.1 15.6 % 182.7 12.0 % — — % United Arab Emirates 160.5 10.3 % — — % — — % Mexico — — % — — % 178.2 12.8 % Customers contributing more than 10% of TORM's revenue 2024 2023 2022 Number of customers 0 0 1 Share of consolidated revenue — % — % 12 %
Summary of company's non-current assets are based on domicile of the legal entity ownership	The Company’s non-current assets are based on domicile of the legal entity ownership in the following countries: USDm 2024 2023 2022 UK 357.2 0.2 0.1 Denmark 1,604.2 1,746.6 1,607.7 Singapore 799.7 336.7 257.1 USA 76.0 79.8 — Other countries 9.7 10.6 4.5 Non-current assets 2,846.8 2,173.9 1,869.4 NOTE 3 – continued

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	12 Months Ended
	Dec. 31, 2024
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Schedule of disaggregation of revenue and revenue from segments	USDm 2024 2023 2022 Disaggregation of revenue Transportation of oil products and chemicals 1,544.0 1,491.4 1,440.4 Scrubbers and related services 9.1 21.7 1.2 Welding and mounting 4.9 5.3 1.1 Others 1.2 2.0 0.7 Total revenue 1,559.2 1,520.4 1,443.4 Tanker segment 1,544.0 1,491.4 1,440.4 Marine Engineering segment 29.6 48.0 5.9 Intersegment elimination (14.4) (19.0) (2.9) Total revenue 1,559.2 1,520.4 1,443.4
Schedule of customer contract balances	USDm 2024 2023 2022 Customer contract balances Trade receivables 183.9 211.0 259.5 Customer contract assets¹⁾ 2.4 2.5 3.0 Customer contract liabilities²⁾ (7.5) (3.4) (0.9) Total 178.8 210.1 261.6 ¹⁾ Recognized in prepayments. ²⁾ Recognized in prepayments from customers.

STAFF COSTS (Tables)

STAFF COSTS (Tables)	12 Months Ended
	Dec. 31, 2024
STAFF COSTS
Schedule of staff costs and average number of employees	USDm 2024 2023 2022 Total staff costs Staff costs included in operating expenses 9.6 8.6 7.7 Staff costs included in administrative expenses 77.3 69.3 42.0 Total 86.9 77.9 49.7 Staff costs comprise the following Wages and salaries 47.3 46.9 38.8 Share-based compensation 30.3 23.0 2.9 Pension costs 4.2 3.8 3.3 Other social security costs 0.4 1.4 1.5 Other staff costs 4.7 2.8 3.2 Total 86.9 77.9 49.7 Average number of permanent employees Seafarers 109 105 100 Land-based 498 468 386 Total 607 573 486
Schedule of key management personnel compensation	USD '000 2024 2023 2022 Non-Executive Board and Committee remuneration, short term Christopher H. Boehringer 212 214 210 David N. Weinstein 217 219 207 Göran Trapp 163 164 155 Annette Malm Justad 163 164 155 Total 755 761 727 NOTE 5 – continued USD '000 Salary Taxable benefits Annual performance bonus Share-based payment Total Executive Management remuneration Jacob Meldgaard 2022, TORM A/S¹⁾ 1,040 39 593 — 1,672 2022, TORM plc¹⁾ 72 — — 439 511 2023, TORM A/S¹⁾ 1,119 40 1,277 — 2,436 2023, TORM plc¹⁾ 77 — — 4,383 4,460 2024, TORM A/S¹⁾ 1,141 40 1,233 — 2,414 2024, TORM plc¹⁾ 76 — — 5,530 5,606 ¹⁾ Paid by legal entity as noted.
Disclosure of number and weighted average exercise prices of other equity instruments	LTIP element of CEO Jacob Meldgaard's remuneration package 2024: Ordinary Ordinary Retention Ordinary Grant Date 23-Mar-22 29-Mar-23 29-Mar-23 07-Mar-24 RSU LTIP grant¹⁾ 255,200 255,200 300,000 255,200 Exercise price per share DKK 58.00 DKK 220.60 USD 0.01 USD 258.40 RSU grant value assuming 100% vesting USD 0.5m USD 2.5m USD 10.7m USD 1.9m ¹⁾ LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 9 dated March 23, 2022 , announcement no.9 dated March 29, 2023 and announcement no.9 dated March 7, 2024 , therefore there is no minimum or maximum for 2022, 2023 and 2024.
Schedule of reconciliation number of other equity instruments	The program comprises the following number of shares in TORM plc : Number of shares (1,000) 2024 2023 2022 Outstanding as of January 01 4,417.7 2,424.0 2,372.9 Granted during the period¹⁾ 1,506.4 3,136.6 1,393.0 Exercised during the period (1,345.4) (1,137.6) (1,078.0) Expired/forfeited during the period (122.1) (5.3) (263.9) Outstanding as of December 31 4,456.6 4,417.7 2,424.0 Exercisable as of December 31 — — — ¹⁾ Includes additional 36,259 RSUs granted in 2024 to adjust for the impact of dividends on the share price in accordance with the original terms of the grant. No modifications to the terms of the grant in the RSU program have occurred.

REMUNERATION TO AUDITORS APPO_2

REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING (Tables)	12 Months Ended
	Dec. 31, 2024
Auditor's remuneration [abstract]
Schedule of auditor remuneration	The remuneration of the auditor is required to be presented as follows: USDm 2024 2023 2022 Audit fees Fees payable to the Company's auditor for the audit of the Company's annual accounts 1.2 1.2 0.9 Audit of the Company's subsidiaries pursuant to legislation 0.1 0.1 0.1 Total audit fees 1.3 1.3 1.0 Non-audit fees Audit-related services 0.5 0.1 0.2 Others 0.5 0.1 0.2 Total non-audit fees 1.0 0.2 0.4 Total 2.3 1.5 1.4

FINANCIAL ITEMS (Tables)

FINANCIAL ITEMS (Tables)	12 Months Ended
	Dec. 31, 2024
Analysis of income and expense [abstract]
Schedule of Finance Income (Costs)	USDm 2024 2023 2022 Financial income Interest income from cash and cash equivalents, including restricted cash ¹⁾ 24.5 14.2 4.0 Other financial income 0.3 0.1 — Total 24.8 14.3 4.0 Financial expenses Interest expenses on borrowings ¹⁾ 69.7 55.6 48.5 Financial expenses arising from lease liabilities regarding right-of-use assets 0.6 0.5 0.2 Exchange rate adjustments, including loss from forward exchange rate contracts 0.7 0.4 0.5 Commitment fee 1.9 1.3 0.6 Amortization of interest rate swaps 1.7 2.2 2.4 Ineffectiveness on interest rate swaps (1.5) (2.4) (3.6) Other financial expenses 1.0 3.3 0.2 Total 74.1 60.9 48.8 Total financial items (49.3) (46.6) (44.8) ¹⁾ Interest for financial assets and liabilities not at fair value through profit and loss.

TAX (Tables)

TAX (Tables)	12 Months Ended
	Dec. 31, 2024
TAX
Schedule of income tax	USDm 2024 2023 2022 Tax on profit for the year Current tax for the year 1.0 0.6 0.5 Adjustments related to previous years (1.0) — (0.1) Adjustment of deferred tax (3.3) 2.2 (7.3) Income tax charge for the year (3.3) 2.8 (6.9) Tonnage tax charge for the year 1.3 1.2 1.0 Total (2.0) 4.0 (5.9)
Schedule of deferred taxes	USDm 2024 2023 2022 Deferred tax assets Deferred tax assets related to Corporate Interest Restriction 1.7 0.5 3.4 Deferred tax assets related to trading losses 6.9 5.1 4.6 Other temporary differences 0.4 — — Deferred tax assets before offset 9.0 5.6 8.0 Offset against deferred tax liabilities from Corporate Interest Restriction — (0.5) (3.4) Offset against deferred tax liabilities from trading losses — (4.7) (4.0) Offset from tax liabilities (5.9) — — Deferred tax assets, net as of December 31 3.1 0.4 0.6 Deferred tax liabilities Deferred tax liabilities arising from changes in equity 5.9 8.5 13.2 Other temporary differences 0.3 0.3 0.3 Deferred tax liabilities before offset 6.2 8.8 13.5 Offset against tax liabilities arising from changes in equity (5.9) — — Offset from tax assets — (5.2) (7.4) Deferred tax liabilities in the balance sheet 0.3 3.6 6.1
Schedule of non-current tax liability related to held over gains	USDm 2024 2023 2022 Non-current tax liability related to held-over gains Balance as of December 31 (45.2) (45.2) (45.2)

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2024
Disclosure of detailed information about intangible assets [abstract]
Schedule of goodwill	USDm 2024 2023 2022 GOODWILL Cost: Balance as of January 01 13.2 13.2 11.4 Exchange rate adjustments (0.1) — — Additions from business combinations — — 1.8 Balance as of December 31 13.1 13.2 13.2 Impairment: Balance as of January 01 11.4 11.4 11.4 Impairment losses — — — Balance as of December 31 11.4 11.4 11.4 Carrying amount 1.7 1.8 1.8
Schedule of other intangible assets	USDm 2024 2023 2022 OTHER INTANGIBLE ASSETS Cost: Balance as of January 01 2.8 2.3 — Exchange rate adjustments — — 0.2 Additions 1.1 0.5 0.6 Additions from business combinations — — 1.2 Transfer from other items — — 0.3 Balance as of December 31 3.9 2.8 2.3 Amortization: Balance as of January 01 1.0 0.4 — Amortization for the year 0.9 0.6 0.3 Transfer from other items — — 0.1 Balance as of December 31 1.9 1.0 0.4 Carrying amount 2.0 1.8 1.9

TANGIBLE FIXED ASSETS (Tables)

TANGIBLE FIXED ASSETS (Tables)	12 Months Ended
	Dec. 31, 2024
Disclosure of detailed information about property, plant and equipment [abstract]
Schedule of tangible fixed assets	USDm 2024 2023 2022 LAND AND BUILDINGS Cost: Balance as of January 01 14.6 12.0 10.9 Exchange rate adjustment (0.2) (0.2) (0.3) Additions 5.6 4.4 0.3 Additions from business combinations — — 1.1 Disposals (2.4) (1.6) — Balance as of December 31 17.6 14.6 12.0 Depreciation: Balance as of January 01 9.1 8.2 6.1 Exchange rate adjustment 0.2 — (0.2) Disposals (2.3) (1.6) — Depreciation for the year 2.5 2.5 2.3 Balance as of December 31 9.5 9.1 8.2 Carrying amount as of December 31 8.1 5.5 3.8 USDm 2024 2023 2022 VESSELS AND CAPITALIZED DRY-DOCKING Cost: Balance as of January 01 2,622.1 2,421.2 2,443.3 Additions 792.7 476.0 77.2 Disposals (20.7) (31.9) (14.2) Transferred from prepayments 197.5 40.6 55.1 Transferred to assets held for sale (90.7) (283.8) (140.2) Balance as of December 31 3,500.9 2,622.1 2,421.2 Depreciation: Balance as of January 01 536.3 543.8 475.0 Disposals (20.7) (31.9) (14.2) Depreciation for the year 186.7 143.7 133.7 Transferred to assets held for sale (41.7) (119.3) (50.7) Balance as of December 31 660.6 536.3 543.8 Impairment: Balance as of January 01 15.6 21.5 30.5 Impairment losses on tangible fixed assets¹⁾ — — 2.7 Transferred to assets held for sale (2.0) (5.9) (11.7) Balance as of December 31 13.6 15.6 21.5 Carrying amount as of December 31 2,826.7 2,070.2 1,855.9 ¹⁾ For additional information regarding impairment considerations, please refer to Note 12 USDm 2024 2023 2022 PREPAYMENTS ON VESSELS Cost: Balance as of January 01 86.0 — 12.0 Additions 111.5 126.6 43.1 Transferred to vessels (197.5) (40.6) (55.1) Balance as of December 31 — 86.0 — Carrying amount as of December 31 — 86.0 — USDm 2024 2023 2022 OTHER PLANT AND OPERATING EQUIPMENT Cost: Balance as of January 01 11.2 10.5 9.3 Exchange rate adjustment (0.1) — (0.2) Additions 1.3 1.3 0.8 Additions from business combinations — — 1.6 Disposals (6.5) (0.6) (0.7) Transfers — — (0.3) Balance as of December 31 5.9 11.2 10.5 Depreciation: Balance as of January 01 6.8 4.9 3.0 Exchange rate adjustment (0.1) — (0.2) Disposals (5.9) (0.6) (0.6) Depreciation for the year 1.8 2.5 2.8 Transfers — — (0.1) Balance as of December 31 2.6 6.8 4.9 Carrying amount as of December 31 3.3 4.4 5.6

LEASING (Tables)

LEASING (Tables)	12 Months Ended
	Dec. 31, 2024
Presentation of leases for lessee [abstract]
Schedule of right-of-use assets recognized	As of December 31, 2024 , TORM had recognized the following right-of-use assets: USDm Land and buildings Other plant and operating equipment Cost: Balance as of January 01, 2024 14.6 1.5 Exchange rate adjustments (0.2) — Additions 5.6 — Disposals (2.4) (0.3) Balance as of December 31, 2024 17.6 1.2 Depreciation: Balance as of January 01, 2024 9.1 0.7 Exchange rate adjustment 0.2 — Disposals (2.3) (0.3) Depreciation for the year 2.5 0.3 Balance as of December 31, 2024 9.5 0.7 Carrying amount as of December 31, 2024 8.1 0.5 USDm Land and buildings Other plant and operating equipment Cost: Balance as of January 01, 2023 12.0 1.3 Exchange rate adjustments (0.2) 0.1 Additions 4.4 0.1 Disposals (1.6) — Balance as of December 31, 2023 14.6 1.5 Depreciation: Balance as of January 01, 2023 8.2 0.4 Exchange rate adjustments — (0.1) Disposals (1.6) — Depreciation for the year 2.5 0.4 Balance as of December 31, 2023 9.1 0.7 Carrying amount as of December 31, 2023 5.5 0.8 USDm Land and buildings Other plant and operating equipment Cost: Balance as of January 01, 2022 10.9 0.7 Exchange rate adjustments (0.3) — Additions 0.3 0.1 Additions from business combinations 1.1 0.9 Disposals — (0.4) Balance as of December 31, 2022 12.0 1.3 Depreciation: Balance as of January 01, 2022 6.1 0.5 Disposals — (0.3) Depreciation for the year 2.3 0.2 Balance as of December 31, 2022 8.2 0.4 Carrying amount as of December 31, 2022 3.8 0.9
Schedule of the nature of the Group's leasing activities by type of right-of-use asset recognized on the balance sheet	The table below describes the nature of the Group’s leasing activities by type of right-of-use assets recognized on the balance sheet as of December 31, 2024 : Land and buildings Other plant and operating equipment No. of right-of-use assets leased 16 6 Range of remaining term 0 - 5 years 0 - 2 years Average remaining lease term 2.7 years 2.1 years No. of leases with extension options 12 6 No. of leases with options to purchase 0 1 No. of leases with termination options 12 8
Schedule of maturity analysis of lease liabilities	USDm 2024 2023 2022 Maturity analysis - contractual undiscounted cash flow Less than one year 3.1 2.9 2.7 One to five years 7.2 4.7 2.6 More than five years — — — Total undiscounted lease liabilities as of December 31 10.3 7.6 5.3 Lease liabilities included under “Borrowings” as of December 31 8.6 6.6 5.0 Non-current 6.4 4.1 2.5 Current 2.2 2.5 2.5

IMPAIRMENT TESTING (Tables)

IMPAIRMENT TESTING (Tables)	12 Months Ended
	Dec. 31, 2024
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [abstract]
Summary of impairment testing	As of December 31, 2023 and December 31, 2022 , the assessment of the recoverable amount of the Main Fleet was based on the fair value less cost of disposal. Recoverable amount Excess values (recoverable amount less carrying amount) ¹⁾ 2024 2023 2022 2024 2023 2022 CGU USDm USDm USDm USDm USDm USDm Main Fleet ²⁾ N/A 3,495.0 2,647.0 N/A 952.1 784.0 Total N/A 3,495.0 2,647.0 N/A 952.1 784.0 ¹⁾ Included in the excess value is the outstanding installments for purchased not delivered vessels. ²⁾ No impairment losses and reversals was incurred in 2024 , 2023 and 2022 .

LOAN RECEIVABLES (Tables)

LOAN RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2024
LOAN RECEIVABLES
Schedule of loan receivables	USDm 2024 2023 2022 Loan receivables Cost: Balance as of January 01 4.7 4.7 4.7 Balance as of December 31 4.7 4.7 4.7 Expected credit loss: Balance as of January 01 0.2 0.1 0.1 Additions during the year — 0.1 — Balance as of December 31 0.2 0.2 0.1 Carrying amount as of December 31 4.5 4.5 4.6

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2024
Inventories [Abstract]
Disclosure of Inventory by Type	USDm 2024 2023 2022 Bunkers 46.1 49.3 52.8 Lubeoil 10.9 8.5 8.3 EU Emission Allowances 5.6 0.2 — Other 5.8 3.7 10.9 Balance as of 31 December 68.4 61.7 72.0

TRADE RECEIVABLES (Tables)

TRADE RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2024
TRADE RECEIVABLES
Schedule of trade receivables past due to be impaired	USDm 2024 2023 2022 Analysis as of December 31 of trade receivables: Gross trade receivables: Not due 73.0 97.5 122.3 Due < 30 days 32.0 42.6 52.1 Due between 30 and 180 days 82.6 62.4 76.8 Due > 180 days 6.3 19.2 18.9 Total gross 193.9 221.7 270.1 Allowance for expected credit loss 10.0 10.7 10.6 Total net 183.9 211.0 259.5
Schedule of movement in provisions for impairment of trade receivables	Movements in provisions for impairment of trade receivables during the year are as follows: USDm 2024 2023 2022 Allowance for expected credit loss Balance as of January 01 10.7 10.6 4.7 Provisions for the year 5.8 3.3 6.5 Provisions reversed during the year (6.5) (3.2) (0.6) Balance as of December 31 10.0 10.7 10.6

OTHER RECEIVABLES (Tables)

OTHER RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2024
Trade and other receivables [abstract]
Schedule of other current receivables	USDm 2024 2023 2022 Derivative financial instruments 33.0 37.6 55.3 Escrow accounts 1.4 14.9 14.9 Vessel sale 18.9 — — Other 6.3 8.0 3.8 Balance as of December 31 59.6 60.5 74.0

PREPAYMENTS (Tables)

PREPAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Current prepayments and current accrued income including current contract assets [abstract]
Summary of prepayments	USDm 2024 2023 2022 Prepaid operating expenses 1.7 1.2 — Prepaid bareboat hire 2.8 0.8 3.0 Prepaid customer contract assets 2.4 2.5 3.0 Other prepayments 5.3 10.7 4.4 Balance as of December 31 12.2 15.2 10.4

COMMON SHARES AND TREASURY SH_2

COMMON SHARES AND TREASURY SHARES (Tables)	12 Months Ended
	Dec. 31, 2024
COMMON SHARES AND TREASURY SHARES
Schedule of common shares	Common shares 2024 2023 2022 Nominal value per share (USD) Number of shares Number of shares Number of shares A-shares 0.01 97,814,051 86,225,684 82,311,299 B-shares 0.01 1 1 1 C-shares 0.01 1 1 1 Total 97,814,053 86,225,686 82,311,301
Schedule of treasury share transactions	Treasury shares 2024 2023 2022 Number of shares ('000) Balance as of January 01 493.4 493.4 493.4 Balance as of December 31 493.4 493.4 493.4 2024 2023 2022 Nominal value USD '000 Balance as of January 01 4.9 4.9 4.9 Balance as of December 31 4.9 4.9 4.9 Treasury shares - continued 2024 2023 2022 Percentage of share capital Balance as of January 01 0.6 % 0.6 % 0.6 % Dilution due to capital increases (0.1) — % 0.0 % Balance as of December 31 0.5 % 0.6 % 0.6 %

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2024
OTHER LIABILITIES
Schedule of other liabilities	USDm 2024 2023 2022 Accrued operating expenses 22.7 17.8 10.5 Accrued interest 11.3 2.1 3.6 Wages and social expenses 19.0 22.4 15.1 Accrued administration expenses 2.6 1.9 1.5 Derivative financial instruments 2.5 2.8 1.9 EU Emission Allowances 5.2 — — Other 0.9 1.2 1.5 Balance as of December 31 64.2 48.2 34.1 Hereof non-current 2.9 3.0 3.0 Hereof current 61.3 45.2 31.1

EFFECTIVE INTEREST RATE, OUTS_2

EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS (Tables)	12 Months Ended
	Dec. 31, 2024
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Schedule of borrowings	TORM has the following debt facilities as of December 31, 2024 . Debt Facility Maturity Outstanding amount 2024 (USDm) Outstanding amount 2023 (USDm) Outstanding amount 2022 (USDm) Senior Unsecured Bonds 2029 200.0 — — Syndicated Facilities 2023 2029 160.0 224.0 — Syndicated Facilities 2020 Repaid — — 143.8 Danish Ship Finance Facility 2020 2031 245.6 192.6 201.8 ING Facility 2023 2029 51.4 57.9 — HCOB Facility 2023 Repaid — 31.2 — HCOB Facilities 2020-2021 Repaid — — 63.5 HCOB Facility 2024 2031 87.5 — — KfW Facility 2019 2032 31.8 34.8 37.9 CEXIM 2016 Repaid — — 41.1 Other credit facilities 2026 1.9 4.8 4.9 Total 778.2 545.3 493.0 TORM has the following undrawn facilities as of December 31, 2024 . Undrawn Facility Maturity Undrawn amount 2024 (USDm) Undrawn amount 2023 (USDm) Undrawn amount 2022 (USDm) Syndicated Facilities 2023 - RCF 2029 100.0 100.0 — Syndicated Facilities 2020 - RCF Cancelled — — 92.6 Syndicated Facilities 2024 - RCF 2031 149.5 — — HCOB Facility 2023 - RCF Cancelled — 24.9 — DSF Additional Facility Cancelled — 52.6 — Syndicated Bridge to Bond Facility Cancelled — 165.0 — HCOB Facility 2024 - RCF 2031 74.1 — — Total 323.6 342.5 92.6 Lease Facility Maturity Outstanding amount 2024 (USDm) Outstanding amount 2023 (USDm) Outstanding amount 2022 (USDm) Bocomm Leasing Facilities 2019-2021 2032 135.6 148.9 162.2 Bocomm Leasing Facilities 2019 Repaid — — 49.4 Springliner Leases 2026 25.0 27.9 30.7 China Development Bank Financial Leasing 2032 136.5 149.0 160.8 China Merchant Bank Financial Leasing 2033 159.5 195.8 37.3 Showa Leasing Repaid — — 18.7 Eifuku Leasing Repaid — — 20.9 Total 456.6 521.6 480.0 2024 2023 2022 USDm Fixed/ floating Maturity Effective interest¹⁾ Carrying value²⁾ Maturity Effective interest¹⁾ Carrying value²⁾ Maturity Effective interest¹⁾ Carrying value²⁾ Borrowings Syndicate Facility⁵⁾ Floating 2029 7.2 % 160.0 2028 6.6 % 224.0 2026 7.6 % 143.8 Bond Facility⁵⁾ Fixed 2029 9.9 % 200.0 — — — — — — DSF Facility⁵⁾ Floating 2029 6.4 % 123.8 2029 5.9 % 140.1 2027 6.7 % 201.8 DSF Facility 2⁵⁾ Floating 2029 6.2 % 92.0 2029 5.8 % 52.5 — — — DSF Facility 3⁵⁾ Floating 2031 6.2 % 29.8 — — — — — — HCOB Facility⁵⁾ Floating 2031 7.4 % 87.5 2029 7.8 % 31.2 2025 9.9 % 42.4 ING⁵⁾ Floating 2029 6.4 % 51.4 2029 5.9 % 57.9 — — — KFW Facility⁵⁾ Floating 2032 7.1 % 31.8 2032 6.4 % 34.8 2032 7.1 % 37.9 BoComm 2 (USD)³⁾ Floating 2032 7.6 % 62.1 2032 7.0 % 66.7 2031 7.4 % 71.3 BoComm 3 (USD)³⁾ Floating 2029 7.9 % 73.5 2029 7.3 % 82.2 2029 7.8 % 90.9 CDBL³⁾ Fixed 2032 6.1 % 136.5 2032 5.7 % 149.0 2029 5.8 % 160.8 Springliner (USD)³⁾ Fixed 2026 4.8 % 25.0 2026 4.8 % 27.9 2026 4.8 % 30.7 CMBFL³⁾ Fixed 2033 5.8 % 159.5 2033 5.7 % 195.8 2033 4.9 % 37.3 Other credit facilities Floating 2026 4.3 % 1.8 2026 4.7 % 4.8 2026 3.1 % 4.9 CEXIM (USD)⁵⁾ Floating — — — — — — 2030 7.0 % 41.1 HCOB Facility 2⁵⁾ Floating — — — — — — 2026 8.3 % 21.1 BoComm 1 (USD)³⁾ Floating — — — — — — 2025 8.7 % 49.4 Eifuku (USD)³⁾ Floating — — — — — — 2026 7.9 % 20.9 Showa (USD)³⁾ Floating — — — — — — 2024 8.6 % 18.7 Weighted average effective interest rate⁴⁾ 7.1 % 6.2 % 7.1 % Total borrowings 1,234.7 1,066.9 973.0 Borrowing costs (17.0) (13.9) (11.1) Right-of-use lease liabilities 8.6 6.6 5.0 Total 1,226.3 1,059.6 966.9 Hereof non-current 1,061.0 886.9 849.8 Hereof current 165.3 172.7 117.1 ¹⁾ Effective interest rate includes deferred borrowing costs. ²⁾ Because of the floating interest rate, the carrying value of the Group's borrowings is approximately equal to the fair value except for fixed rate borrowings, where the fair value amounts to USD 544.8 m ( 2023 : USD 402.8 m, 2022 : USD 223.5 m (compared to a total carrying value as of December 31, 2024 of USD 521.0 m, 2023 : USD 372.7 m, 2022 : USD 233.7 m). ³⁾ Lease debt recognized under sale and leaseback arrangement with repurchase options (accounted for as finance transactions). ⁴⁾ Please refer to Note 24 for average interest rate including hedges. ⁵⁾ Facility with financial covenant. Total carrying value amounts to USD 776.3m as of December 31, 2024 ( 2023 : USD 540.5m , 2022 : USD 488.1m ).
Schedule of reconciliation of liabilities arising from financing activities	The following table summarizes the reconciliation of liabilities arising from financing activities: Cash movements Non-cash movements USDm Opening balance as of January 01, 2024 Borrowings Repayments Business combin- ations Other changes End balance as of December 31, 2024 Borrowings 1,059.6 419.4 (256.3) — 3.6 1,226.3 Total 1,059.6 419.4 (256.3) — 3.6 1,226.3 Cash movements Non-cash movements USDm Opening balance as of January 01, 2023 Borrowings Repayments Business combin- ations Other changes End balance as of December 31, 2023 Borrowings 966.9 676.4 (585.4) — 1.7 1,059.6 Total 966.9 676.4 (585.4) — 1.7 1,059.6 Cash movements Non-cash movements USDm Opening balance as of January 01, 2022 Borrowings Repayments Business combin- ations Other changes End balance as of December 31, 2022 Borrowings 1,135.4 96.3 (275.2) 7.9 2.5 966.9 Total 1,135.4 96.3 (275.2) 7.9 2.5 966.9

CONTRACTUAL OBLIGATIONS AND R_2

CONTRACTUAL OBLIGATIONS AND RIGHTS (Tables)	12 Months Ended
	Dec. 31, 2024
CONTRACTUAL OBLIGATIONS AND RIGHTS
Schedule of contractual obligations	The following table summarizes the Group's contractual obligations as of December 31, 2024 . USDm 2025 2026 2027 2028 2029 Thereafter Total Borrowings ¹⁾ 167.9 166.2 132.8 118.1 488.2 170.1 1,243.3 Interest payments related to scheduled interest fixing 51.1 46.5 43.7 39.8 26.0 5.3 212.4 Estimated variable interest payments ²⁾ 9.9 8.8 8.4 8.5 5.7 4.7 46.0 Committed scrubber installations ³⁾ 11.9 1.1 7.9 2.1 — — 23.0 Trade payables and other obligations 92.0 — — — — 2.7 94.7 Total 332.8 222.6 192.8 168.5 519.9 182.8 1,619.4 The following table summarizes the Group's contractual obligations as of December 31, 2023 . USDm 2024 2025 2026 2027 2028 Thereafter Total Borrowings ¹⁾ 174.9 148.0 148.4 112.0 120.0 370.2 1,073.5 Interest payments related to scheduled interest fixing 41.0 32.5 26.7 24.5 19.5 18.4 162.6 Estimated variable interest payments ²⁾ 6.3 5.3 6.1 6.2 7.5 8.9 40.3 Secondhand vessel commitments 190.4 — — — — — 190.4 Committed scrubber installations ³⁾ 23.6 — 2.0 8.1 2.0 — 35.7 Trade payables and other obligations 85.0 — — — — 2.7 87.7 Total 521.2 185.8 183.2 150.8 149.0 400.2 1,590.2 The following table summarizes the Group's contractual obligations as of December 31, 2022 USDm 2023 2024 2025 2026 2027 Thereafter Total Borrowings ¹⁾ 119.8 130.0 127.2 185.9 161.7 253.4 978.0 Interest payments related to scheduled interest fixing 34.8 30.6 24.7 18.0 14.1 22.1 144.3 Estimated variable interest payments ²⁾ 3.3 1.6 2.5 2.2 5.5 11.1 26.2 Committed scrubber installations ³⁾ 17.3 1.1 — — — — 18.4 Trade payables and other obligations 81.6 — — — — 2.5 84.1 Total 256.8 163.3 154.4 206.1 181.3 289.1 1,251.0 ¹⁾ The presented amounts to be repaid do not include directly related borrowing costs arising from the issuing of the loans of USD 17.0m ( 2023 : USD 13.9m . 2022 : USD 11.1m ), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 7.3m ( 2023 : USD 9.0m , 2022 : USD 0.7m ). ²⁾ Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments. ³⁾ Commitments for pollution reduction installations
Schedule of contractual rights	The following table summarizes the Group's contractual rights as of December 31, 2024 USDm 2025 2026 2027 2028 2029 Thereafter Total Contractual rights - as lessor: Charter hire income for vessels ⁵⁾ 67.8 26.2 11.9 — — — 105.9 Total 67.8 26.2 11.9 — — — 105.9 The following table summarizes the Group's contractual rights as of December 31, 2023 USDm 2024 2025 2026 2027 2028 Thereafter Total Contractual rights - as lessor: Charter hire income for vessels ⁵⁾ 37.8 24.1 — — — — 61.9 Total 37.8 24.1 — — — — 61.9 The following table summarizes the Group's contractual rights as of December 31, 2022 USDm 2023 2024 2025 2026 2027 Thereafter Total Contractual rights - as lessor: Charter hire income for vessels ⁵⁾ 2.1 — — — — — 2.1 Total 2.1 — — — — — 2.1 ⁵⁾ Charter hire income for vessels on time charter is recognized under "Revenue". During the years revenue from time charter amounted to USD 145.6m ( 2023 : USD 43.8m , 2022 : USD 64.7m ).

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
DERIVATIVE FINANCIAL INSTRUMENTS
Schedule of fair value of derivative financial instruments	USDm 2024 2023 2022 Fair value of derivatives: Derivative financial instruments regarding freight and bunkers: Forward freight agreements — fair value through profit and loss 7.8 1.7 — Bunker swaps — fair value through profit and loss 0.3 (0.2) — Bunker swaps — hedge accounting 0.1 (0.5) — Derivative financial instruments regarding interest and currency exchange rate: Forward exchange contracts — hedge accounting (2.3) 0.5 0.4 Interest rate swaps — hedge accounting 24.7 35.3 53.7 Fair value of derivatives as of December 31 30.6 36.8 54.1
Schedule of derivative financial instruments disclosed in the balance sheet	Derivative financial instruments are presented as below on the balance sheet: Financial Financial USDm assets liabilities 2024 Offsetting financial assets and financial liabilities: Gross amount 32.9 (2.3) Offsetting amount — — Net amount presented in the balance sheet 32.9 (2.3) Financial Financial USDm assets liabilities 2023 Offsetting financial assets and financial liabilities: Gross amount 37.7 (0.9) Offsetting amount (0.1) 0.1 Net amount presented in the balance sheet 37.6 (0.8) Financial Financial USDm assets liabilities 2022 Offsetting financial assets and financial liabilities: Gross amount 54.5 (0.4) Offsetting amount — — Net amount presented in the balance sheet 54.5 (0.4)
Schedule of derivative financial instruments designated as hedge accounting	At year-end 2024 , 2023 , and 2022 , TORM held the following derivative financial instruments designated as hedge accounting: 2024 Notional value Unit 2025 2026 After 2026 Forward exchange contracts (USD/DKK) ¹⁾ 348.9 DKKm 348.9 Interest rate swaps ²⁾ 498.7 USDm 134.5 95.2 268.9 Bunker swaps ³⁾ 9,000.0 MT 9,000.0 — — ¹⁾ The average hedge of USD/DKK currency was 6.8 ²⁾ The average interest rate was 1.29% p.a. plus margin. ³⁾ The average price of the hedging instruments was USD 391.0 Hedge accounting Expected maturity 2023 Notional value Unit 2024 2025 After 2025 Forward exchange contracts (USD/DKK) ¹⁾ 325.5 DKKm 325.5 — Interest rate swaps ²⁾ 923.0 USDm 103.3 172.0 647.7 Bunker swaps ³⁾ 9,600.0 MT 9,600.0 ¹⁾ The average hedge of USD/DKK currency was 6.8 ²⁾ The average interest rate was 1.45 p.a. plus margin. ³⁾ The average price of the hedging instruments was 539.2 Hedge accounting Expected maturity 2022 Notional value Unit 2023 2024 After 2024 Forward exchange contracts (USD/DKK) ¹⁾ 280.3 DKKm 280.3 — — Interest rate swaps ²⁾ 687.2 USDm 136.9 51.6 498.7 Bunker swaps ³⁾ — MT — — — ¹⁾ The average hedge of USD/DKK currency was 6.9 ²⁾ The average interest rate was 1.37 p.a. plus margin.
Schedule of realized amounts and fair value adjustments for derivative financial instruments	The table below shows realized amounts as well as fair value adjustments regarding derivative financial instruments recognized in the income statements and equity in 2024 , 2023 and 2022 . Income statement Other comprehensive income Equity USDm Port expenses, bunkers, and commissions Financial items Operating expenses Admini- strative expenses Transfer to income statement Fair value adjustment Hedging reserves as of December 31 2024 Forward freight agreements 8.2 — — — — — — Bunker swaps (0.1) — — — 0.1 0.5 0.1 Forward exchange contracts — — (0.6) (0.5) 1.1 (4.0) (2.3) Interest rate swaps — 22.5 — — (20.9) 10.5 23.7 Total 8.1 22.5 (0.6) (0.5) (19.7) 7.0 21.5 2023 Forward freight agreements 23.0 — — — — — — Bunker swaps 1.0 — — — 0.3 (0.8) (0.5) Forward exchange contracts — — — (0.1) 0.1 0.1 0.5 Interest rate swaps — 24.7 — — (22.3) 3.7 34.1 Total 24.0 24.7 — (0.1) (21.9) 3.0 34.1 2022 Forward freight agreements (33.3) — — — — — — Bunker swaps 13.8 — — — (3.3) 3.3 — Forward exchange contracts — — (2.4) (2.3) 4.6 (2.7) 0.4 Interest rate swaps — 3.2 — — 0.4 54.3 52.6 Total (19.5) 3.2 (2.4) (2.3) 1.7 54.9 53.0

RISKS ASSOCIATED WITH TORM'S _2

RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2024
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Schedule of sensitivity analysis for changes in freight rates	USDm 2025 2024 2023 Decrease in freight rates of USD/day 1,000: Changes in profit/loss before tax for the following year (28.9) (27.8) (26.5) Changes in equity for the following year (28.9) (27.8) (26.5)
Schedule of sensitivity analysis for increase in bunker prices	USDm 2025 2024 2023 Increase in the bunker prices of 10% per ton: Changes in profit/loss before tax for the following year (22.5) (25.9) (22.1) Changes in equity for the following year (22.5) (25.9) (22.1)
Schedule of sensitivity analysis for change in exchange rates	All things being equal, a change in the USD/DKK and the USD/EUR exchange rates of 10% would result in a change in profit/loss before tax and equity as follows: USDm 2025 2024 2023 Effect of a 10% increase of DKK and EUR: Changes in profit/loss before tax for the following year (2.1) (2.2) (1.8) Changes in equity for the following year (2.1) (2.2) (1.8)
Schedule of sensitivity analysis for increase 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 2025 2024 2023 Effect of a 1%-point increase in interest rates: Changes in profit/loss before tax for the following year (3.0) (2.7) (0.7) Changes in equity for the following year 8.7 10.4 16.3

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
FINANCIAL INSTRUMENTS
Schedule of financial instruments	Observable input (Level 2) Financial instruments measured at fair value Financial instruments measured at amortized cost Total carrying value 2024 Financial assets Loan receivables¹⁾ — — 4.5 4.5 Trade receivables¹⁾ — — 183.9 183.9 Other receivables 33.0 33.0 26.6 59.6 Cash and cash equivalents, including restricted cash¹⁾ — — 291.2 291.2 Total 33.0 33.0 506.2 539.2 Financial liabilities Borrowings¹⁾²⁾ — — 1,226.3 1,226.3 Other non-current liabilities — — 2.9 2.9 Trade payables¹⁾ — — 50.0 50.0 Other liabilities¹⁾ 2.5 2.5 58.8 61.3 Total 2.5 2.5 1,338.0 1,340.5 2023 Financial assets Loan receivables¹⁾ — — 4.5 4.5 Trade receivables¹⁾ — — 211.0 211.0 Other receivables 37.6 37.6 22.9 60.5 Cash and cash equivalents, including restricted cash¹⁾ — — 295.6 295.6 Total 37.6 37.6 534.0 571.6 Financial liabilities Borrowings¹⁾²⁾ — — 1,059.6 1,059.6 Other non-current liabilities — — 3.0 3.0 Trade payables¹⁾ — — 43.1 43.1 Other liabilities¹⁾ 2.8 2.8 42.4 45.2 Total 2.8 2.8 1,148.1 1,150.9 2022 Financial assets Loan receivables¹⁾ — — 4.6 4.6 Trade receivables¹⁾ — — 259.5 259.5 Other receivables 55.3 55.3 18.7 74.0 Cash and cash equivalents, including restricted cash¹⁾ — — 323.8 323.8 Total 55.3 55.3 606.6 661.9 Financial liabilities Borrowings¹⁾²⁾ — — 966.9 966.9 Other non-current liabilities — — 3.0 3.0 Trade payables¹⁾ — — 48.5 48.5 Other liabilities¹⁾ 1.9 1.9 29.2 31.1 Total 1.9 1.9 1,047.6 1,049.5 ¹⁾ Due to the short maturity, the carrying value is considered to be an appropriate expression of the fair value. ²⁾ See Note 21. ³⁾ Derivative financial instruments are presented in the balance sheet line "Other receivables" and "Other liabilities".

CASH FLOWS (Tables)

CASH FLOWS (Tables)	12 Months Ended
	Dec. 31, 2024
CASH FLOWS
Schedule of cash flow statement	USDm 2024 2023 2022 Reversal of other non-cash movements: Exchange rate adjustments (0.6) 0.1 (0.3) Share-based payments 30.2 22.5 2.2 Fair value adjustments on derivative financial instruments (6.6) (1.5) 0.6 Reversal of provisions adjustments — (6.5) (6.3) Other adjustments (0.1) (0.1) 0.2 Total 22.9 14.5 (3.6) USDm 2024 2023 2022 Change in inventories, receivables, and payables: Change in inventories (10.2) 1.2 (21.8) Change in receivables 41.7 45.2 (158.1) Change in prepayments 8.4 (1.8) (5.7) Change in trade payables and other liabilities 7.9 3.2 4.7 Total 47.8 47.8 (180.9)

ENTITIES IN THE GROUP (Tables)

ENTITIES IN THE GROUP (Tables)	12 Months Ended
	Dec. 31, 2024
ENTITIES IN THE GROUP [Abstract]
Schedule of subsidiaries	Entity Country TORM plc United Kingdom Investments in subsidiaries ⁵⁾: Entity Country Ownership ⁴⁾ TORM A/S Denmark 100 % OCM Singapore Njord Holdings Almena, Pte. Ltd ¹⁾ Singapore 100 % OCM Singapore Njord Holdings Hardrada, Pte. Ltd Singapore 100 % OCM Singapore Njord Holdings St.Michaelis Pte. Ltd ¹⁾ Singapore 100 % OCM Singapore Njord Holdings St. Gabriel Pte. Ltd ¹⁾ Singapore 100 % OCM Singapore Njord Holdings Agnete, Pte. Ltd ¹⁾ Singapore 100 % OMI Holding Ltd.¹⁾ Mauritius 100 % TORM Crewing Service Ltd.¹⁾ Bermuda 100 % TORM Middle East DMCC Emirates 100 % TORM Shipping India Private Limited ³⁾ India 100 % TORM Singapore Pte. Ltd. Singapore 100 % TORM Tanker Corporation ⁶⁾ USA 100 % TORM USA LLC ⁶⁾ USA 100 % TORM VesselCo UK Limited United Kingdom 100 % VesselCo 8 Pte. Ltd. ¹⁾ Singapore 100 % VesselCo 9 Pte. Ltd. Singapore 100 % VesselCo 10 Pte. Ltd. ²⁾ Singapore 100 % VesselCo 11 Pte. Ltd. ¹⁾ Singapore 100 % VesselCo 12 Pte. Ltd. Singapore 100 % TORM SHIPPING (PHILS.), INC. ⁴⁾ Philippines 25 % Marine Exhaust Technology A/S Denmark 75 % ME Production A/S Denmark 75 % Marine Exhaust Technology (Hong Kong) Ltd. China 59 % ME Production (Zhejiang) Co, Ltd. China 75 % Suzhou ME Production Technology Co, Ltd.⁶⁾ China 59 % ¹⁾ Entities dissolved in the financial year ended December 31, 2022 ²⁾ Entities dissolved in the financial year ended December 31, 2023 ³⁾ Entities with different reporting periods: TORM Shipping India has a financial reporting period that runs from April 01 to March 31 as required by the Indian government's laws and legislations. ⁴⁾For all subsidiaries, ownership and voting rights are the same except for TORM SHIPPING (PHILS.), INC where voting rights are 100% ⁵⁾ All subsidiaries are consolidated in full. ⁶⁾ Entities not audited
Schedule of registered addresses	The table below shows the registered addresses for the companies mentioned above: Denmark India Philippines Tuborg Havnevej 18 2nd Floor 7th Floor DK-2900 Hellerup Leela Business Park Salcedo Towers, 169 Denmark Andheri-Kurla Road HV dela Costa Street Andheri (E) Salcedo Village, Mumbai 400059 Makati City India Philippines 1227 Singapore United Kingdom USA 6 Battery Road #27-02 4th Floor Suite 1625 Six Battery Road 120 Cannon Street 2500 City West Singapore 049909 London, EC4N 6AS Boulevard Singapore United Kingdom 77042, Houston , Texas USA Denmark China Hong Kong Sandholm 7 208 Longward Road Room 12, 10/F 9900 Frederikshavn Zhapu Town Ping Hu Kwai Cheong Centre Denmark Jiaxing City No. 50 Kwai Cheong Road Zhejiang Provice Kwai Chung, New Territories China Hong Kong United Arab Emirates DMCC Business Centre AU Tower 15-G JLT Cluster I Dubai, UAE United Arab Emirates

PROVISIONS (Tables)

PROVISIONS (Tables)	12 Months Ended
	Dec. 31, 2024
PROVISIONS
Schedule of provisions	USDm 2024 2023 2022 Cargo claim provisions — — 6.5 Warranty provisions 0.6 0.6 0.3 Balance as of December 31 0.6 0.6 6.8

EARNINGS PER SHARE AND DIVIDE_2

EARNINGS PER SHARE AND DIVIDEND PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2024
EARNINGS PER SHARE AND DIVIDEND PER SHARE
Schedule of earnings per share	2024 2023 2022 Earnings per share Net profit/(loss) for the year attributable to TORM plc shareholders (USDm) 612.5 648.3 562.8 Million shares Weighted average number of shares 94.1 84.1 81.8 Weighted average number of treasury shares (0.5) (0.5) (0.5) Weighted average number of shares outstanding 93.6 83.6 81.3 Dilutive effect of outstanding share options 2.7 3.1 1.5 Weighted average number of shares outstanding incl. dilutive effect of share options 96.3 86.7 82.8 Basic earnings/(loss) per share (USD) 6.54 7.75 6.92 Diluted earnings/(loss) per share (USD) 6.36 7.48 6.80
Schedule of dividend per share	2024 2023 2022 Dividend per share Declared dividend per share (USD) 5.10 4.42 4.63 Declared dividend for the year (USDm) 485.3 370.9 378.7 Proposed dividend per share for approval at Annual General Meeting (USD) — 1.36 — Proposed dividend for approval at Annual General Meeting (USDm) — 126.3 — Dividends paid per share (USD) 5.86 7.01 — Dividends paid during the year (USDm) 553.3 586.4 166.7 Number of shares Number of shares, end of period (million) 97.8 86.2 82.3 Number of treasury shares, end of period (million) (0.5) (0.5) (0.5) Number of shares outstanding, end of period (million) 97.3 85.7 81.8

CASH AND CASH EQUIVALENTS, IN_2

CASH AND CASH EQUIVALENTS, INCLUDING RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2024
Cash and cash equivalents [abstract]
Schedule of detailed information of cash and cash equivalents	2024 2023 2022 Cash at banks and on hand 271.9 265.5 320.5 Cash and cash equivalents 271.9 265.5 320.5 Cash provided as security for initial margin calls and negative market values on derivatives, etc.¹⁾ 19.3 30.1 3.3 Restricted cash 19.3 30.1 3.3 Cash and cash equivalents, including restricted cash 291.2 295.6 323.8 ¹⁾ The counterparties have an obligation to return any excess cash provided as security to the Group upon settlement or early

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	12 Months Ended
	Dec. 31, 2024
Disclosure of detailed information about business combination [abstract]
Summary of fair values of assets acquired and the liabilities assumed	The following table summarizes the fair values of the assets acquired and the liabilities assumed on September 01, 2022 : 01 September USDm 2022 Intangible assets 1.2 Tangible fixed assets 2.5 Inventories 6.4 Trade receivables 1.6 Other receivables 3.8 Prepayments 1.5 Cash and cash equivalents 3.0 Borrowings (7.9) Deferred tax liabilities (0.3) Provisions (0.4) Other non-current liabilities (0.8) Trade payables (1.5) Other liabilities (0.3) Deferred income (4.3) Current tax liabilities (0.3) Net identifiable assets acquired 4.2 Goodwill 1.8 Total net assets acquired 6.0 Of which fair value of non-controlling interest (2.4) Total purchase consideration 3.6 Cash consideration 2.0 Fair value of previously held interests 1.6 Total purchase consideration 3.6 Cash acquired 3.0 Cash consideration (2.0) Acquisition of subsidiaries, net of cash acquired 1.0

ACCOUNTING POLICIES, CRITICAL_3

ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) cashGeneratingUnit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disclosure Of Accounting Policy [Line Items]
Available liquidity	$ 615
Cash and cash equivalents incl. restricted cash	291.2	$ 295.6	$ 323.8
Net interest-bearing debt	$ 948
Net interest-bearing debt loan-to-value ratio	26.80%
Number of cash generating units | cashGeneratingUnit	2

LIQUIDITY, CAPITAL RESOURCES _3

LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) bank creditFacility vessel	Dec. 31, 2023 USD ($) vessel	Dec. 31, 2022 USD ($) vessel
Liquidity And Capital Resources [Line Items]
Cash and cash equivalents incl. restricted cash | $	$ 291.2	$ 295.6	$ 323.8
Undrawn and committed credit facilities | $	$ 323.6	$ 342.5	$ 92.6
Number of vessels repaid	7
Number of vessels taken delivery of	19	5	0
Number of vessels financed by mortgage debt and revolving credit facilities	14
Number of vessels unencumbered	5
Number of secondhand vessels financed through HCOB	5
Number of MR vessels financed	3
Scheduled minimum payments on mortgage debt and bank loans in 2025 | $	$ 113.7
Number of banks | bank	8
Number of secondhand vessels financed with revolving credit facility	6
Extension of syndicated facilities	1 year
Undrawn credit facilities at year end | creditFacility	3
Gross lease liabilities | $	$ 10.3	$ 7.6	$ 5.3
Bottom of range
Liquidity And Capital Resources [Line Items]
Gross lease liabilities | $	51
Syndicated Facilities 2024 - RCF
Liquidity And Capital Resources [Line Items]
Undrawn and committed credit facilities | $	$ 149.5	$ 0	$ 0

LIQUIDITY, CAPITAL RESOURCES _4

LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS - Schedule of Borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liquidity And Capital Resources [Line Items]
Borrowings	$ 1,226.3	$ 1,059.6	$ 966.9
Total
Liquidity And Capital Resources [Line Items]
Borrowings	778.2	545.3	493
Senior Unsecured Bonds
Liquidity And Capital Resources [Line Items]
Borrowings	200	0	0
Syndicated Facilities 2023
Liquidity And Capital Resources [Line Items]
Borrowings	160	224	0
Syndicated Facilities 2020
Liquidity And Capital Resources [Line Items]
Borrowings	0	0	143.8
Danish Ship Finance Facility 2020
Liquidity And Capital Resources [Line Items]
Borrowings	245.6	192.6	201.8
ING Facility 2023
Liquidity And Capital Resources [Line Items]
Borrowings	51.4	57.9	0
HCOB Facility 2023
Liquidity And Capital Resources [Line Items]
Borrowings	0	31.2	0
HCOB Facilities 2020-2021
Liquidity And Capital Resources [Line Items]
Borrowings	0	0	63.5
HCOB Facility 2024
Liquidity And Capital Resources [Line Items]
Borrowings	87.5	0	0
KfW Facility 2019
Liquidity And Capital Resources [Line Items]
Borrowings	31.8	34.8	37.9
CEXIM 2016
Liquidity And Capital Resources [Line Items]
Borrowings	0	0	41.1
Other credit facilities
Liquidity And Capital Resources [Line Items]
Borrowings	$ 1.9	$ 4.8	$ 4.9

LIQUIDITY, CAPITAL RESOURCES _5

LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS - Schedule of Undrawn Borrowing Facilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liquidity And Capital Resources [Line Items]
Undrawn and committed credit facilities	$ 323.6	$ 342.5	$ 92.6
Syndicated Facilities 2023
Liquidity And Capital Resources [Line Items]
Undrawn and committed credit facilities	100	100	0
Syndicated Facilities 2020 - RCF
Liquidity And Capital Resources [Line Items]
Undrawn and committed credit facilities	0	0	92.6
Syndicated Facilities 2024 - RCF
Liquidity And Capital Resources [Line Items]
Undrawn and committed credit facilities	149.5	0	0
HCOB Facility 2023
Liquidity And Capital Resources [Line Items]
Undrawn and committed credit facilities	0	24.9	0
DSF Facility 2⁵⁾
Liquidity And Capital Resources [Line Items]
Undrawn and committed credit facilities	0	52.6	0
Syndicated Bridge to Bond Facility
Liquidity And Capital Resources [Line Items]
Undrawn and committed credit facilities	0	165	0
HCOB Facility 2024
Liquidity And Capital Resources [Line Items]
Undrawn and committed credit facilities	$ 74.1	$ 0	$ 0

LIQUIDITY, CAPITAL RESOURCES _6

LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS - Schedule of Lease Facilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liquidity And Capital Resources [Line Items]
Right-of-use lease liabilities	$ 456.6	$ 521.6	$ 480
Bocomm Leasing Facilities 2019-2021
Liquidity And Capital Resources [Line Items]
Right-of-use lease liabilities	135.6	148.9	162.2
Bocomm Leasing Facilities 2019
Liquidity And Capital Resources [Line Items]
Right-of-use lease liabilities	0	0	49.4
Springliner Leases
Liquidity And Capital Resources [Line Items]
Right-of-use lease liabilities	25	27.9	30.7
China Development Bank Financial Leasing
Liquidity And Capital Resources [Line Items]
Right-of-use lease liabilities	136.5	149	160.8
China Merchant Bank Financial Leasing
Liquidity And Capital Resources [Line Items]
Right-of-use lease liabilities	159.5	195.8	37.3
Showa Leasing
Liquidity And Capital Resources [Line Items]
Right-of-use lease liabilities	0	0	18.7
Eifuku Leasing
Liquidity And Capital Resources [Line Items]
Right-of-use lease liabilities	$ 0	$ 0	$ 20.9

LIQUIDITY, CAPITAL RESOURCES _7

LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS - Subsequent Events (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Mar. 06, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares
Liquidity And Capital Resources [Line Items]
Dividends proposed (in USD per share) | $ / shares		$ 0	$ 1.36	$ 0
Dividends proposed | $		$ 0	$ 126.3	$ 0
Percentage of net profit distributed		0.75
Potential ordinary share transactions
Liquidity And Capital Resources [Line Items]
Dividends proposed (in USD per share) | $ / shares	$ 0.60
Dividends proposed | $	$ 58.4

SEGMENT - Summary of Segment Re

SEGMENT - Summary of Segment Reporting (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Profit (loss), attributable to [abstract]
Revenue	$ 1,559.2	$ 1,520.4	$ 1,443.4
Operating expenses	(245.1)	(216)	(202.1)
Profit from sale of vessels	51.3	50.4	10.2
Administrative expenses	(95.6)	(82.9)	(55)
Other operating income and expenses	(0.5)	6.3	5.9
Share of profit/(loss) from joint ventures	0	0	0.2
Impairment losses on tangible assets	0	0	(2.6)
Depreciation and amortization	(192)	(149.3)	(139)
Operating profit (EBIT)	658.8	698.6	601.5
Financial income	24.8	14.3	4
Financial expenses	(74.1)	(60.9)	(48.8)
Profit/(loss) before tax	609.5	652	556.7
Tax	2	(4)	5.9
Net profit/(loss) for the year	611.5	648	562.6
Intangible assets
Goodwill	1.7	1.8	1.8
Other intangible assets	2	1.8	1.9
Total intangible assets	3.7	3.6	3.7
Tangible fixed assets
Land and buildings	8.1	5.5	3.8
Vessels and capitalized dry-docking	2,826.7	2,070.2	1,855.9
Prepayments on vessels	0	86	0	$ 12
Other non-current assets under construction	4.6	4.2	0
Other plant and operating equipment	3.3	4.4	5.6
Financial assets
Investments in joint ventures	0.1	0.1	0.1
Loan receivables	4.5	4.5	4.6
Deferred tax asset	9	5.6	8
Other investments	0.2	0	0.2
Total financial assets	7.9	5	5.5
Total non-current assets	2,854.3	2,178.9	1,874.5
Current assets
Inventories	68.4	61.7	72
Trade receivables	183.9	211	259.5
Other receivables	59.6	60.5	74
Prepayments	12.2	15.2	10.4
Cash and cash equivalents incl. restricted cash	291.2	295.6	323.8
Current assets excluding assets held for sale	615.3	644	739.7
Assets held for sale	47.2	47.2
Total current assets	615.3	691.2	739.7
TOTAL ASSETS	3,469.6	2,870.1	2,614.2
EQUITY AND LIABILITIES
Total equity	2,074.8	1,666	1,503.7	$ 1,052.2
Non-current liabilities
Non-current tax liability related to held-over gains	45.2	45.2	45.2
Deferred tax liability	6.2	8.8	13.5
Borrowings	1,061	886.9	849.8
Other non-current liabilities	2.9	3	3
Total non-current liabilities	1,109.4	938.7	904.1
Current liabilities
Borrowings	165.3	172.7	117.1
Trade payables	50	43.1	48.5
Current tax liabilities	0.7	0.6	2
Other liabilities	61.3	45.2	31.1
Provisions	0.6	0.5	6.8
Prepayments from customers	7.5	3.3	0.9
Total current liabilities	285.4	265.4	206.4
Total liabilities	1,394.8	1,204.1	1,110.5
TOTAL EQUITY AND LIABILITIES	3,469.6	2,870.1	2,614.2
Operating segment
Profit (loss), attributable to [abstract]
Revenue	1,559.2	1,520.4	1,443.4
Port expenses, bunkers, and commissions	(409.2)	(407.6)	(458.9)
Other cost of goods and services sold	(9.3)	(22.7)	(0.6)
Operating expenses	(245.1)	(216)	(202.1)
Profit from sale of vessels	51.3	50.4	10.2
Administrative expenses	(95.6)	(82.9)	(55)
Other operating income and expenses	(0.5)	6.3	5.9
Share of profit/(loss) from joint ventures	0	0	0.2
Impairment losses on tangible assets	0	0	(2.6)
Depreciation and amortization	(192)	(149.3)	(139)
Operating profit (EBIT)	658.8	698.6	601.5
Financial income	24.8	14.3	4
Financial expenses	(74.1)	(60.9)	(48.8)
Profit/(loss) before tax	609.5	652	556.7
Tax	2	(4)	5.9
Net profit/(loss) for the year	611.5	648	562.6
Intangible assets
Goodwill	1.7	1.8	1.8
Other intangible assets	2	1.8	2
Total intangible assets	3.7	3.6	3.8
Tangible fixed assets
Land and buildings	8.1	5.5	3.8
Vessels and capitalized dry-docking	2,826.7	2,070.2	1,855.9
Prepayments on vessels	0	86	0
Other non-current assets under construction	4.6	4.2	0
Other plant and operating equipment	3.3	4.4	5.6
Total tangible fixed assets	2,842.7	2,170.3	1,865.3
Financial assets
Investments in joint ventures	0.1	0.1	0.1
Loan receivables	4.5	4.5	4.6
Deferred tax asset	3.1	0.4	0.5
Other investments	0.2	0	0.2
Total financial assets	7.9	5	5.4
Total non-current assets	2,854.3	2,178.9	1,874.5
Current assets
Inventories	68.4	61.7	72
Trade receivables	183.9	211	259.5
Other receivables	59.6	60.5	74
Prepayments	12.2	15.2	10.4
Cash and cash equivalents incl. restricted cash	291.2	295.6	323.8
Current assets excluding assets held for sale	615.3	644	739.7
Assets held for sale	0	47.2	0
Total current assets	615.3	691.2	739.7
TOTAL ASSETS	3,469.6	2,870.1	2,614.2
EQUITY AND LIABILITIES
Total equity	2,074.8	1,666	1,503.7
Non-current liabilities
Non-current tax liability related to held-over gains	45.2	45.2	45.2
Deferred tax liability	0.3	3.6	6.1
Borrowings	1,061	886.9	849.8
Other non-current liabilities	2.9	3	3
Total non-current liabilities	1,109.4	938.7	904.1
Current liabilities
Borrowings	165.3	172.7	117.1
Trade payables	50	43	48.5
Current tax liabilities	0.7	0.6	2
Other liabilities	61.3	45.2	31.1
Provisions	0.6	0.6	6.8
Prepayments from customers	7.5	3.3	0.9
Total current liabilities	285.4	265.4	206.4
Total liabilities	1,394.8	1,204.1	1,110.5
TOTAL EQUITY AND LIABILITIES	3,469.6	2,870.1	2,614.2
Non-current asset additions during the year:
Total non-current asset additions	912.3	612.9	127.7
Operating segment | Goodwill
Non-current asset additions during the year:
Total non-current asset additions	0	0	1.8
Operating segment | Other intangible assets
Non-current asset additions during the year:
Total non-current asset additions	1	0.6	1.8
Operating segment | Land and buildings
Non-current asset additions during the year:
Total non-current asset additions	5.6	4.4	1.4
Operating segment | Vessels and capitalized dry-docking
Non-current asset additions during the year:
Total non-current asset additions	792.7	516.4	77.2
Operating segment | Prepayments on vessels
Non-current asset additions during the year:
Total non-current asset additions	111.5	86	43.1
Operating segment | Other non-current assets under construction
Tangible fixed assets
Other non-current assets under construction	0.2	4.2	0
Operating segment | Other plant and operating equipment
Non-current asset additions during the year:
Total non-current asset additions	1.3	1.3	2.4
Operating segment | Tanker segment
Profit (loss), attributable to [abstract]
Revenue	1,544	1,491.4	1,440.4
Port expenses, bunkers, and commissions	(409.2)	(407.6)	(458.9)
Other cost of goods and services sold	0	0	0
Operating expenses	(245.6)	(216.4)	(202.1)
Profit from sale of vessels	51.3	50.4	10.2
Administrative expenses	(87.9)	(76.5)	(52.4)
Other operating income and expenses	(0.6)	6	5.9
Share of profit/(loss) from joint ventures	0	0	0.2
Impairment losses on tangible assets	0	0	(2.6)
Depreciation and amortization	(191.2)	(148.2)	(138.7)
Operating profit (EBIT)	660.8	699.1	602
Financial income	24.7	14.3	3.9
Financial expenses	(73.9)	(60.5)	(48.7)
Profit/(loss) before tax	611.6	652.9	557.2
Tax	2.5	(4)	5.9
Net profit/(loss) for the year	614.1	648.9	563.1
Intangible assets
Goodwill	0	0	0
Other intangible assets	1.1	0.9	0.7
Total intangible assets	1.1	0.9	0.7
Tangible fixed assets
Land and buildings	8.1	4.9	2.8
Vessels and capitalized dry-docking	2,843.9	2,081.7	1,863.4
Prepayments on vessels	0	86	0
Other non-current assets under construction	0	0	0
Other plant and operating equipment	2.1	3.3	4.1
Total tangible fixed assets	2,854.1	2,175.9	1,870.3
Financial assets
Investments in joint ventures	0.1	0.1	0.1
Loan receivables	4.5	4.5	4.6
Deferred tax asset	3.1	0.4	0.5
Other investments	0.2	0	0.2
Total financial assets	7.9	5	5.4
Total non-current assets	2,863.1	2,181.8	1,876.4
Current assets
Inventories	62.6	58	61.1
Trade receivables	179.1	206.2	255.7
Other receivables	54.7	58.8	72.7
Prepayments	11.6	10.7	9.7
Cash and cash equivalents incl. restricted cash	284.9	290.7	321.4
Current assets excluding assets held for sale	592.9	624.4	720.6
Assets held for sale	0	47.2	0
Total current assets	592.9	671.6	720.6
TOTAL ASSETS	3,456	2,853.4	2,597
EQUITY AND LIABILITIES
Total equity	2,072.9	1,661.3	1,498
Non-current liabilities
Non-current tax liability related to held-over gains	45.2	45.2	45.2
Deferred tax liability	0	3.3	5.8
Borrowings	1,060.8	884	844.6
Other non-current liabilities	2.3	2.2	2.2
Total non-current liabilities	1,108.3	934.7	897.8
Current liabilities
Borrowings	163.5	169.7	115.7
Trade payables	46.2	39.6	46.4
Current tax liabilities	0.4	0.6	1.6
Other liabilities	60.7	44.8	31
Provisions	0	0	6.5
Prepayments from customers	4	2.7	0
Total current liabilities	274.8	257.4	201.2
Total liabilities	1,383.1	1,192.1	1,099
TOTAL EQUITY AND LIABILITIES	3,456	2,853.4	2,597
Non-current asset additions during the year:
Total non-current asset additions	916.8	612.5	129.5
Operating segment | Tanker segment | Goodwill
Non-current asset additions during the year:
Total non-current asset additions	0	0	0
Operating segment | Tanker segment | Other intangible assets
Non-current asset additions during the year:
Total non-current asset additions	0.5	0.6	0.6
Operating segment | Tanker segment | Land and buildings
Non-current asset additions during the year:
Total non-current asset additions	5.6	4.4	0.3
Operating segment | Tanker segment | Vessels and capitalized dry-docking
Non-current asset additions during the year:
Total non-current asset additions	798.5	520.4	84.7
Operating segment | Tanker segment | Prepayments on vessels
Non-current asset additions during the year:
Total non-current asset additions	111.5	86	43.1
Operating segment | Tanker segment | Other non-current assets under construction
Tangible fixed assets
Other non-current assets under construction	0	0	0
Operating segment | Tanker segment | Other plant and operating equipment
Non-current asset additions during the year:
Total non-current asset additions	0.7	1.1	0.8
Operating segment | Marine Engineering segment
Profit (loss), attributable to [abstract]
Revenue	29.6	48	5.9
Port expenses, bunkers, and commissions	0	0	0
Other cost of goods and services sold	(18.5)	(36.6)	(3)
Operating expenses	0	0	0
Profit from sale of vessels	0	0	0
Administrative expenses	(7.7)	(6.4)	(2.6)
Other operating income and expenses	0.1	0.3	0
Share of profit/(loss) from joint ventures	0	0	0
Impairment losses on tangible assets	0	0	0
Depreciation and amortization	(0.8)	(1.1)	(0.3)
Operating profit (EBIT)	2.7	4.2	0
Financial income	0.1	0	0.1
Financial expenses	(0.2)	(0.4)	(0.1)
Profit/(loss) before tax	2.6	3.8	0
Tax	(0.5)	0	0
Net profit/(loss) for the year	2.1	3.8	0
Intangible assets
Goodwill	1.7	1.8	1.8
Other intangible assets	0.9	0.9	1.3
Total intangible assets	2.6	2.7	3.1
Tangible fixed assets
Land and buildings	0	0.6	1
Vessels and capitalized dry-docking	0	0	0
Prepayments on vessels	0	0	0
Other non-current assets under construction	4.8	4.5	0
Other plant and operating equipment	1.2	1.1	1.5
Total tangible fixed assets	6	6.2	2.5
Financial assets
Investments in joint ventures	0	0	0
Loan receivables	0	0	0
Deferred tax asset	0	0	0
Other investments	0	0	0
Total financial assets	0	0	0
Total non-current assets	8.6	8.9	5.6
Current assets
Inventories	5.8	3.7	11
Trade receivables	4.8	5	4.2
Other receivables	4.9	1.7	1.3
Prepayments	0.6	4.5	0.7
Cash and cash equivalents incl. restricted cash	6.3	4.9	2.4
Current assets excluding assets held for sale	22.4	19.8	19.6
Assets held for sale	0	0	0
Total current assets	22.4	19.8	19.6
TOTAL ASSETS	31	28.7	25.2
EQUITY AND LIABILITIES
Total equity	11.7	9.9	6.2
Non-current liabilities
Non-current tax liability related to held-over gains	0	0	0
Deferred tax liability	0.3	0.3	0.3
Borrowings	0.2	2.9	5.2
Other non-current liabilities	0.6	0.8	0.8
Total non-current liabilities	1.1	4	6.3
Current liabilities
Borrowings	1.8	3	1.4
Trade payables	3.8	3.4	3.5
Current tax liabilities	0.3	0	0.4
Other liabilities	0.6	0.5	0.3
Provisions	0.6	0.6	0.3
Prepayments from customers	11.1	7.3	6.8
Total current liabilities	18.2	14.8	12.7
Total liabilities	19.3	18.8	19
TOTAL EQUITY AND LIABILITIES	31	28.7	25.2
Non-current asset additions during the year:
Total non-current asset additions	1.5	4.7	5.7
Operating segment | Marine Engineering segment | Goodwill
Non-current asset additions during the year:
Total non-current asset additions	0	0	1.8
Operating segment | Marine Engineering segment | Other intangible assets
Non-current asset additions during the year:
Total non-current asset additions	0.5	0	1.2
Operating segment | Marine Engineering segment | Land and buildings
Non-current asset additions during the year:
Total non-current asset additions	0	0	1.1
Operating segment | Marine Engineering segment | Vessels and capitalized dry-docking
Non-current asset additions during the year:
Total non-current asset additions	0	0	0
Operating segment | Marine Engineering segment | Prepayments on vessels
Non-current asset additions during the year:
Total non-current asset additions	0	0	0
Operating segment | Marine Engineering segment | Other non-current assets under construction
Tangible fixed assets
Other non-current assets under construction	0.4	4.5	0
Operating segment | Marine Engineering segment | Other plant and operating equipment
Non-current asset additions during the year:
Total non-current asset additions	0.6	0.2	1.6
Inter- segment elimination
Profit (loss), attributable to [abstract]
Revenue	(14.4)	(19)	(2.9)
Port expenses, bunkers, and commissions	0	0	0
Other cost of goods and services sold	9.2	13.9	2.4
Operating expenses	0.5	0.4	0
Profit from sale of vessels	0	0	0
Administrative expenses	0	0	0
Other operating income and expenses	0	0	0
Share of profit/(loss) from joint ventures	0	0	0
Impairment losses on tangible assets	0	0	0
Depreciation and amortization	0	0	0
Operating profit (EBIT)	(4.7)	(4.7)	(0.5)
Financial income	0	0	0
Financial expenses	0	0	0
Profit/(loss) before tax	(4.7)	(4.7)	(0.5)
Tax	0	0	0
Net profit/(loss) for the year	(4.7)	(4.7)	(0.5)
Intangible assets
Goodwill	0	0	0
Other intangible assets	0	0	0
Total intangible assets	0	0	0
Tangible fixed assets
Land and buildings	0	0	0
Vessels and capitalized dry-docking	(17.2)	(11.5)	(7.5)
Prepayments on vessels	0	0	0
Other non-current assets under construction	(0.2)	(0.3)	0
Other plant and operating equipment	0	0	0
Total tangible fixed assets	(17.4)	(11.8)	(7.5)
Financial assets
Investments in joint ventures	0	0	0
Loan receivables	0	0	0
Deferred tax asset	0	0	0
Other investments	0	0	0
Total financial assets	0	0	0
Total non-current assets	(17.4)	(11.8)	(7.5)
Current assets
Inventories	0	0	(0.1)
Trade receivables	0	(0.2)	(0.4)
Other receivables	0	0	0
Prepayments	0	0	0
Cash and cash equivalents incl. restricted cash	0	0	0
Current assets excluding assets held for sale	0	(0.2)	(0.5)
Assets held for sale	0	0	0
Total current assets	0	(0.2)	(0.5)
TOTAL ASSETS	(17.4)	(12)	(8)
EQUITY AND LIABILITIES
Total equity	(9.8)	(5.2)	(0.5)
Non-current liabilities
Non-current tax liability related to held-over gains	0	0	0
Deferred tax liability	0	0	0
Borrowings	0	0	0
Other non-current liabilities	0	0	0
Total non-current liabilities	0	0	0
Current liabilities
Borrowings	0	0	0
Trade payables	0	0	(1.4)
Current tax liabilities	0	0	0
Other liabilities	0	(0.1)	(0.2)
Provisions	0	0	0
Prepayments from customers	(7.6)	(6.7)	(5.9)
Total current liabilities	(7.6)	(6.8)	(7.5)
Total liabilities	(7.6)	(6.8)	(7.5)
TOTAL EQUITY AND LIABILITIES	(17.4)	(12)	(8)
Non-current asset additions during the year:
Total non-current asset additions	(6)	(4.3)	(7.5)
Inter- segment elimination | Goodwill
Non-current asset additions during the year:
Total non-current asset additions	0	0	0
Inter- segment elimination | Other intangible assets
Non-current asset additions during the year:
Total non-current asset additions	0	0	0
Inter- segment elimination | Land and buildings
Non-current asset additions during the year:
Total non-current asset additions	0	0	0
Inter- segment elimination | Vessels and capitalized dry-docking
Non-current asset additions during the year:
Total non-current asset additions	(5.8)	(4)	(7.5)
Inter- segment elimination | Prepayments on vessels
Non-current asset additions during the year:
Total non-current asset additions	0	0	0
Inter- segment elimination | Other non-current assets under construction
Tangible fixed assets
Other non-current assets under construction	(0.2)	(0.3)	0
Inter- segment elimination | Other plant and operating equipment
Non-current asset additions during the year:
Total non-current asset additions	$ 0	$ 0	$ 0

SEGMENT - Revenue by Major Cust

SEGMENT - Revenue by Major Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of major customers [line items]
Revenue	$ 1,559.2	$ 1,520.4	$ 1,443.4
Operating segment
Disclosure of major customers [line items]
Revenue	$ 1,559.2	$ 1,520.4	$ 1,443.4
Operating segment | No customer
Disclosure of major customers [line items]
Percentage of revenue	0%	0%
Operating segment | Customer one
Disclosure of major customers [line items]
Percentage of revenue			12%
Switzerland
Disclosure of major customers [line items]
Revenue	$ 264.3	$ 242.5	$ 220.9
Percentage of revenue	17%	16%	15.30%
USA
Disclosure of major customers [line items]
Revenue	$ 243.1	$ 182.7	$ 0
Percentage of revenue	15.60%	12%	0%
United Arab Emirates
Disclosure of major customers [line items]
Revenue	$ 160.5	$ 0	$ 0
Percentage of revenue	10.30%	0%	0%
Mexico
Disclosure of major customers [line items]
Revenue	$ 0	$ 0	$ 178.2
Percentage of revenue	0%	0%	12.80%

SEGMENT - The Company's Non-Cur

SEGMENT - The Company's Non-Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of geographical areas [line items]
Non-current assets	$ 2,846.8	$ 2,173.9	$ 1,869.4
UK
Disclosure of geographical areas [line items]
Non-current assets	357.2	0.2	0.1
Denmark
Disclosure of geographical areas [line items]
Non-current assets	1,604.2	1,746.6	1,607.7
Singapore
Disclosure of geographical areas [line items]
Non-current assets	799.7	336.7	257.1
USA
Disclosure of geographical areas [line items]
Non-current assets	76	79.8	0
Other countries
Disclosure of geographical areas [line items]
Non-current assets	$ 9.7	$ 10.6	$ 4.5

SEGMENT - Narrative (Details)

SEGMENT - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Disclosure of major customers [line items]
Number of operating segments	2
Operating segment | Tank segment
Disclosure of major customers [line items]
Number of geographical segment	1

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS - Customers Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUE FROM CONTRACTS WITH CUSTOMER
Total revenue	$ 1,559.2	$ 1,520.4	$ 1,443.4
Operating segment | Tanker segment
REVENUE FROM CONTRACTS WITH CUSTOMER
Total revenue	1,544	1,491.4	1,440.4
Operating segment | Marine Engineering segment
REVENUE FROM CONTRACTS WITH CUSTOMER
Total revenue	29.6	48	5.9
Inter- segment elimination
REVENUE FROM CONTRACTS WITH CUSTOMER
Total revenue	(14.4)	(19)	(2.9)
Transportation of oil products and chemicals
REVENUE FROM CONTRACTS WITH CUSTOMER
Total revenue	1,544	1,491.4	1,440.4
Scrubbers and related services
REVENUE FROM CONTRACTS WITH CUSTOMER
Total revenue	9.1	21.7	1.2
Welding and mounting
REVENUE FROM CONTRACTS WITH CUSTOMER
Total revenue	4.9	5.3	1.1
Others
REVENUE FROM CONTRACTS WITH CUSTOMER
Total revenue	$ 1.2	$ 2	$ 0.7

REVENUE FROM CONTRACTS WITH C_4

REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Revenue recognized relating to customer contract	$ 2.5	$ 3	$ 2
Increase due to change in prepaid charter hire	$ 2.8
Demurrage claim submitted recognized as demurrage revenue upon initial recognition (in percent)	97%
Demurrage payment term after the original demurrage claim was submitted	100 days
Standard warranty period	1 year

REVENUE FROM CONTRACTS WITH C_5

REVENUE FROM CONTRACTS WITH CUSTOMERS - Customer Liabilities and Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Trade receivables	$ 183.9	$ 211	$ 259.5
Customer contract assets	2.4	2.5	3
Customer contract liabilities	(7.5)	(3.4)	(0.9)
Total	$ 178.8	$ 210.1	$ 261.6

STAFF COSTS - Narrative (Detail

STAFF COSTS - Narrative (Details)

12 Months Ended

72 Months Ended

Mar. 07, 2024 kr / shares

Mar. 29, 2023 USD ($) equityInstrument $ / shares

Mar. 29, 2023 equityInstrument kr / shares

Mar. 23, 2022 kr / shares

Dec. 31, 2024 USD ($) employee equityInstrument shares

Dec. 31, 2024 USD ($) employee kr / shares

Dec. 31, 2023 USD ($) equityInstrument employee $ / shares

Dec. 31, 2023 employee kr / shares

Dec. 31, 2022 USD ($) equityInstrument employee

Dec. 31, 2022 employee kr / shares

Dec. 31, 2016

Dec. 31, 2022 employee

Total staff costs

Number of seafarers for which staff costs included in operating expenses | employee

109

105

100

Number of seafarers | employee

3,677

3,677

3,271

3,271

3,218

3,218

3,218

Number of seafarers on short term contracts | employee

1,721

1,625

1,565

Staff costs

$ 86,900,000

$ 77,900,000

$ 49,700,000

Share-based compensation

30,300,000

23,000,000

2,900,000

Operating expenses

Total staff costs

Total seafarers costs included in operating expenses

141,400,000

127,100,000

124,900,000

Total wages for seafarers on short term contracts

131,800,000

118,500,000

117,200,000

Staff costs

9,600,000

$ 8,600,000

$ 7,700,000

Long term incentive plan, ordinary plan

Total staff costs

Consideration in exchange for forfeiture of options for leavers other than good leavers

0

$ 0

Consideration in exchange for granting of options

0

$ 0

Dividend rights, share options

$ 0

Granted during the period (in shares) | equityInstrument

1,506,400

3,136,600

1,393,000

Number of shares, option to buy per RSU (in shares) | shares

1

RSU additional retention program

Total staff costs

Granted during the period (in shares) | equityInstrument

36,259

Senior management team

Total staff costs

Number of members of senior management team excluding CEO | employee

3

3

3

3

3

3

3

Aggregate compensation paid

$ 9,500,000

$ 7,500,000

$ 2,800,000

Aggregate compensation paid for pensions

100,000

100,000

100,000

Share-based compensation

$ 7,500,000

$ 6,000,000

$ 700,000

Chief executive officer | Long term incentive plan, ordinary plan

Total staff costs

Vesting period of RSUs

3 years

3 years

Chief executive officer | RSU grant in 2016

Total staff costs

Vesting period of RSUs

5 years

Exercise period of RSUs

360 days

Chief executive officer | RSU grant in 2022

Total staff costs

Vesting period of RSUs

3 years

Exercise period of RSUs

360 days

Average strike price term

90 days

Percentage of premium on average price to determine exercise price

15%

Exercise price of RSUs (in DKK per share) | kr / shares

kr 58

Chief executive officer | RSU grant in 2023

Total staff costs

Vesting period of RSUs

3 years

Exercise period of RSUs

360 days

Exercise price per RSU (in DKK per share) | kr / shares

kr 220.6

Average strike price term

90 days

Percentage of premium on average price to determine exercise price

15%

Number of other equity instruments retained/exercisable (in shares) | equityInstrument

300,000

300,000

Exercise price per share of retained other equity instruments (in USD per share) | $ / shares

$ 0.01

Chief executive officer | RSU Grant in 2024

Total staff costs

Exercise period of RSUs

360 days

Exercise price per RSU (in DKK per share) | kr / shares

kr 258.4

Average strike price term

90 days

Percentage of premium on average price to determine exercise price

15%

Other management | RSU grant in 2022

Total staff costs

Exercise period of RSUs

360 days

Granted during the period (in shares) | equityInstrument

1,137,770

Vesting requirements

3 years

Exercise price of RSUs (in DKK per share) | kr / shares

kr 58

Average remaining contractual life

0 years

1 year 6 months

Other management | RSU grant in 2023

Total staff costs

Exercise period of RSUs

360 days

Granted during the period (in shares) | equityInstrument

1,248,153

Exercise price per share of retained other equity instruments (in USD per share) | $ / shares

$ 0.01

Vesting requirements

3 years

Exercise price of RSUs (in DKK per share) | kr / shares

kr 220.6

Average remaining contractual life

1 year

1 year 6 months

RSU grant value assuming 100% vesting

$ 10,800,000

Other management | RSU additional retention program

Total staff costs

Number of other equity instruments retained/exercisable (in shares) | equityInstrument

1,333,222

1,333,222

RSU grant value of other equity instruments retained

$ 40,400,000

Other management | RSU Grant in 2024

Total staff costs

Exercise period of RSUs

360 days

Granted during the period (in shares) | equityInstrument

1,214,986

Vesting requirements

3 years

Exercise price of RSUs (in DKK per share) | kr / shares

$ 258.4

Average remaining contractual life

1 year 6 months

RSU grant value assuming 100% vesting

$ 8,100,000

STAFF COSTS - Schedule of Staff

STAFF COSTS - Schedule of Staff Costs and Average Number of Employees (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) employee	Dec. 31, 2023 USD ($) employee	Dec. 31, 2022 USD ($) employee
Staff costs comprise the following
Wages and salaries	$ 47.3	$ 46.9	$ 38.8
Share-based compensation	30.3	23	2.9
Pension costs	4.2	3.8	3.3
Other social security costs	0.4	1.4	1.5
Other staff costs	4.7	2.8	3.2
Total	$ 86.9	$ 77.9	$ 49.7
Average number of permanent employees
Seafarers | employee	109	105	100
Land-based | employee	498	468	386
Total | employee	607	573	486
Operating expenses
Staff costs comprise the following
Total	$ 9.6	$ 8.6	$ 7.7
Admini- strative expenses
Staff costs comprise the following
Total	$ 77.3	$ 69.3	$ 42

STAFF COSTS - Schedule of Key M

STAFF COSTS - Schedule of Key Management Personnel Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total staff costs
Short-term remuneration	$ 755	$ 761	$ 727
Wages and salaries	47,300	46,900	38,800
Share-based compensation	30,300	23,000	2,900
Christopher H. Boehringer
Total staff costs
Short-term remuneration	212	214	210
David N. Weinstein
Total staff costs
Short-term remuneration	217	219	207
Göran Trapp
Total staff costs
Short-term remuneration	163	164	155
Annette Malm Justad
Total staff costs
Short-term remuneration	163	164	155
Jacob Meldgaard | TORM A/S
Total staff costs
Wages and salaries		1,119	1,040
Taxable benefits		40	39
Annual performance bonus		1,277	593
Share-based compensation		0	0
Total		2,436	1,672
Jacob Meldgaard | TORM A/S | RSU grant in 2022
Total staff costs
Wages and salaries	1,141
Taxable benefits	40
Annual performance bonus		1,233
Share-based compensation	0
Total	2,414
Jacob Meldgaard | TORM PLC
Total staff costs
Wages and salaries		77	72
Taxable benefits			0
Annual performance bonus		0	0
Share-based compensation		4,383	439
Total		4,460	$ 511
Jacob Meldgaard | TORM PLC | RSU grant in 2022
Total staff costs
Wages and salaries	76
Taxable benefits	0
Annual performance bonus		$ 0
Share-based compensation	5,530
Total	$ 5,606

STAFF COSTS - Long-Term Incenti

STAFF COSTS - Long-Term Incentive Plan - RSUs Granted in 2020 (Details) $ / shares in Units, $ in Millions						12 Months Ended
	Mar. 07, 2024 USD ($) equityInstrument $ / shares	Mar. 29, 2023 kr / shares	Mar. 29, 2023 USD ($) equityInstrument $ / shares	Mar. 23, 2022 kr / shares	Mar. 23, 2022 USD ($) equityInstrument	Dec. 31, 2024 equityInstrument	Dec. 31, 2023 equityInstrument	Dec. 31, 2022 equityInstrument
Long term incentive plan, retention plan | Jacob Meldgaard
STAFF COSTS
Granted during the period (in shares)			300,000
Exercise price per RSU (in DKK/USD per share) | $ / shares			$ 0.01
RSU grant value assuming 100% vesting | $			$ 10.7
Long term incentive plan, ordinary plan
STAFF COSTS
Granted during the period (in shares)						1,506,400	3,136,600	1,393,000
Long term incentive plan, ordinary plan | Jacob Meldgaard
STAFF COSTS
Granted during the period (in shares)	255,200		255,200		255,200
Exercise price per RSU (in DKK/USD per share) | (per share)	$ 258.40	kr 220.60		kr 58
RSU grant value assuming 100% vesting | $	$ 1.9		$ 2.5		$ 0.5

STAFF COSTS - Number of Shares

STAFF COSTS - Number of Shares in TORM plc (Details) - equityInstrument	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
STAFF COSTS
Exercisable (in shares)	0	0	0
Long term incentive plan, ordinary plan
STAFF COSTS
Outstanding as of 1 January (in shares)	4,417,700	2,424,000	2,372,900
Granted during the period (in shares)	1,506,400	3,136,600	1,393,000
Exercised during the period (in shares)	(1,345,400)	(1,137,600)	(1,078,000)
Expired/forfeited during the period (in shares)	(122,100)	(5,300)	(263,900)
Outstanding as of 31 December (in shares)	4,456,600	4,417,700	2,424,000
RSU additional retention program
STAFF COSTS
Granted during the period (in shares)	36,259

REMUNERATION TO AUDITORS APPO_3

REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING - Schedule of Auditor Remuneration (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Audit fees
Fees payable to the Company's auditor for the audit of the Company's annual accounts	$ 1.2	$ 1.2	$ 0.9
Audit of the Company's subsidiaries pursuant to legislation	0.1	0.1	0.1
Total audit fees	1.3	1.3	1
Non-audit fees
Audit-related services	0.5	0.1	0.2
Others	0.5	0.1	0.2
Total non-audit fees	1	0.2	0.4
Total	$ 2.3	$ 1.5	$ 1.4

REMUNERATION TO AUDITORS APPO_4

REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Auditor's remuneration [abstract]
Auditor's remuneration	$ 2.3	$ 1.5	$ 1.4
Audit-related services	1.8	1.4	1.2
Other audit related services	0.5	0.1	0.2
Tax services	0	0	0
Auditor's remuneration for all other services	$ 0	$ 0	$ 0

FINANCIAL ITEMS - Schedule Of F

FINANCIAL ITEMS - Schedule Of Finance Income (Costs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Analysis of income and expense [abstract]
Interest income on cash and cash equivalents	$ 24.5	$ 14.2	$ 4
Other financial income	0.3	0.1	0
Financial income	24.8	14.3	4
Interest expense on borrowings	69.7	55.6	48.5
Financial expenses arising from lease liabilities regarding right-of-use assets	0.6	0.5	0.2
Exchange rate adjustments, including loss from forward exchange rate contracts	0.7	0.4	0.5
Commitment fee	1.9	1.3	0.6
Amortization of interest rate swaps	1.7	2.2	2.4
Ineffectiveness on interest rate swaps	(1.5)	(2.4)	(3.6)
Other financial expenses	1	3.3	0.2
Finance costs	74.1	60.9	48.8
Total financial items	$ (49.3)	$ (46.6)	$ (44.8)

TAX - Schedule of Income Tax (D

TAX - Schedule of Income Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Tax on profit for the year
Current tax for the year	$ 1	$ 0.6	$ 0.5
Adjustments related to previous years	(1)	0	(0.1)
Adjustment of deferred tax	(3.3)	2.2	(7.3)
Income tax charge for the year	(3.3)	2.8	(6.9)
Tonnage tax charge for the year	1.3	1.2	1
Total	$ (2)	$ 4	$ (5.9)

TAX - Narrative (Details)

TAX - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Adjustment of deferred tax	$ (3.3)	$ 2.2	$ (7.3)
Effective tax rate	0.30%	1%	(1.00%)
Deferred tax liability	$ 0.3	$ 3.6	$ 6.1
Deferred tax assets related to trading losses	2.2	2.2	2.2
Entities outside of the tonnage tax regime
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability	6.2
Derivative financial instruments
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability	5.9	8.5	13.2
Intangible assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability	$ 0	$ 0	$ 0.3

TAX - Schedule of Deferred Tax

TAX - Schedule of Deferred Tax (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax asset	$ 9	$ 5.6	$ 8
Deferred tax liability	6.2	8.8	13.5
Deferred tax asset	3.1	0.4	0.6
Offset against tax liabilities arising from changes in equity	(5.9)	0	0
Offset from tax assets	0	(5.2)	(7.4)
Deferred tax liabilities in the balance sheet	0.3	3.6	6.1
CIR impact
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax asset	1.7	0.5	3.4
Deferred tax liability	0	0.5	3.4
Unused tax losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax asset	6.9	5.1	4.6
Deferred tax liability	0	4.7	4
Changes in equity
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability	5.9	8.5	13.2
Other temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax asset	0.4	0	0
Deferred tax liability	0.3	0.3	0.3
Tax Liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability	$ 5.9	$ 0	$ 0

TAX - Non-Current Tax Liability

TAX - Non-Current Tax Liability (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax liabilities
Non-current tax liability related to held-over gains	$ (45.2)	$ (45.2)	$ (45.2)

INTANGIBLE ASSETS - Schedule of

INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
GOODWILL
Goodwill at beginning of period	$ 1.8	$ 1.8
Impairment losses	0	0
Goodwill at end of period	1.7	1.8	$ 1.8
Cost:
GOODWILL
Goodwill at beginning of period	13.2	13.2	11.4
Exchange rate adjustments	(0.1)	0	0
Additions from business combinations	0	0	1.8
Goodwill at end of period	13.1	13.2	13.2
Impairment:
GOODWILL
Goodwill at beginning of period	(11.4)	(11.4)	(11.4)
Impairment losses	0	0	0
Goodwill at end of period	$ (11.4)	$ (11.4)	$ (11.4)

INTANGIBLE ASSETS - Schedule _2

INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in other intangible assets
Balance at the beginning	$ 1.8	$ 1.9
Balance at the end	2	1.8	$ 1.9
Cost:
Reconciliation of changes in other intangible assets
Balance at the beginning	2.8	2.3	0
Exchange rate adjustments	0	0	0.2
Additions	1.1	0.5	0.6
Additions from business combinations	0	0	1.2
Transfer from other items	0	0	0.3
Balance at the end	3.9	2.8	2.3
Amortization:
Reconciliation of changes in other intangible assets
Balance at the beginning	(1)	(0.4)	0
Transfer from other items	0	0	(0.1)
Amortization for the year	0.9	0.6	0.3
Balance at the end	$ (1.9)	$ (1)	$ (0.4)

INTANGIBLE ASSETS - Narrative (

INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022
Customer list
Other intangible assets
Amortization period	7 years
Computer software
Other intangible assets
Amortization period	3 years
Scrubber test facility
Other intangible assets
Amortization period	2 years
Marine Engineering segment
Other intangible assets
Additions from business combinations		$ 1.8

TANGIBLE FIXED ASSETS - Schedul

TANGIBLE FIXED ASSETS - Schedule of Tangible Fixed Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in property, plant and equipment
Balance as of 01 January	$ 2,170.3	$ 1,865.3
Balance as of 31 December	2,842.7	2,170.3	$ 1,865.3
PREPAYMENTS ON VESSELS
Beginning balance	86	0	12
Additions	111.5	126.6	43.1
Transferred to vessels	(197.5)	(40.6)	(55.1)
End balance	0	86	0
Land and buildings
Reconciliation of changes in property, plant and equipment
Balance as of 01 January	5.5	3.8
Balance as of 31 December	8.1	5.5	3.8
Land and buildings | Cost: | Property, plant and equipment
Reconciliation of changes in property, plant and equipment
Balance as of 01 January	14.6	12	10.9
Exchange rate adjustments	(0.2)	(0.2)	(0.3)
Additions	5.6	4.4	0.3
Additions from business combinations	0	0	1.1
Disposals	2.4	1.6	0
Balance as of 31 December	17.6	14.6	12
Land and buildings | Depreciation: | Property, plant and equipment
Reconciliation of changes in property, plant and equipment
Balance as of 01 January	(9.1)	(8.2)	(6.1)
Exchange rate adjustments	0.2	0	(0.2)
Disposals	(2.3)	(1.6)	0
Depreciation for the year	2.5	2.5	2.3
Balance as of 31 December	(9.5)	(9.1)	(8.2)
Vessels and capitalized dry-docking
Reconciliation of changes in property, plant and equipment
Balance as of 01 January	2,070.2	1,855.9
Balance as of 31 December	2,826.7	2,070.2	1,855.9
Vessels and capitalized dry-docking | Cost: | Property, plant and equipment
Reconciliation of changes in property, plant and equipment
Balance as of 01 January	2,622.1	2,421.2	2,443.3
Additions	792.7	476	77.2
Disposals	20.7	31.9	14.2
Transferred from prepayments	197.5	40.6	55.1
Transferred to assets held for sale	90.7	283.8	140.2
Balance as of 31 December	3,500.9	2,622.1	2,421.2
Vessels and capitalized dry-docking | Depreciation: | Property, plant and equipment
Reconciliation of changes in property, plant and equipment
Balance as of 01 January	(536.3)	(543.8)	(475)
Disposals	(20.7)	(31.9)	(14.2)
Depreciation for the year	186.7	143.7	133.7
Transferred to assets held for sale	(41.7)	(119.3)	(50.7)
Balance as of 31 December	(660.6)	(536.3)	(543.8)
Vessels and capitalized dry-docking | Impairment: | Property, plant and equipment
Reconciliation of changes in property, plant and equipment
Balance as of 01 January	(15.6)	(21.5)	(30.5)
Transferred to assets held for sale	(2)	(5.9)	(11.7)
Impairment losses on tangible fixed assets	0	0	2.7
Balance as of 31 December	(13.6)	(15.6)	(21.5)
Other plant and operating equipment
Reconciliation of changes in property, plant and equipment
Balance as of 01 January	4.4	5.6
Balance as of 31 December	3.3	4.4	5.6
Other plant and operating equipment | Cost: | Property, plant and equipment
Reconciliation of changes in property, plant and equipment
Balance as of 01 January	11.2	10.5	9.3
Exchange rate adjustments	(0.1)	0	(0.2)
Additions	1.3	1.3	0.8
Disposals	6.5	0.6	0.7
Balance as of 31 December	5.9	11.2	10.5
Other plant and operating equipment | Cost: | Property, plant and equipment subject to operating leases | Property, plant and equipment
Reconciliation of changes in property, plant and equipment
Additions from business combinations	0	0	1.6
Transferred from prepayments	0	0	(0.3)
Other plant and operating equipment | Depreciation: | Property, plant and equipment
Reconciliation of changes in property, plant and equipment
Balance as of 01 January	(6.8)	(4.9)	(3)
Exchange rate adjustments	(0.1)	0	(0.2)
Disposals	(5.9)	(0.6)	(0.6)
Depreciation for the year	1.8	2.5	2.8
Balance as of 31 December	(2.6)	(6.8)	(4.9)
Other plant and operating equipment | Depreciation: | Property, plant and equipment subject to operating leases | Property, plant and equipment
Reconciliation of changes in property, plant and equipment
Transferred from prepayments	$ 0	$ 0	$ (0.1)

TANGIBLE FIXED ASSETS - Narrati

TANGIBLE FIXED ASSETS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) valuation vessel	Dec. 31, 2023 USD ($) vessel	Dec. 31, 2022 USD ($) vessel	Dec. 31, 2021 USD ($)
TANGIBLE FIXED ASSETS
Number of vessels taken delivery of | vessel	19	5	0
Aggregate cash consideration	$ 864.5	$ 173	$ 0
Prepayments on vessels	$ 0	86	0	$ 12
Number of internationally acknowledged shipbrokers providing valuations for impairment testing | valuation	2
Period used to calculate residual values of recycling prices	3 years
Bottom of range
TANGIBLE FIXED ASSETS
Vessel dry-docking interval	24 months
Top of range
TANGIBLE FIXED ASSETS
Vessel dry-docking interval	60 months
Vessels and capitalized dry-docking
TANGIBLE FIXED ASSETS
Capitalized dry-docking costs	$ 108.2	75.1	50.1
Vessels on short term time charter leases	$ 395.5	169.8	13.7
Vessels
TANGIBLE FIXED ASSETS
Estimated useful lives	25 years
Other plant and operating equipment | Bottom of range
TANGIBLE FIXED ASSETS
Estimated useful lives	3 years
Other plant and operating equipment | Top of range
TANGIBLE FIXED ASSETS
Estimated useful lives	15 years
Other plant and operating equipment | Admini- strative expenses
TANGIBLE FIXED ASSETS
Depreciation expense related to administrative expense	$ 1.8	$ 2.5	$ 2.8
Company cars
TANGIBLE FIXED ASSETS
Estimated useful lives	3 years
IT equipment | Bottom of range
TANGIBLE FIXED ASSETS
Estimated useful lives	3 years
IT equipment | Top of range
TANGIBLE FIXED ASSETS
Estimated useful lives	5 years
Computer software | Bottom of range
TANGIBLE FIXED ASSETS
Estimated useful lives	3 years
Computer software | Top of range
TANGIBLE FIXED ASSETS
Estimated useful lives	5 years

LEASING - Schedule of Right-of-

LEASING - Schedule of Right-of-Use Assets Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets
Balance as of 01 January	$ 2,170.3	$ 1,865.3
Balance as of 31 December	2,842.7	2,170.3	$ 1,865.3
Land and buildings
Disclosure of quantitative information about right-of-use assets
Balance as of 01 January	5.5	3.8
Balance as of 31 December	8.1	5.5	3.8
Land and buildings | Right-of-use assets
Disclosure of quantitative information about right-of-use assets
Balance as of 01 January	5.5	3.8
Balance as of 31 December	8.1	5.5	3.8
Other plant and operating equipment
Disclosure of quantitative information about right-of-use assets
Balance as of 01 January	4.4	5.6
Balance as of 31 December	3.3	4.4	5.6
Other plant and operating equipment | Right-of-use assets
Disclosure of quantitative information about right-of-use assets
Balance as of 01 January	0.8	0.9
Balance as of 31 December	0.5	0.8	0.9
Cost: | Land and buildings | Right-of-use assets
Disclosure of quantitative information about right-of-use assets
Balance as of 01 January	14.6	12	10.9
Exchange rate adjustments	(0.2)	(0.2)	(0.3)
Additions	5.6	4.4	0.3
Additions from business combinations			1.1
Disposals	2.4	1.6	0
Balance as of 31 December	17.6	14.6	12	$ 10.9
Cost: | Other plant and operating equipment | Right-of-use assets
Disclosure of quantitative information about right-of-use assets
Balance as of 01 January	1.5	1.3	0.7
Exchange rate adjustments	0	0.1	0
Additions	0	0.1		0.1
Additions from business combinations			0.9
Disposals	0.3	0		0.4
Balance as of 31 December	1.2	1.5	1.3	0.7
Depreciation: | Land and buildings | Right-of-use assets
Disclosure of quantitative information about right-of-use assets
Balance as of 01 January	(9.1)	(8.2)	(6.1)
Exchange rate adjustments	0.2	0
Disposals	(2.3)	(1.6)		0
Depreciation for the year	2.5	2.5	2.3
Balance as of 31 December	(9.5)	(9.1)	(8.2)	(6.1)
Depreciation: | Other plant and operating equipment | Right-of-use assets
Disclosure of quantitative information about right-of-use assets
Balance as of 01 January	(0.7)	(0.4)	(0.5)
Exchange rate adjustments	0	(0.1)
Disposals	(0.3)	0		(0.3)
Depreciation for the year	0.3	0.4	0.2
Balance as of 31 December	$ (0.7)	$ (0.7)	$ (0.4)	$ (0.5)

LEASING - Nature of the Groups

LEASING - Nature of the Groups Leasing Activities by Type of Right-of-Use Asset Recognized on the Balance Sheet (Details)	12 Months Ended
	Dec. 31, 2024 lease
Land and buildings
Disclosure of quantitative information about right-of-use assets
No. of right-of-use assets leased	16
Average remaining lease term	2 years 8 months 12 days
No. of leases with extension options	12
No. of leases with options to purchase	0
No. of leases with termination options	12
Other plant and operating equipment
Disclosure of quantitative information about right-of-use assets
No. of right-of-use assets leased	6
Average remaining lease term	2 years 1 month 6 days
No. of leases with extension options	6
No. of leases with options to purchase	1
No. of leases with termination options	8
Minimum | Land and buildings
Disclosure of quantitative information about right-of-use assets
Range of remaining term	0 years
Minimum | Other plant and operating equipment
Disclosure of quantitative information about right-of-use assets
Range of remaining term	0 years
Maximum | Land and buildings
Disclosure of quantitative information about right-of-use assets
Range of remaining term	5 years
Maximum | Other plant and operating equipment
Disclosure of quantitative information about right-of-use assets
Range of remaining term	2 years

LEASING - Maturity Analysis (De

LEASING - Maturity Analysis (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of maturity analysis of operating lease payments
Total undiscounted lease liabilities as of December 31	$ 10.3	$ 7.6	$ 5.3
Lease liabilities included under “Borrowings” as of December 31	456.6	521.6	480
Non-current	6.4	4.1	2.5
Current	2.2	2.5	2.5
Borrowings
Disclosure of maturity analysis of operating lease payments
Lease liabilities included under “Borrowings” as of December 31	8.6	6.6	5
Less than one year
Disclosure of maturity analysis of operating lease payments
Total undiscounted lease liabilities as of December 31	3.1	2.9	2.7
One to five years
Disclosure of maturity analysis of operating lease payments
Total undiscounted lease liabilities as of December 31	7.2	4.7	2.6
More than five years
Disclosure of maturity analysis of operating lease payments
Total undiscounted lease liabilities as of December 31	$ 0	$ 0	$ 0

LEASING - Narrative (Details)

LEASING - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Presentation of leases for lessee [abstract]
Total outflow for leases	$ 3.6	$ 3.2	$ 2.7

IMPAIRMENT TESTING - Narrative

IMPAIRMENT TESTING - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) cashGeneratingUnit valuation vessel	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Number of cash generating units | cashGeneratingUnit	2
Number of internationally acknowledged shipbrokers providing valuations for impairment testing | valuation	2
Valuation percentage above carrying value	0.260
Amount by which fair value less costs of disposal exceeded the carrying amount	$ 28.6	$ 9.8	$ 3.2
Impairment loss recognised in profit or loss, goodwill	$ 0	$ 0
Growth in sales assumed	0%	0%	0%
Estimated investments in non-current assets in next reporting period	$ 0.2	$ 0.1	$ 0.3
Estimated investments in non-current assets after the next reporting period	$ 0	$ 0	$ 0
Discount rate used in calculation based on a Weighted Average Cost of Capital (WACC) (in percent)	7.40%	8.80%	10.80%
Increase/decrease in the total sales across revenue segments (in percent)	10%	10%	10%
Increase/decrease in the value in use	$ 13.3	$ 12.1	$ 3.8
Minimum
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Estimated inflation rates (in percent)	2%	2%	2%
Maximum
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Estimated inflation rates (in percent)	3%	3%	3%
Tanker fleet
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Impairment loss recognised in profit or loss			$ 2.7	$ 4.6
Recoverable amount		$ 3,495	2,647
Amount by which fair value less costs of disposal exceeded the carrying amount		952.1	784
Recoverable amount of assets disposed of			31.8
Main Fleet
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Impairment loss recognised in profit or loss	$ 0	0
Recoverable amount		3,495	2,647
Amount by which fair value less costs of disposal exceeded the carrying amount		$ 952.1	$ 784
Handysize
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Number of handysize vessels disposed | vessel	2

IMPAIRMENT TESTING - Summary of

IMPAIRMENT TESTING - Summary of Impairment Testing (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Excess values (recoverable amount less carrying amount)	$ 28.6	$ 9.8	$ 3.2
Impairment loss (reversal of impairment loss) recognised in profit or loss	$ 0	0	2.6
Tanker fleet
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Recoverable amount		3,495	2,647
Excess values (recoverable amount less carrying amount)		952.1	784
Main Fleet
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Recoverable amount		3,495	2,647
Excess values (recoverable amount less carrying amount)		$ 952.1	$ 784

LOAN RECEIVABLES - Schedule of

LOAN RECEIVABLES - Schedule of Loan Receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
LOAN RECEIVABLES
Balance as of January 01	$ 4.5	$ 4.6
Balance as of December 31	4.5	4.5	$ 4.6
Cost: | Loan receivables
LOAN RECEIVABLES
Balance as of January 01	4.7	4.7	4.7
Balance as of December 31	4.7	4.7	4.7
Expected credit loss: | Loan receivables
LOAN RECEIVABLES
Balance as of January 01	(0.2)	(0.1)	(0.1)
Provisions for the year	0	0.1	0
Balance as of December 31	$ (0.2)	$ (0.2)	$ (0.1)

LOAN RECEIVABLES - Narrative (D

LOAN RECEIVABLES - Narrative (Details) - vessel	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2019
LOAN RECEIVABLES
Number of vessels included in sale and leaseback transaction		2
Sale lease back transaction interest rate	1%
Expected period of credit losses	12 months

INVENTORIES - Disclosure of Inv

INVENTORIES - Disclosure of Inventory by Type (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about inventories [Line Items]
Inventories	$ 68.4	$ 61.7	$ 72
Bunkers
Disclosure of detailed information about inventories [Line Items]
Inventories	46.1	49.3	52.8
Lubeoil
Disclosure of detailed information about inventories [Line Items]
Inventories	10.9	8.5	8.3
EU Emission Allowances
Disclosure of detailed information about inventories [Line Items]
Inventories	5.6	0.2	0
Other
Disclosure of detailed information about inventories [Line Items]
Inventories	$ 5.8	$ 3.7	$ 10.9

INVENTORIES - Narrative (Detail

INVENTORIES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Bunkers
Disclosure of detailed information about inventories [Line Items]
Cost of inventories recognised as expense during period	$ 278.2	$ 272.4	$ 295.5
Lubeoil
Disclosure of detailed information about inventories [Line Items]
Cost of inventories recognised as expense during period	8.1	7.5	6.4
EU Emission Allowances
Disclosure of detailed information about inventories [Line Items]
Cost of inventories recognised as expense during period	5	0	0
Other
Disclosure of detailed information about inventories [Line Items]
Cost of inventories recognised as expense during period	$ 9.3	$ 22.7	$ 0.6

TRADE RECEIVABLES - Schedule of

TRADE RECEIVABLES - Schedule of Trade Receivables Past Due to Be Impaired (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
TRADE RECEIVABLES
Trade receivables	$ 183.9	$ 211	$ 259.5
Gross trade receivables:
TRADE RECEIVABLES
Trade receivables	193.9	221.7	270.1
Expected credit loss:
TRADE RECEIVABLES
Trade receivables	(10)	(10.7)	(10.6)	$ (4.7)
Not due | Gross trade receivables:
TRADE RECEIVABLES
Trade receivables	73	97.5	122.3
Less than 30 days | Gross trade receivables:
TRADE RECEIVABLES
Trade receivables	32	42.6	52.1
Due between 30 and 180 days | Gross trade receivables:
TRADE RECEIVABLES
Trade receivables	82.6	62.4	76.8
Due > 180 days | Gross trade receivables:
TRADE RECEIVABLES
Trade receivables	$ 6.3	$ 19.2	$ 18.9

TRADE RECEIVABLES - Narrative (

TRADE RECEIVABLES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Legal Cases
TRADE RECEIVABLES
Expected credit loss rate (in percent)	100%
Trade receivables
TRADE RECEIVABLES
Reversal of impairment loss recognised in profit or loss	$ 5.9
180 days or less | Bottom of range
TRADE RECEIVABLES
Expected credit loss rate (in percent)	0%
180 days or less | Top of range
TRADE RECEIVABLES
Expected credit loss rate (in percent)	3%
Later than 180 days | Bottom of range
TRADE RECEIVABLES
Expected credit loss rate (in percent)	10%
Later than 180 days | Top of range
TRADE RECEIVABLES
Expected credit loss rate (in percent)	100%
More than one year | Bottom of range
TRADE RECEIVABLES
Expected credit loss rate (in percent)	50%
More than one year | Top of range
TRADE RECEIVABLES
Expected credit loss rate (in percent)	100%

TRADE RECEIVABLES - Schedule _2

TRADE RECEIVABLES - Schedule of Movements in Provisions for Impairment of Freight Receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Balance as of January 01	$ (211)	$ (259.5)
Balance as of December 31	(183.9)	(211)	$ (259.5)
Expected credit loss:
Disclosure of financial assets [line items]
Balance as of January 01	10.7	10.6	4.7
Balance as of December 31	10	10.7	10.6
Trade receivables
Disclosure of financial assets [line items]
Provisions reversed during the year	(5.9)
Trade receivables | Expected credit loss:
Disclosure of financial assets [line items]
Provisions for the year	5.8	3.3	6.5
Provisions reversed during the year	$ (6.5)	$ (3.2)	$ (0.6)

OTHER RECEIVABLES - Schedule of

OTHER RECEIVABLES - Schedule of Other Current Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Trade and other receivables [abstract]
Derivative financial instruments	$ 33	$ 37.6	$ 55.3
Escrow accounts	1.4	14.9	14.9
Vessel sale	18.9	0	0
Other	6.3	8	3.8
Balance as of December 31	$ 59.6	$ 60.5	$ 74

PREPAYMENTS - Summary of Prepay

PREPAYMENTS - Summary of Prepayments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current prepayments and current accrued income including current contract assets [abstract]
Prepaid operating expenses	$ 1.7	$ 1.2	$ 0
Prepaid bareboat hire	2.8	0.8	3
Prepaid customer contract assets	2.4	2.5	3
Other prepayments	5.3	10.7	4.4
Balance as of December 31	$ 12.2	$ 15.2	$ 10.4

COMMON SHARES AND TREASURY SH_3

COMMON SHARES AND TREASURY SHARES - Schedule of Common Shares (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
COMMON SHARES AND TREASURY SHARES
Nominal value per share (in USD per share)
Number of shares issued (in shares)	97,814,053	86,225,686	82,311,301
A-shares
COMMON SHARES AND TREASURY SHARES
Nominal value per share (in USD per share)	$ 0.01
Number of shares issued (in shares)	97,814,051	86,225,684	82,311,299
B-shares
COMMON SHARES AND TREASURY SHARES
Nominal value per share (in USD per share)	$ 0.01
Number of shares issued (in shares)	1	1	1
C-shares
COMMON SHARES AND TREASURY SHARES
Nominal value per share (in USD per share)	$ 0.01
Number of shares issued (in shares)	1	1	1

COMMON SHARES AND TREASURY SH_4

COMMON SHARES AND TREASURY SHARES - Narrative (Details)		12 Months Ended
		Dec. 31, 2024 USD ($) vessel Vote person $ / shares shares	Dec. 31, 2023 USD ($) vessel shares	Dec. 31, 2022 USD ($) vessel shares	Dec. 31, 2021 shares
COMMON SHARES AND TREASURY SHARES
Capital increase	[1]	$ 331,700,000	$ 92,700,000	$ 8,000,000
Amount of non cash share issue		$ 319,200,000	$ 86,500,000	$ 0
Number of vessels acquired | vessel		19	5	0
Exercise of restricted share units		$ 12,500,000	$ 6,200,000
Maximum portion of aggregate issued and outstanding shares for holding rights as per written notification		0.33
Number of days elapsed from when board of directors received written notice until shares can be redeemed		5 days
Minimum number of board members confirming written notice		0.66
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | shares		493,371	493,371	493,371	493,400
Nominal value per treasury share (in USD per share) | $ / shares		$ 0.01
Nominal value of treasury shares held		$ 0	$ 0	$ 0
Market value, treasury shares held		$ 9,600,000	14,900,000	$ 14,000,000
Cancellation of treasury shares (in shares) | shares		493,371
Common shares
COMMON SHARES AND TREASURY SHARES
Capital increase	[1]	$ 100,000	$ 100,000
A-shares
COMMON SHARES AND TREASURY SHARES
Capital increase (in shares) | shares		11,588,367	3,914,385	1,078,030
Number of votes per share at the general meeting | Vote		1
A-shares | Common shares
COMMON SHARES AND TREASURY SHARES
Capital increase		$ 115,883.67	$ 39,143.9	$ 10,780.3
B-shares
COMMON SHARES AND TREASURY SHARES
Number of votes per share at the general meeting | Vote		1
Number of members of the board of directors that the holder of share has the right to elect | person		1
Number of board observers that the holder of share has the right to elect | person		1
B-shares | Maximum
COMMON SHARES AND TREASURY SHARES
Number of alternates to the board of directions that the holder of share has the right to elect | person		3
C-shares
COMMON SHARES AND TREASURY SHARES
Accumulated number of votes at the general meeting for shareholders | Vote		350,000,000
[1] ³⁾ Please refer to Note 18 for further information on capital increases during the year.

COMMON SHARES AND TREASURY SH_5

COMMON SHARES AND TREASURY SHARES - Schedule of Treasury Share Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Beginning balance (in shares)	493,371	493,371	493,400
End balance (in shares)	493,371	493,371	493,371
Nominal value of treasury shares, beginning of period (in USD)	$ 4,200,000	$ 4,200,000
Nominal value of treasury shares, end of period (in USD)	4,200,000	4,200,000	$ 4,200,000
Treasury shares at nominal value
Nominal value of treasury shares, beginning of period (in USD)	4,900	4,900	4,900
Nominal value of treasury shares, end of period (in USD)	$ 4,900	$ 4,900	$ 4,900
Percentage of share capital held as treasury shares, beginning of period (in percentage)	0.60%	0.60%	0.60%
Dilution, due to capital increases (in percentage)	(0.10%)	0%	(0.00%)
Percentage of share capital held as treasury shares, end of period (in percentage)	0.50%	0.60%	0.60%

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
OTHER LIABILITIES
Accrued operating expenses	$ 22.7	$ 17.8	$ 10.5
Accrued interest	11.3	2.1	3.6
Wages and social expenses	19	22.4	15.1
Accrued administration expenses	2.6	1.9	1.5
Derivative financial instruments	2.5	2.8	1.9
EU Emission Allowances	5.2	0	0
Other	0.9	1.2	1.5
Balance as of December 31	64.2	48.2	34.1
Hereof non-current	2.9	3	3
Hereof current	$ 61.3	$ 45.2	$ 31.1

EFFECTIVE INTEREST RATE, OUTS_3

EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Undrawn and committed credit facilities	$ 323.6	$ 342.5	$ 92.6
Other credit facilities
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Undrawn and committed credit facilities	$ 323.6	$ 343	$ 93

EFFECTIVE INTEREST RATE, OUTS_4

EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS - Schedule of Borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Weighted average effective interest rate (in percent)	7.10%	6.20%	7.10%
Total borrowings	$ 1,234.7	$ 1,066.9	$ 973
Borrowing costs	(17)	(13.9)	(11.1)
Right-of-use lease liabilities	456.6	521.6	480
Total	1,226.3	1,059.6	966.9
Hereof non-current	1,061	886.9	849.8
Hereof current	165.3	172.7	117.1
Non-current Liabilities with Covenants
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Total	776.3	540.5	488.1
ING⁵⁾
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Total	51.4	57.9	0
CEXIM (USD)⁵⁾
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Total	0	0	41.1
Eifuku Leasing
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Right-of-use lease liabilities	0	0	20.9
Showa Leasing
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Right-of-use lease liabilities	0	0	18.7
Right-of-use lease liabilities
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Right-of-use lease liabilities	8.6	6.6	5
Fixed rate borrowings
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Total	521	372.7	233.7
Fixed rate borrowings | At fair value
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Total	$ 544.8	$ 402.8	$ 223.5
Floating interest rate | Syndicate Facility⁵⁾
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	7.20%	6.60%	7.60%
Total	$ 160	$ 224	$ 143.8
Floating interest rate | DSF Facility⁵⁾
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	6.40%	5.90%	6.70%
Total	$ 123.8	$ 140.1	$ 201.8
Floating interest rate | DSF Facility 2⁵⁾
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	6.20%	5.80%	0%
Total	$ 92	$ 52.5	$ 0
Floating interest rate | DSF Facility 3⁵⁾
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	6.20%	0%	0%
Total	$ 29.8	$ 0	$ 0
Floating interest rate | HCOB Facility⁵⁾
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	7.40%	7.80%	9.90%
Total	$ 87.5	$ 31.2	$ 42.4
Floating interest rate | ING⁵⁾
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	6.40%	5.90%	0%
Total	$ 51.4	$ 57.9	$ 0
Floating interest rate | KFW Facility⁵⁾
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	7.10%	6.40%	7.10%
Total	$ 31.8	$ 34.8	$ 37.9
Floating interest rate | BoComm 2 (USD)
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	7.60%	7%	7.40%
Total	$ 62.1	$ 66.7	$ 71.3
Floating interest rate | BoComm 3 (USD)
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	7.90%	7.30%	7.80%
Total	$ 73.5	$ 82.2	$ 90.9
Floating interest rate | Other credit facilities
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	4.30%	4.70%	3.10%
Total	$ 1.8	$ 4.8	$ 4.9
Floating interest rate | CEXIM (USD)⁵⁾
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	0%	0%	7%
Total	$ 0	$ 0	$ 41.1
Floating interest rate | HCOB Facility 2⁵⁾
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	0%	0%	8.30%
Total	$ 0	$ 0	$ 21.1
Floating interest rate | BoComm 1 (USD)
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	0%	0%	8.70%
Total	$ 0	$ 0	$ 49.4
Floating interest rate | Eifuku Leasing
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	0%	0%	7.90%
Total	$ 0	$ 0	$ 20.9
Floating interest rate | Showa Leasing
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	0%	0%	8.60%
Total	$ 0	$ 0	$ 18.7
Fixed interest rate
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Right-of-use lease liabilities	$ 1,019.7
Fixed interest rate | Bond Facility⁵⁾
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	9.90%	0%	0%
Total	$ 200	$ 0
Fixed interest rate | CDBL
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	6.10%	5.70%	5.80%
Total	$ 136.5	$ 149	$ 160.8
Fixed interest rate | Springliner (USD)
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	4.80%	4.80%	4.80%
Total	$ 25	$ 27.9	$ 30.7
Fixed interest rate | CMBFL
EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS
Effective interest rate (in percent)	5.80%	5.70%	4.90%
Total	$ 159.5	$ 195.8	$ 37.3

EFFECTIVE INTEREST RATE, OUTS_5

EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS - Reconciliation of Liabilities Arising from Financing Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of reconciliation of liabilities arising from financing activities
Beginning balance	$ 1,059.6	$ 966.9	$ 1,135.4
Cash movements - borrowings	419.4	676.4	96.3
Cash movements - repayments	(256.3)	(585.4)	(275.2)
Non-cash movements - business combinations	0	0	7.9
Non-cash movements - other changes	3.6	1.7	2.5
End balance	1,226.3	1,059.6	966.9
Borrowings
Disclosure of reconciliation of liabilities arising from financing activities
Beginning balance	1,059.6	966.9	1,135.4
Cash movements - borrowings	419.4	676.4	96.3
Cash movements - repayments	(256.3)	(585.4)	(275.2)
Non-cash movements - business combinations	0	0	7.9
Non-cash movements - other changes	3.6	1.7	2.5
End balance	$ 1,226.3	$ 1,059.6	$ 966.9

COLLATERAL SECURITY FOR BORRO_2

COLLATERAL SECURITY FOR BORROWINGS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Marine Exhaust Technology
COLLATERAL SECURITY FOR BORROWINGS
Floating charges provided as security for loans to other lenders	$ 0.7	$ 0.7	$ 0.7
Floating charges provided as security for loans to banks	0.3	0.4	0.4
ME Production A/S
COLLATERAL SECURITY FOR BORROWINGS
Floating charges provided as security for loans to banks	$ 6.2	$ 6.6	$ 6.4
Shares provided as security for loans to other lenders (in shares)	0	10,500	10,500
Shares provided as security for loans to other lenders	$ 0	$ 2.1	$ 2.1
Carrying value of floating charges	7.4	10.5	10.2
Vessels
COLLATERAL SECURITY FOR BORROWINGS
Vessels provided as security	$ 2,827	$ 2,070	$ 1,856

GUARANTEE COMMITMENTS AND CON_2

GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Maximum
GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIES
Guarantee commitments	$ 0.1	$ 0.1	$ 0.1

CONTRACTUAL OBLIGATIONS AND R_3

CONTRACTUAL OBLIGATIONS AND RIGHTS - Schedule of Contractual Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	$ 1,619.4	$ 1,590.2	$ 1,251
Direct issuance costs for borrowings	17	13.9	11.1
Borrowing costs capitalized	7.3	9	0.7
Borrowings
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	1,243.3	1,073.5	978
Interest payments related to scheduled interest fixing
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	212.4	162.6	144.3
Estimated variable interest payments
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual capital commitments including estimate of variable part	46	40.3	26.2
Secondhand vessel commitments
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual capital commitments including estimate of variable part		190.4
Committed scrubber installations
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	23	35.7	18.4
Trade payables and other obligations
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	94.7	87.7	84.1
Less than one year
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	332.8	521.2	256.8
Less than one year | Borrowings
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	167.9	174.9	119.8
Less than one year | Interest payments related to scheduled interest fixing
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	51.1	41	34.8
Less than one year | Estimated variable interest payments
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual capital commitments including estimate of variable part	9.9	6.3	3.3
Less than one year | Secondhand vessel commitments
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual capital commitments including estimate of variable part		190.4
Less than one year | Committed scrubber installations
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	11.9	23.6	17.3
Less than one year | Trade payables and other obligations
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	92	85	81.6
Due between one and two years
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	222.6	185.8	163.3
Due between one and two years | Borrowings
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	166.2	148	130
Due between one and two years | Interest payments related to scheduled interest fixing
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	46.5	32.5	30.6
Due between one and two years | Estimated variable interest payments
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual capital commitments including estimate of variable part	8.8	5.3	1.6
Due between one and two years | Secondhand vessel commitments
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual capital commitments including estimate of variable part		0
Due between one and two years | Committed scrubber installations
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	1.1	0	1.1
Due between one and two years | Trade payables and other obligations
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	0	0	0
Due between two and three years
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	192.8	183.2	154.4
Due between two and three years | Borrowings
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	132.8	148.4	127.2
Due between two and three years | Interest payments related to scheduled interest fixing
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	43.7	26.7	24.7
Due between two and three years | Estimated variable interest payments
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual capital commitments including estimate of variable part	8.4	6.1	2.5
Due between two and three years | Secondhand vessel commitments
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual capital commitments including estimate of variable part		0
Due between two and three years | Committed scrubber installations
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	7.9	2	0
Due between two and three years | Trade payables and other obligations
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	0	0	0
Due between three and four years
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	168.5	150.8	206.1
Due between three and four years | Borrowings
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	118.1	112	185.9
Due between three and four years | Interest payments related to scheduled interest fixing
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	39.8	24.5	18
Due between three and four years | Estimated variable interest payments
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual capital commitments including estimate of variable part	8.5	6.2	2.2
Due between three and four years | Secondhand vessel commitments
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual capital commitments including estimate of variable part		0
Due between three and four years | Committed scrubber installations
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	2.1	8.1	0
Due between three and four years | Trade payables and other obligations
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	0	0	0
Due between four and five years
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	519.9	149	181.3
Due between four and five years | Borrowings
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	488.2	120	161.7
Due between four and five years | Interest payments related to scheduled interest fixing
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	26	19.5	14.1
Due between four and five years | Estimated variable interest payments
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual capital commitments including estimate of variable part	5.7	7.5	5.5
Due between four and five years | Secondhand vessel commitments
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual capital commitments including estimate of variable part		0
Due between four and five years | Committed scrubber installations
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	0	2	0
Due between four and five years | Trade payables and other obligations
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	0	0	0
Due in more than five years
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	182.8	400.2	289.1
Due in more than five years | Borrowings
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	170.1	370.2	253.4
Due in more than five years | Interest payments related to scheduled interest fixing
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	5.3	18.4	22.1
Due in more than five years | Estimated variable interest payments
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual capital commitments including estimate of variable part	4.7	8.9	11.1
Due in more than five years | Secondhand vessel commitments
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual capital commitments including estimate of variable part		0
Due in more than five years | Committed scrubber installations
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	0	0	0
Due in more than five years | Trade payables and other obligations
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations	$ 2.7	$ 2.7	$ 2.5

CONTRACTUAL OBLIGATIONS AND R_4

CONTRACTUAL OBLIGATIONS AND RIGHTS - Schedule of Contractual Rights (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual rights as lessor	$ 105.9	$ 61.9	$ 2.1
Charter hire income for vessels on time charter	145.6	43.8	64.7
Less than one year
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual rights as lessor	67.8	37.8	2.1
Due between one and two years
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual rights as lessor	26.2	24.1	0
Due between two and three years
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual rights as lessor	11.9	0	0
Due between three and four years
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual rights as lessor	0	0	0
Due between four and five years
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual rights as lessor	0	0	0
Due in more than five years
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual rights as lessor	0	0	0
Vessel
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual rights as lessor	105.9	61.9	2.1
Vessel | Less than one year
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual rights as lessor	67.8	37.8	2.1
Vessel | Due between one and two years
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual rights as lessor	26.2	24.1	0
Vessel | Due between two and three years
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual rights as lessor	11.9	0	0
Vessel | Due between three and four years
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual rights as lessor	0	0	0
Vessel | Due between four and five years
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual rights as lessor	0	0	0
Vessel | Due in more than five years
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual rights as lessor	$ 0	$ 0	$ 0

CONTRACTUAL RIGHTS AND OBLIGATI

CONTRACTUAL RIGHTS AND OBLIGATIONS - Narrative (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONTRACTUAL OBLIGATIONS AND RIGHTS
Average period of redelivery of vessels in operating lease by lessor	1 year 9 months 18 days	1 year 7 months 6 days	4 months 24 days

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
DERIVATIVE FINANCIAL INSTRUMENTS
Fair value of derivatives	$ 30.6	$ 36.8	$ 54.1
Held at fair value through profit or loss | Forward freight agreements
DERIVATIVE FINANCIAL INSTRUMENTS
Fair value of derivatives	7.8	1.7	0
Held at fair value through profit or loss | Bunker swaps
DERIVATIVE FINANCIAL INSTRUMENTS
Fair value of derivatives	0.3	(0.2)	0
Held for hedging | Bunker swaps
DERIVATIVE FINANCIAL INSTRUMENTS
Fair value of derivatives	0.1	(0.5)	0
Held for hedging | Forward exchange contracts
DERIVATIVE FINANCIAL INSTRUMENTS
Fair value of derivatives	(2.3)	0.5	0.4
Held for hedging | Interest rate swaps
DERIVATIVE FINANCIAL INSTRUMENTS
Fair value of derivatives	$ 24.7	$ 35.3	$ 53.7

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Financial Instruments Disclosed in the Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financial assets
Gross amount	$ 32.9	$ 37.7	$ 54.5
Offsetting amount	0	(0.1)	0
Net amount presented in the balance sheet	32.9	37.6	54.5
Financial liabilities
Gross amount	(2.3)	(0.9)	(0.4)
Offsetting amount	0	0.1	0
Net amount presented in the balance sheet	$ (2.3)	$ (0.8)	$ (0.4)

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) kr in Millions, $ in Millions	Dec. 31, 2024 USD ($) DKK (kr)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) DKK (kr)
DERIVATIVE FINANCIAL INSTRUMENTS
Hedge ratio when hedge accounting is applied	100%
Hedging reserves	$ 15.5	$ 25.6	$ 39.9
Cash flow hedges
DERIVATIVE FINANCIAL INSTRUMENTS
Cash collateral	11.3	$ 27.9	$ 1.4
Forward exchange contracts | Cash flow hedges
DERIVATIVE FINANCIAL INSTRUMENTS
Hedging reserves	$ (2.3)
Notional value | kr	348.9		280.3
Interest rate swaps | Cash flow hedges
DERIVATIVE FINANCIAL INSTRUMENTS
Notional value	498.7	923	687.2
Interest rate swaps | USD SOFR | Cash flow hedges
DERIVATIVE FINANCIAL INSTRUMENTS
Hedging reserves	$ 24.7

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Financial Instruments Designated as Hedge Accounting (Details) - Cash flow hedges kr in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) DKK (kr) $ / kr T	Dec. 31, 2023 USD ($) DKK (kr) $ / kr MT	Dec. 31, 2022 DKK (kr) USD ($) $ / kr T
Forward exchange contracts (USD/DKK)
DERIVATIVE FINANCIAL INSTRUMENTS
Notional value | kr	348.9	325.5	280.3
Average hedge (in USD per DKK) | $ / kr	6.8	6.8	6.9
Forward exchange contracts (USD/DKK) | Less than one year
DERIVATIVE FINANCIAL INSTRUMENTS
Notional value | kr	348.9	325.5	280.3
Forward exchange contracts (USD/DKK) | Due between one and two years
DERIVATIVE FINANCIAL INSTRUMENTS
Notional value		0	0
Forward exchange contracts (USD/DKK) | Due after two years
DERIVATIVE FINANCIAL INSTRUMENTS
Notional value			0
Interest rate swaps
DERIVATIVE FINANCIAL INSTRUMENTS
Notional value	498,700,000	923,000,000	687,200,000
Average interest rate (as a percent)		1.45%	1.37%
Interest rate swaps | Less than one year
DERIVATIVE FINANCIAL INSTRUMENTS
Notional value	134,500,000	103,300,000	136,900,000
Interest rate swaps | Due between one and two years
DERIVATIVE FINANCIAL INSTRUMENTS
Notional value	95,200,000	172,000,000	51,600,000
Interest rate swaps | Due after two years
DERIVATIVE FINANCIAL INSTRUMENTS
Notional value	268,900,000	647,700,000	498,700,000
Bunker swaps
DERIVATIVE FINANCIAL INSTRUMENTS
Bunker swaps (weight in MT)	9,000	9,600,000,000	0
Average price of the hedging instrument	391	539.2
Bunker swaps | Less than one year
DERIVATIVE FINANCIAL INSTRUMENTS
Bunker swaps (weight in MT)	9,000	9,600,000,000	0
Bunker swaps | Due between one and two years
DERIVATIVE FINANCIAL INSTRUMENTS
Bunker swaps (weight in MT) | T	0		0
Bunker swaps | Due after two years
DERIVATIVE FINANCIAL INSTRUMENTS
Bunker swaps (weight in MT) | T	0		0

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Realized Amounts and Fair Value Adjustments for Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
DERIVATIVE FINANCIAL INSTRUMENTS
Transfer to income statement	$ (19.7)	$ (21.9)	$ 1.7
Fair value adjustment	7	3	54.9
Hedging reserves	15.5	25.6	39.9
Hedging reserve
DERIVATIVE FINANCIAL INSTRUMENTS
Hedging reserves	21.5	34.1	53
Port expenses, bunkers, and commissions
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	8.1	24	(19.5)
Financial items
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	22.5	24.7	3.2
Operating expenses
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	(0.6)	0	(2.4)
Admini- strative expenses
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	(0.5)	(0.1)	(2.3)
Forward freight agreements
DERIVATIVE FINANCIAL INSTRUMENTS
Transfer to income statement	0	0	0
Fair value adjustment	0	0	0
Forward freight agreements | Hedging reserve
DERIVATIVE FINANCIAL INSTRUMENTS
Hedging reserves	0	0	0
Forward freight agreements | Port expenses, bunkers, and commissions
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	8.2	23	(33.3)
Forward freight agreements | Financial items
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	0	0	0
Forward freight agreements | Operating expenses
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	0	0	0
Forward freight agreements | Admini- strative expenses
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	0	0	0
Bunker swaps
DERIVATIVE FINANCIAL INSTRUMENTS
Transfer to income statement	0.1	0.3	(3.3)
Fair value adjustment	0.5	(0.8)	3.3
Bunker swaps | Hedging reserve
DERIVATIVE FINANCIAL INSTRUMENTS
Hedging reserves	0.1	(0.5)	0
Bunker swaps | Port expenses, bunkers, and commissions
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	(0.1)	1	13.8
Bunker swaps | Financial items
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	0	0	0
Bunker swaps | Operating expenses
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	0	0	0
Bunker swaps | Admini- strative expenses
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	0	0	0
Forward exchange contracts
DERIVATIVE FINANCIAL INSTRUMENTS
Transfer to income statement	1.1	0.1	4.6
Fair value adjustment	(4)	0.1	(2.7)
Forward exchange contracts | Hedging reserve
DERIVATIVE FINANCIAL INSTRUMENTS
Hedging reserves	(2.3)	0.5	0.4
Forward exchange contracts | Port expenses, bunkers, and commissions
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	0	0	0
Forward exchange contracts | Financial items
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	0	0	0
Forward exchange contracts | Operating expenses
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	(0.6)	0	(2.4)
Forward exchange contracts | Admini- strative expenses
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	(0.5)	(0.1)	(2.3)
Interest rate swaps
DERIVATIVE FINANCIAL INSTRUMENTS
Transfer to income statement	(20.9)	(22.3)	0.4
Fair value adjustment	10.5	3.7	54.3
Interest rate swaps | Hedging reserve
DERIVATIVE FINANCIAL INSTRUMENTS
Hedging reserves	23.7	34.1	52.6
Interest rate swaps | Port expenses, bunkers, and commissions
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	0	0	0
Interest rate swaps | Financial items
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	22.5	24.7	3.2
Interest rate swaps | Operating expenses
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	0	0	0
Interest rate swaps | Admini- strative expenses
DERIVATIVE FINANCIAL INSTRUMENTS
Income statement	$ 0	$ 0	$ 0

RISKS ASSOCIATED WITH TORM'S _3

RISKS ASSOCIATED WITH TORM'S ACTIVITIES - Narrative (Details) kr in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) $ / kr company item customer bank T	Dec. 31, 2024 DKK (kr) $ / kr company item customer T	Dec. 31, 2023 USD ($) customer T	Dec. 31, 2022 USD ($) customer T
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Freight earnings	$ 31,287
Earnings days in next fiscal year covered by current contracts (in percent)	12.80%	12.80%	11.30%	3.70%
Possible decrease in freight rates (in USD per day)	$ 1,000
Cost of fuel and oil consumed as a total of voyage costs (in percent)	69%	69%	66.60%	61.30%
Total bunker exposure ( in ton) | T	432,316
Possible increase in bunker prices (in percent)	10%
Number of P&I clubs | item	2	2
Aggregate insured value of hull and machinery and interest for TORM's owned vessels	$ 4,320,000,000		$ 2,340,000,000	$ 2,800,000,000
Number of major customers | customer	1	1	1	1
Average collection of demurrage claims (in percent)	98.40%	98.40%	98.60%	98.60%
Demurrage as a portion of total revenue (in percent)	13%	13%	16%	14%
Portion of forward freight agreements (FFAs) and fuel swaps (in percent)	100%	100%	100%	100%
Portion of expenses denominated in currencies other than USD (in percent)	57.80%	57.80%	60.20%	81.40%
Portion of operating expenses denominated in currencies other than USD (in percent)	19.90%	19.90%	21.60%	19.80%
Estimated administrative and operating expenses in currencies other than reporting currency in next fiscal year | kr		kr 494
Lease liabilities	$ 456,600,000		$ 521,600,000	$ 480,000,000
Loan portfolio spread | bank	13
Cash and cash equivalents incl. restricted cash	$ 291,200,000		295,600,000	323,800,000
Undrawn and committed credit facilities	323,600,000		342,500,000	92,600,000
Forward freight agreements
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Derivative notional contract value sold during the year	82,600,000		213,900,000	58,300,000
Derivative notional contract value bought during the year	$ 11,700,000		$ 0	$ 92,300,000
Notional contract volume of derivatives sold during the year (in ton) | T	2,430,000	2,430,000	5,400,000	2,310,000
Notional contract volume of derivatives bought during the year (in ton) | T	250,000	250,000	0	2,592,000
Operating segment
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Carrying value	$ 2,842,700,000		$ 2,170,300,000	$ 1,865,300,000
Cash and cash equivalents incl. restricted cash	291,200,000		295,600,000	323,800,000
Operating segment | Tanker segment
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Carrying value	2,854,100,000		2,175,900,000	1,870,300,000
Cash and cash equivalents incl. restricted cash	$ 284,900,000		$ 290,700,000	$ 321,400,000
Customer one | Operating segment
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Portion of entity's revenue (in percent)				12%
Customer one | Operating segment | Tanker segment
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Portion of entity's revenue (in percent)	8%	8%	8%
Fixed interest rate
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Lease liabilities	$ 1,019,700,000
Cash flow hedges
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Freight earnings hedged (in percent)	8.50%	8.50%	12.60%	12.80%
Physical time charter contracts accounted for overall hedging (in percent)	65.60%	65.60%	8.50%	46.10%
Bunker consumption hedged (in percent)	6%	6%	17.70%	15.20%
Estimated bunker requirements in next fiscal year hedged (in percent)	7%		5%	0%
Portion of estimated administrative and operating expenses in next fiscal year currently hedged (in percent)	69.10%	69.10%	68.30%	68.90%
Portion of debt hedged with interest rate swaps (in percent)	82.70%	82.70%	86.90%	94.60%
Cash flow hedges | Fixed interest rate
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Lease liabilities	$ 498,700,000
Vessels
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Carrying value	2,826,700,000		$ 2,070,200,000	$ 1,855,900,000
Market value of fleet	$ 3,582,900,000		3,080,900,000	$ 2,650,300,000
Currency risk | Cash flow hedges
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Average hedge (in USD per DKK) | $ / kr	6.8	6.8
Bottom of range
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Number of companies to diversify risk | company	14	14
Bottom of range | Cargo contracts and time charter agreements
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Coverage period under agreement	6 months	6 months
Bottom of range | Forward freight agreements
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Coverage period under agreement	0 months	0 months
Bottom of range | Customer one | Operating segment | Tanker segment
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Portion of entity's revenue (in percent)				12%
Top of range
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Number of companies to diversify risk | company	16	16
Top of range | Cargo contracts and time charter agreements
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Coverage period under agreement	36 months	36 months
Top of range | Forward freight agreements
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Coverage period under agreement	24 months	24 months
Right-of-use lease liabilities
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Lease liabilities	$ 8,600,000		6,600,000	$ 5,000,000
Right-of-use lease liabilities | Interest rate risk | Cash flow hedges
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Borrowings, interest rate	1.29%
Other credit facilities
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Undrawn and committed credit facilities	$ 323,600,000		$ 343,000,000	$ 93,000,000

RISKS ASSOCIATED WITH TORM'S _4

RISKS ASSOCIATED WITH TORM'S ACTIVITIES - Schedule of Sensitivity Analysis for Changes in Freight Rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Changes in profit/loss before tax for the following year	$ (28.9)	$ (27.8)	$ (26.5)
Changes in equity for the following year	$ (28.9)	$ (27.8)	$ (26.5)

RISKS ASSOCIATED WITH TORM'S _5

RISKS ASSOCIATED WITH TORM'S ACTIVITIES - Schedule of Sensitivity Analysis for Changes in Bunker Prices (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Changes in profit/loss before tax for the following year	$ (22.5)	$ (25.9)	$ (22.1)
Changes in equity for the following year	$ (22.5)	$ (25.9)	$ (22.1)

RISKS ASSOCIATED WITH TORM'S _6

RISKS ASSOCIATED WITH TORM'S ACTIVITIES - Schedule of Sensitivity Analysis for Change in Exchange Rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Changes in profit/loss before tax for the following year	$ (2.1)	$ (2.2)	$ (1.8)
Changes in equity for the following year	$ (2.1)	$ (2.2)	$ (1.8)

RISKS ASSOCIATED WITH TORM'S _7

RISKS ASSOCIATED WITH TORM'S ACTIVITIES - Schedule of Sensitivity Analysis for Increase in Interest Rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
RISKS ASSOCIATED WITH TORM'S ACTIVITIES
Possible increase in interest rates (in percent)	1%
Changes in profit/loss before tax for the following year	$ (3)	$ (2.7)	$ (0.7)
Changes in equity for the following year	$ 8.7	$ 10.4	$ 16.3

FINANCIAL INSTRUMENTS - Schedul

FINANCIAL INSTRUMENTS - Schedule of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	$ 539.2	$ 571.6	$ 661.9
Financial liabilities	1,340.5	1,150.9	1,049.5
Borrowings
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	1,226.3	1,059.6	966.9
Other non-current liabilities
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	2.9	3
Trade payables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	50	43.1	48.5
Other liabilities
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	61.3	45.2	31.1
Other non-current liabilities
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities			3
Loan receivables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	4.5	4.5	4.6
Trade receivables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	183.9	211	259.5
Other receivables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	59.6	60.5	74
Cash and cash equivalents, including restricted cash
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	291.2	295.6	323.8
Financial liabilities measured at fair value
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	2.5	2.8	1.9
Financial liabilities measured at fair value | Borrowings
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	0	0	0
Financial liabilities measured at fair value | Other non-current liabilities
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	0	0
Financial liabilities measured at fair value | Trade payables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	0	0	0
Financial liabilities measured at fair value | Other liabilities
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	2.5	2.8	1.9
Financial liabilities measured at fair value | Other non-current liabilities
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities			0
Financial liabilities measured at amortized cost
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	1,338	1,148.1	1,047.6
Financial liabilities measured at amortized cost | Borrowings
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	1,226.3	1,059.6	966.9
Financial liabilities measured at amortized cost | Other non-current liabilities
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	2.9	3
Financial liabilities measured at amortized cost | Trade payables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	50	43.1	48.5
Financial liabilities measured at amortized cost | Other liabilities
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	58.8	42.4	29.2
Financial liabilities measured at amortized cost | Other non-current liabilities
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities			3
Financial assets measured at fair value
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	33	37.6	55.3
Financial assets measured at fair value | Loan receivables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	0	0	0
Financial assets measured at fair value | Trade receivables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	0	0	0
Financial assets measured at fair value | Other receivables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	33	37.6	55.3
Financial assets measured at fair value | Cash and cash equivalents, including restricted cash
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	0	0	0
Financial assets measured at amortized cost
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	506.2	534	606.6
Financial assets measured at amortized cost | Loan receivables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	4.5	4.5	4.6
Financial assets measured at amortized cost | Trade receivables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	183.9	211	259.5
Financial assets measured at amortized cost | Other receivables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	26.6	22.9	18.7
Financial assets measured at amortized cost | Cash and cash equivalents, including restricted cash
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	291.2	295.6	323.8
Level 2 of fair value hierarchy | Financial liabilities measured at fair value
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	2.5	2.8	1.9
Level 2 of fair value hierarchy | Financial liabilities measured at fair value | Borrowings
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	0	0	0
Level 2 of fair value hierarchy | Financial liabilities measured at fair value | Other non-current liabilities
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	0	0
Level 2 of fair value hierarchy | Financial liabilities measured at fair value | Trade payables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	0	0	0
Level 2 of fair value hierarchy | Financial liabilities measured at fair value | Other liabilities
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities	2.5	2.8	1.9
Level 2 of fair value hierarchy | Financial liabilities measured at fair value | Other non-current liabilities
DERIVATIVE FINANCIAL INSTRUMENTS
Financial liabilities			0
Level 2 of fair value hierarchy | Financial assets measured at fair value
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	33	37.6	55.3
Level 2 of fair value hierarchy | Financial assets measured at fair value | Loan receivables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	0	0	0
Level 2 of fair value hierarchy | Financial assets measured at fair value | Trade receivables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	0	0	0
Level 2 of fair value hierarchy | Financial assets measured at fair value | Other receivables
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	33	37.6	55.3
Level 2 of fair value hierarchy | Financial assets measured at fair value | Cash and cash equivalents, including restricted cash
DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets	$ 0	$ 0	$ 0

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Millions	8 Months Ended
	Aug. 31, 2022	Sep. 01, 2022
Marine Exhaust Technology
RELATED PARTY TRANSACTIONS
Shares acquired in joint venture (in percent)		75%
Joint venture
RELATED PARTY TRANSACTIONS
Transactions with its joint venture producing scrubbers	$ 5.6

ASSETS HELD FOR SALE AND NON-_2

ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) vessel	Dec. 31, 2023 USD ($) vessel	Dec. 31, 2022 USD ($) vessel
ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR
Number of vessels sold | vessel			7
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations	$ 83	$ 166.4	$ 106.6
Proceeds still receivable from disposal of noncurrent assets	$ 18.9
Number of vessels sold and delivered but not yet paid for | vessel	1
Gains on disposals of property, plant and equipment	$ 17.2
Assets held for sale	47.2	47.2
Vessels and capitalized dry-docking
ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR
Disposals, property, plant and equipment	$ 47	$ 111.4	$ 93.8
Non-current assets held for sale
ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR
Number of vessels that were held for sale at the end of the previous reporting period that were delivered to new owners during the year | vessel	3	3	1
Number of vessels sold | vessel	4	8
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations	$ 66.5
Gains on disposals of property, plant and equipment	$ 34.1	$ 50.4	$ 10.2
Impairment loss recognised in profit or loss, property, plant and equipment			$ 2.6

CASH FLOWS - Schedule of Cash F

CASH FLOWS - Schedule of Cash Flow Statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reversal of other non-cash movements:
Exchange rate adjustments	$ (0.6)	$ 0.1	$ (0.3)
Share-based payments	30.2	22.5	2.2
Fair value adjustments on derivative financial instruments	(6.6)	(1.5)	0.6
Reversal of provisions adjustments	0	(6.5)	(6.3)
Other adjustments	(0.1)	(0.1)	0.2
Total	22.9	14.5	(3.6)
Change in inventories, receivables, and payables:
Change in inventories	(10.2)	1.2	(21.8)
Change in receivables	41.7	45.2	(158.1)
Change in prepayments	8.4	(1.8)	(5.7)
Change in trade payables and other liabilities	7.9	3.2	4.7
Total	$ 47.8	$ 47.8	$ (180.9)

ENTITIES IN THE GROUP - Schedul

ENTITIES IN THE GROUP - Schedule of Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2024
TORM A/S
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
OCM Singapore Njord Holdings Almena, Pte. Ltd
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
OCM Singapore Njord Holdings Hardrada, Pte. Ltd
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
OCM Singapore Njord Holdings St.Michaelis Pte. Ltd
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
OCM Singapore Njord Holdings St. Gabriel Pte. Ltd
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
OCM Singapore Njord Holdings Agnete, Pte. Ltd
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
OMI Holding Ltd.
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
TORM Crewing Service Ltd.
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
TORM Middle East DMCC
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
TORM Shipping India Private Limited
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
TORM Singapore Pte. Ltd.
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
TORM Tanker Corporation
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
TORM USA LLC
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
TORM VesselCo UK Limited
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
VesselCo 8 Pte. Ltd.
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
VesselCo 9 Pte. Ltd.
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
VesselCo 10 Pte. Ltd.
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
VesselCo 11 Pte. Ltd.
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
VesselCo 12 Pte. Ltd.
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	100%
TORM SHIPPING (PHILS.), INC. ⁴⁾
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	25%
Voting rights held in subsidiaries (in percent)	100%
Marine Exhaust Technology A/S
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	75%
ME Production A/S
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	75%
Marine Exhaust Technology (Hong Kong) Ltd.
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	59%
ME Production (Zhejiang) Co, Ltd.
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	75%
Suzhou ME Production Technology Co, Ltd
Disclosure of subsidiaries
Proportion of ownership interest in subsidiary (in percent)	59%

ENTITIES IN THE GROUP - Narrati

ENTITIES IN THE GROUP - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022
Long Range 2 A/S
Disclosure of subsidiaries
Interest held in joint venture (in percent)	50%
Marine Exhaust Technology Ltd.
Disclosure of subsidiaries
Interest held in joint venture (in percent)		28%
Marine Exhaust Technology Ltd. | Marine Exhaust Technology Ltd.
Disclosure of subsidiaries
Profit (loss) from continuing operations		$ (0.1)

PROVISIONS - Schedule of Provis

PROVISIONS - Schedule of Provisions (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
PROVISIONS
Cargo claim provisions	$ 0	$ 0	$ 6.5
Warranty provisions	0.6	0.6	0.3
Balance as of December 31	$ 0.6	$ 0.6	$ 6.8

PROVISIONS - Narrative (Details

PROVISIONS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) claim
Disclosure of other provisions
Claims settled during the year | claim	1
Legal proceedings provision
Disclosure of other provisions
Provisions reversed | $	$ 6.3

EARNINGS PER SHARE AND DIVIDE_3

EARNINGS PER SHARE AND DIVIDEND PER SHARE - Schedule of Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
EARNINGS PER SHARE AND DIVIDEND PER SHARE
Net profit/(loss) for the year attributable to TORM plc shareholders (USDm)	$ 612.5	$ 648.3	$ 562.8
Weighted average number of shares (in shares)	94.1	84.1	81.8
Weighted average number of treasury shares (in shares)	(0.5)	(0.5)	(0.5)
Weighted average number of shares outstanding (in shares)	93.6	83.6	81.3
Dilutive effect of outstanding share options (in shares)	2.7	3.1	1.5
Weighted average number of shares outstanding including dilutive effect of share options (in shares)	96.3	86.7	82.8
Basic earnings/(loss) per share (in USD per share)	$ 6.54	$ 7.75	$ 6.92
Diluted earnings/(loss) per share (in USD per share)	$ 6.36	$ 7.48	$ 6.80

EARNINGS PER SHARE AND DIVIDE_4

EARNINGS PER SHARE AND DIVIDEND PER SHARE - Schedule of Dividend Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
DIVIDEND PER SHARE
Declared dividend (in USD per share)	$ 5.10	$ 4.42	$ 4.63
Declared dividend for the year	$ 485.3	$ 370.9	$ 378.7
Dividends proposed (in USD per share)	$ 0	$ 1.36	$ 0
Dividends proposed	$ 0	$ 126.3	$ 0
Dividends recognised as distributions to shareholders (in USD per share)	$ 5.86	$ 7.01	$ 0
Dividend paid during the year	$ 553.3	$ 586.4	$ 166.7
Number of shares issued (in shares)	97,814,053	86,225,686	82,311,301
Number of treasury shares, end of period (in shares)	(493,371)	(493,371)	(493,371)	(493,400)
Number of shares outstanding (in shares)	97,300,000	85,700,000	81,800,000

CASH AND CASH EQUIVALENTS, IN_3

CASH AND CASH EQUIVALENTS, INCLUDING RESTRICTED CASH (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents [abstract]
Cash at banks and on hand	$ 271.9	$ 265.5	$ 320.5
Cash and cash equivalents	271.9	265.5	320.5	$ 144.8
Cash provided as security for initial margin calls and negative market values on derivatives etc	19.3	30.1	3.3
Restricted cash	19.3	30.1	3.3
Cash and cash equivalents, including restricted cash	$ 291.2	$ 295.6	$ 323.8

BUSINESS COMBINATION - Narrativ

BUSINESS COMBINATION - Narrative (Details) - USD ($) $ in Millions			4 Months Ended	12 Months Ended
	Sep. 01, 2022	Aug. 31, 2022	Dec. 31, 2022	Dec. 31, 2022
Marine Exhaust Technology (Hong Kong) Ltd.
BUSINESS COMBINATION
Interest held in joint venture (in percent)		27.50%
Marine Exhaust Technology
BUSINESS COMBINATION
Shares acquired in joint venture (in percent)	75%
Cash consideration	$ 2
Contractual receivables	5.7
Contractual receivables considered to be uncollectible	0.3
Transaction costs	0.1
Goodwill	1.8
Revenue generated by the acquired entity since the acquisition			$ 5.9
Profit from business acquisition transaction			$ 0
Proforma revenue				$ 1,455.9
Proforma profit				$ 561.9
Marine Exhaust Technology (Hong Kong) Ltd.
BUSINESS COMBINATION
Gain on remeasurement of interests previously held	$ 0.3

BUSINESS COMBINATION - Fair Val

BUSINESS COMBINATION - Fair Values of Assets Acquired and the Liabilities Assumed (Details) - USD ($) $ in Millions		12 Months Ended
	Sep. 01, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
BUSINESS COMBINATION
Acquisition of subsidiaries, net of cash acquired		$ 0	$ 0	$ 1.1
Marine Exhaust Technology
BUSINESS COMBINATION
Intangible assets	$ 1.2
Tangible fixed assets	2.5
Inventories	6.4
Trade receivables	1.6
Other receivables	3.8
Prepayments	1.5
Cash and cash equivalents	3
Borrowings	(7.9)
Deferred tax liabilities	(0.3)
Provisions	(0.4)
Other non-current liabilities	(0.8)
Trade payables	(1.5)
Other liabilities	(0.3)
Deferred income	(4.3)
Current tax liabilities	(0.3)
Net identifiable assets acquired	4.2
Goodwill	1.8
Total net assets acquired	6
Of which fair value of non-controlling interest	(2.4)
Total purchase consideration	3.6
Cash consideration	2
Fair value of previously held interests	1.6
Cash acquired	3
Acquisition of subsidiaries, net of cash acquired	$ 1