TRMD - Earnings call transcript Q3 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the TORM’s Q3 2020 Results Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I must also advise you that this conference is being recorded today and I'd now like to hand the conference over to your speaker, Morten Agdrup. Please go ahead, sir.

Morten Agdrup

you the dialing quarter results nine of thank conference to and and months regarding call of XXXX. you all in for TORM’s first Thank the third Corporate and am Agdrup TORM. Morten is Strategy at name Head My of Finance and I

refer presentation, As the as we end will X, please. open up the speak usual, to slides at and we the Slide will we of for questions.

Director Safe like today, the Harbor draw will to CEO, Executive statement. I X. I'd your I to commencing, and our Before call Meldgaard me Slide With have Balle. Jacob. CFO, and Jacob attention over Kim to hand now

Jacob Meldgaard

and Morten to you, welcome for and Slide afternoon. please Thank X. all A warm turn to dialing you Thank in. good

results, on excellent Navy, They to our over by stay continue the decreased Here great gratitude to of the the to goes my that are were and weekend also restrictions I'd special have Gulf the over the from situation. they and like period. the Today operations the commence today on attacked our before we to and seafarers. express all world, for the ALEXANDRA sacrifices trouble foundation TORM's TORM review board in change seamanship while the excellent Kenya during this to make crew but to their of they the due control managed support Italian pirates gratitude safe financial crew to of in

second Western than West significantly come impacted characterized rate Hemisphere. high shortly. the also unprecedented from the I'll the regional details consume to quarter, quarter to what tanker Turning the the into now vessel disparity market the record and stronger with of due have market levels the floating on stores. East low by here in record The go availability [indiscernible] the was oil being the product down primarily by during unwinding high third rates market, of XXXX freight in you

tanker crew XXXX per product $XX,XXX here was TCE quarter, fleet of of realized and an third the a the the the $XX,XXX day number months for Now for nine average day. first

vortex the related of profit here $X for [ph]. the probably $XXX a bookings a the of negatively being year. nonrecurring nine million million of by and to $X number of at number months [ph] is million the provision Looking we first XXXX with third before realized The in tax of impacted highest quarter

for return capital, Our on earnings the months. for per invested was XX.X% the share our X.X% quarter, nine

quarter. second in two we quarter As MR release, announced sold the older during earnings third our vessels

for quarter [ph] buy after two Korean agreed ended, in at $XX.X the yard built field we to MR Here of the million. XXXX Mipo. Hyundai vessels well-known industry then vessels total These our consideration are

the discussions on only to Here scrubber liquidity Further for impact of fleet. scrubbers our have is plan as our the position. we are minimum financing in of and purchase progressing have expected today, total XX the of on this program, installed a is and vessels to advanced we our according

This to by refinanced footprint want vessels, that reduction to in the our XXXX. to have profile motivates further dept to the this few managed emission attractive In target we focus, supports related agreement, price subsequently link maturity for eight I through that facility. and include live postponing strong QX our our a thereby mention particular with reduce and XXXX we've particular XX% two environmental this had. most benefits to mechanism Lastly, monetary line position us up our financial debt we to repayment

the the of drivers some market please to to in turn product me turn tanker and Slide five. let Now

$XX,XXX day. the on the of the MR In the of development tanker that there When has LRX rates freights averaged quarter. larger of were individual in we where $XXXX quarter, and the we rates and fourth achieved were continued per levels As that look three into finally here have third $XX,XXX. already we are day mentioned, for the this the here. segments into day, rates to product reached come third second from Handysize $XX,XXX quarter. segment, day sit highlight in unprecedented in product tanker per freight the rates today segment $XX,XXX and LRX, the quarter Since at We per we rate quarter I the want per down see achieved drivers the also

the released with the a rebalancing obviously a to the oil This market, third oil freight the the floating in storage vessels the unwinding of market number Firstly to which the large global back rate in into demand unprecedented of started and led reduced continued we shop April. of quarter environment.

buildings an saw the taking new result market. the number [indiscernible] of in we a as increase crude crude weakening of tanker voice Secondly,

here last was mentioned. already in disparity quarter Thirdly, is characterized regional really record high it the I as by rate

still can freight you generally West record availability here as of low the Hemisphere. result actually a Western trend, say While the showing the earnings strong on in levels was weakening market a in vessel were

in fourth within So fast, demand States. of logically have new this the Explaining six, resulted not can't in specifically, also has currently recovery. installing wave I especially stress stockpiles. This while, but COVID-XX Please a especially behind drivers but light of economy in freight this rates that in freight there me of the development cases increasing dropdowns that, around uncertainties far is this United trade before to into unfortunately product Slide developments year, in subsequently weak COVID-XX which Europe, up the impact in has and a explained Europe. short refineries number experiencing. remains are the different oil the global more tanker obviously in wants part turn let renewed the on second experienced to the relieved a that large of cases kept that factors the get quarter, by oil COVID-XX of been in number from has and demand It their these ramping we've the product but also detail are flows, all we reflective and be

builds were on product to you the This and which the runs Here world led product stockpiles. and demand tanker of market. COVID-XX react the refinery rebalance TORM impact see, to illustrates broader markets as oil the as refinery benefited benefited dynamics second unprecedented the on oil of By declines the to turn demand. slide, in changes were of to inventory all on demand measures oil parts end in Initially, to this events in target many the started this actually recover. lockdown the runs the slow the relaxed the in quarter, can

up stock being building phase refinery we a moved the lessens the very remained is margins not market as stock and refinery filling from and As with weak, markets fast from face, storage the as associated which are for released into destocking for [ph] demand transportation. tanker vessels headwinds ramp did generally

which lockdowns COVID-XX wave Now wave in in in facing put the US a recent infections. Europe, we this has months, Similarly, resulted the new of emerging of a recovery. third is second speak, break on as we've seen oil demand

up. momentum see the difficult avoid we We scale now The rebalance. a most from offshore the it's from clean by be to what once and However, think keeping to this let doctoral excess estimate in stock refineries current at was a now volatility petroleum a floating Slide floating this their around we few bring it's we new will back product this stores gains to X% has market stores to there because time should in initially of timing, just so see stores back expected the level see believe in normal It's levels. do more stayed May, at please, that at is stable compared -- we'll but COVID-XX vessels which normalized which second the emerging this to saw point market, build ramping floating very fleet. reopen the large around runs some It mentioned what demand dynamic their inflection small seven are say already have to and basically is about reached XX% the and scale The utilization quarter. is very that in would from general in This a that of and now rates countries consider of to recovery our what we low in a lockdowns, inventories slightly market. the for the exact will products, the and impact be inventory by the me relatively continues continue words running destocking important cleared around what back continues peak around we driven the of be now. X%. above at level, but at

If although not contango we current inventories, provide have longer floating stores we picking at up necessary has also this particular diesel reason significantly Africa at into anything to to the stores. there of structure decline, been inventories, when example, oil onshore but process the look especially case started as for does these For product. have look the than in offshore in

main in XX%, training vessels year still North the are as five the but XX% Light US levels. the and the September on Europe, average hand stock diesel only X% the hubs other significantly has reduced such middle above West example, in Singapore average are For since above lows.

stock either creating to all actually of of It while net build, Looking important please which estimate and Slide since at piles is is that inventory trade build imported. to of not here the being the by is And product considering trade these turn the destocking the mention part is compete global that being be than around stock likely China's China accountable demand means continues products. are impacted with We freight. local March Eight. that that by or market is of neutral piles, even much inventories to a to cumulative a stock exporter excess of rather inventories team XX% by met

Basin one rates unprecedented market. more of between outperformance of a characteristics strong disparity the of Western regional high the third COVID-XX being was was NASA gasoline loss driven it when exported shift freight an for bit a West from a to demand East already to of by As Asia. precisely for record lockdowns. This resulted mentioned, quarter the This the fees Atlantic main due the and felt of March, a balance in in for April, products us back the to

balance we've increasingly refineries cut exports what their to taking MRs demand to the amidst XX% vessels Now North to the became products moving quarter and in West [indiscernible] that a although Asia, historical started has Europe that normalize was Consequently, outperformance it by the fourth fleet around the peaked back the of and terms August the Asia, a meaning in limited. average fleet in the XX% China, West States margins, led cases relatively weak market. in share the low. in in refinery United historical and as low new Slide so far when to COVID-XX back in of remains in Nine, in rates the regions. seen in share in stalled has that arrived been export East turn demand at in the then West compared to market were the recovery these the the affected increasing and strong these Since of vessels East has

and coronavirus gives population post wider that. potential for at us, Pfizer recovery control, China, vaccine and the recent have like XX when India, On the the will an historical avoid of similar talking refineries Refinery the we see virus result dislocation barrels months. day of Europe located Coast has Consequently, years, New potentially announcing large next being in around here been and refined East yet that a the and project market reopen, countries if come becomes to a removed a affected this recent of of of increasing on months. of hand, even experienced this again. from demand oil within of resulted in once the the demand of Australia, of a refinery which actually turn hope in a breakthrough a available million capacity recent for COVID-XX three pressure Slide is please, cannot look closures second these from are to that the we refined it not Africa. countries Coast, most be under already a on X products, renewed regions the emergence like US use West as US, countries wave seen wider back a in about COVID-XX number indeed other vaccine in also we South Zealand have and This have the importers we margins infections being the market will

that interest the a the post here and at same around are to coronavirus, Dangote for new far for can are of of already see future the turn that mile past periods please, XXXX, This is also we'll this is from So for China the It especially new crude the at in world. for at time approximately signed is the level. increasing 'XX, historically development low been vessels, ratio uncertainty over of in the is interest to Intent clearly supported we additional around Letter of is product in of -- segment destocking flows shipyards. the by here due significant of that low total for Nigeria, ordering the X unlikely notably, on per trade let for Middle not order products. positive we fleet. exporters come uncertainties taking has positive the that East is which million new most pressure COVID-XX new and of tanker refinery of currently situation couple building for the result place, time existing the feed day the these go online the seen at And less today other which market so seen to book capacity being oil of form a decades mainly scheduled few barrels developments post Both system It a trade, building course us covers XX online in which come further recently deliveries only expected have propulsion of are to There the projects are tanker makes nevertheless current for what relativity the a but large-scale an destocking. by although X% in different to the Slide XXXX. we've large a

to see term. very we whole. the am key expect quarter for periods TORM's XX the In by alone to the the the truly deciding myself first the crises it I quarter and above on our industry day. positioning XXXX the will key that, support effects, per this third earnings. market for Apart is third rate product XXXX, the fee from average and in on we quarter the with the to that economic volatility conclude low earning that product pleased fundamental market to COVID-XX impact A potential. the tanker that months $XX virus obviously product the peer predominantly alone of growth months. at our please, be XXXX. of here such see oil as for element in to basins point day, very vessels TCE average On to destocking issues. three first the per of and development group five TCE operations a key earnings that remarks $X drivers years tanker COVID-XX million remain in in and our impact continue additional market, the here term driven health and $X the market positive that to highest related the million global next the the order should general, book, $XX again proposed average performance, the would the XX TORM will of Slide they an am slide number With and I expects nine growth for of factor on compared focus in refinery $XX,XXX is this a is Slide $XX,XXX nine for delivering satisfied please. deliver for looking as short As platform slowing commercial previous competitive larger tankers the the continued In correct that third the a that mentioned in of rates over dislocation, our peer to MRs. provide to basis, earnings we a outperformed we long translate XX have please, segment, million our I this quarter into of aggregate achieved third this the million positive

in on or vessels East a where not either do place, to generally instead future position depending have balanced revenue market. West, some all the have in overweight We but we expectation our once our

rebalance quarter Towards a quarters. the second strongly strong thin strong and especially outperforming and had West earnings general anticipation the quarter quarter of XX% West and significantly the anticipation East. the I to in East we we during the potential just started what East Middle significantly in the second of in relative the quarter, QX fourth of there The and Western market of fleet has extent what positioned saw in been of third West of beginning West our West This the the Suez half third in We apparent, of at have materialized below the degree to June during the MRs the a of first MR than quarter stronger Suez started from mentioned third of continued experienced there. of the migration repositioning and during towards of became side in seen vessels in towards the we the lesser end of earlier market second although market market the into East by stronger to here we during light supply the Suez stronger as than in quarter. the

the and you. not to sheet. me further Now core over least, elaboration hand let the it you operational Over balance to the leverage, on for Kim our structure

Kim Balle

its Thank significant product base profile you, the to rates. increase leverage has Please to underlying large turn Jacob. tanker Slide XX

million million $XX an increased XXXX. rate XXXX, translates around in average figures XX, in XXXX, $XX TCE XXXX. million $X into The in of every the September in of achieved, EBITDA As in corresponding to daily and $X,XXX increase increase

$XX,XXX please. of coverage November, XXXX was for the day. XX% Slide X the fourth per XX, at quarter of As

to which I like structure model, of commercial significant financial Before TORM. technical you position, remind platform, believe and where advantage a competitive for operate cost we is reviewing integrated a fully TORM's we would operating and our

also increase $XX our related around of provides of customers. TORM OpEx per transparent last to Despite third X translates are second our into years, on a pilot in providing result cost maintaining which to primarily focused a this a it Importantly, service over a day around operations experienced positive gradual per and OpEx of we on and of efficient day our eliminates the XX% structure $XXX transactions. This decrease an trade quarter, total basis. quarter. seen decrease a was Naturally, shareholders for an day we off, have respect very high-quality around annual is reflecting increase a to compared $X,XXX per the with has million for crew changes. the development

and result net have expected as these to loan-to-value. During total our costs of of such experiencing during two-thirds as board will down XX current X% values September share. the short, as COVID-XX review below of measures from with which related terms net requirements, vessels, the This Outstanding of key an This This gives of crew and our crew throughout XXXX. kroner has contracts end business. of that increased around a provides just of third level. of asset to $XXX value In of strategic second it including estimated as around TORM during newbuildings, crew XX% element $XXX the the us Danish XX, our per as million related peak was had at crew quarter, to XXXX. X%, value third metrics at the we And the we we TORM X,XXX financial financial as or by of of of flexibility. asset costs is performed and million XXXX. $XX.X our and which September of the outstanding corresponds XXth September the just TORM approximately or such newbuilding quarter. reduced around quarter, quarantine sheet, per continue to overdue TORM XX, and a Vessel a value changes would number a decreased employment XX, consider at precautionary to around $XXX to level on net please. still September in debt XXXX the I of amounted cash is with XXXX. changes billion conservative committed million XX% like is balance of position pandemic. of now Slide $XX.X have loan-to-value finally, as of $XX The million gross $X.X CapEx quarter program third

insights following I the give slides, would profile. and our more into CapEx commitments some liquidity debt our On position,

So Slide XX, please.

had TORM million, million, As available million. $XXX $XXX undrawn cash $XXX of XX credit of September, we of facilities total and of XXXX, had liquidity

of CapEx addition commitments vessels water. installations were $X our XX, also pay to for on to expect scrubber XXXX. we And to the as in total September retrofit to million million newbuildings related CapEx $XX related the Our newbuildings, on

to between be Our delivered acquired vessels accordingly. And will MR XXXX. consideration secondhand XXXX November cash be $XX.X million the are and expected of February paid

new Slide flexibility in these liquidity arise. refinancing TORM's As liquidity XXXX, beginning and finalized all strong room XXXX, and TORM same in eliminated mentioned, the to very opportunities please. commitments After time financial we the with major XX, the pursuing of pursue provides in until finance With refinancing we and strategic advanced they are which value-enhancing market. have are the having for manageable, discussions while vessels. to should the funded position fully at CapEx profile, opportunities provides the

XXXX. adjusted our that, agreed will which We the after Jacob on refinancing, our With quarter and questions. reflect September no we I XX, recent major schedule repayments have as concluded as let until mentioned, open XXXX ended slide, for operators after the repayment displayed have was to

Operator

line And Bak question the [Operator Ulrik your go of first ahead. Please Instructions] SEB. of comes from

Ulrik Bak

my side. questions few A from

be season corona winter do depressed the and year we've will this expect think witnessing in. restrictions? been climb inventory so, happen And quite now this And new QX to start for they to if when as the despite rate during you some you kicks high Do usually, inflection Firstly, time. the rates, the levels point?

Jacob Meldgaard

our that environment increase conference August we year, strong rates, actually, with we my careful that take saying it cannot traits the after it were the think is And the as the vaccine call of current release, thought would that the coincide - the big in rate as we seasonality to could that dialogue activity freight at back not climb unfortunately, we globally volatility, normally already did Thanks question, that pattern that in this, subdued. that we freight in mean is weak QX rates, from had probably freight That's our I for be relatively customers this this doesn't that last from with still, Ulrik. a - will on have our instinct a is where Yes. rollout consumer as in be a get the is so it shop expect our some we that one COVID-XX. see like discussed, we that pre is but same more

Ulrik Bak

second my Then QX. on during your is question transactions vessel

if two sold acquired any build in year the does are million. on MRs you How they the for have that this You way? XXXX comparable earlier to $XX.X you value received vessels compare price

Jacob Meldgaard

Yes.

at So since good five vintage material are the part that's sold bills. XXXX ones price the - if a that comparable of around curve directly some of we look of question. was you XXXX, the is old, of But have. year They the the also not we've

translate they at gone higher into same, what months, secondary but see last are will the they have same vintage. are prices that we have market would acquiring not the in the though today, comparative even that prices of down sold vessels not we then previously at than You X of over prices are the

Ulrik Bak

if Okay. But the be to different? X it's that the months ago, price, fair same you had much MR's would assume prices bought the

Jacob Meldgaard

Significantly above, yes.

Operator

go next Chappell question comes Jon Your of from Please line Evercore. the of ahead.

Jon Chappell

a about way. MRs to different wanted the I in ask

an be ships not next a months. forward? and strictly Was the buy years going strategic a for - but new got XX-year-old with process essentially But XX this emissions behind sure on focus old eventually So will opportunistic really was vintage, those. and you carbon that all What buying of thought - recently the price couple focus propulsion. attractive I'm that in very fuel

Jacob Meldgaard

Yes. No.

So is I of with this - logic look one point return fit - spot an sweet economic way the criteria. as acquisition the on upon invested an think what coming is years. we on we should you where that asset of course, That's to, the capital over the

vessel it second to particular emissions emission some on does lower - sister we can see COX have fleet. a XX% The that relatively some ambition And don't where our is see of of long-term around, these with can provide criteria others We without our fleet. the the of that by fit have to ultimately, we basis, XXXX, COX even we vessels. the we actually emissions as on apply retrofits on what of a sort vessels than means performance that better relative will had an a part them this our

XX sort age out seen have the are and will of vessels recycling you As fleet we that of around the of years. average going of our have vintage a

part But moves fit That's meeting these be will that we is the taking. are in that that that two, we think meantime, XXXX, the future risk likelihood actually crusher. would good that it. these strategically to number criteria investment also be will be this the two for about the be they vessels And employed. COX will of any way actually So emissions not think they and CapEx we before a

Jon Chappell

should or Okay. And X to dynamic I be about as opposed as for Obviously, it slide fleet to moves, theme XX to about that Should new be occurring? the the the more investments seems next meet finally kind as hopefully your we LRX your of coming we've and mean, relates about two fruition. put expansion. to future years of think you LR, refinery talking see MRs closures now, over years been all that so to you haul but core expect that lengthening a the on

Jacob Meldgaard

think more rate in favoring vessels you the Yes, customer a subscribe demand smaller part that long qualify towards there for point decade that longer trade larger tendency vessels. this distribution right we think are the to generally I to could that, haul increasingly vessels. move will be And over latter I also would to to that the of

Jon Chappell

kind with results two of nitpicky Okay. the And align understand presentation. price to trying stock reaction may, I the questions. seem which doesn't quite in to just the then if today, I'm

all, of cargo the that may first does think it that of you third explain is issue really is? Can an right So quarter, claims considered third the the obviously but just quarter? be would nonrecurring, which ring-fence I now. $X in million forward? what treated And Or be going to as such not

Jacob Meldgaard

Yes, absolutely.

picking it or a to obligation of that pay up So item. to we events will is these ring-fenced and the actually card be it sort the not, is nonrecurring dispute, this where have it number accounted in ultimately we whether particular is claims for, and the of

Jon Chappell

obviously the you then the to ended thing the dividend says, XX. dividend policy, day. almost line it dividends $X.XX for And September months months ago But be the in recommended X Board Okay. the no paid with X will an in by second your is, presentation,

on So I policy you want dividend XX% to no to is mean, months, the I XX%, be X based still the and dividend clear. the paid and $X.XX. already

recommendation the that the results, saying Board. no correct? So effectively you're based off from third Is quarter just there's

Jacob Meldgaard

is to share net. on result policy That semi distribute let that, is evaluate either to me to John, the correct. buyback, so XX% qualify net is XX% or of that our distribution dividend that annually based

be account. not even half will would was of it be be results year-end, second where that done agenda the then actually, discussed taking to because year Board at on So the into the

Jon Chappell

you're right. But

actions explain of that. you, all to been and have misleading Thank the might some I Jacob. bit But I think little anyway, had. a I that’s may

Operator

ahead. of the Anders comes Danske Bank. Your go question of Karlsen next from line Please

Anders Karlsen

of lot already, a questions about been was thinking scrapping. my So I but have asked

to is Are given any We that, signs change? you hearing? the haven't about environment. weak you that moves any seen big scrapping are Or rate seeing

Jacob Meldgaard

Good changed over scrap are Yes. the fleet well. really for going as past the and of months. has fleet question percentage The not that the XX

potential could that we of materially when vintage kind the could of carbon would You vessels that would come regulation, to meeting will some the the so acceleration look at opinion say for the what is there then you we that we But second of tax this half to couple of That the move product decade. of second of current be lead vessels on the is pool and/or lead into look this when next half that so features our an far XX. scrapping scrapping. age of vessels increase that of pool necessarily when be But potentially be decade, significantly not within different will either average the accelerated to XXXX a of scrapping years. tankers, are as on at onward,

Anders Karlsen

you and done a the have And is relating little about is What a on can that the far? fair savings Banco you to bit far? of still But a have anything scopes. are fairly albeit experience differentials your we continue second question I And could a quantify it's about the so some mean, low. that little number history year, but scrubbers. your so was to you quantify savings ownerships of install seen, coverage last bit your

Jacob Meldgaard

Yes.

we So experiencing A), of that sort what no we can operational operationally, scrubbers with is, say issues the itself. are

payback on at looking of whether years or then total fleet. it economic depending from a side newbuild, size return, other the - are equation, time generally the comes it a we is of around of whether it installed payback on retrofit X time scrubber our is the depending the and for vessel the On

Anders Karlsen

end maintenance seeing you expected? Or high as any Are it is cost? Okay.

Jacob Meldgaard

Yes.

expected. So return think had itself subsequent my around we operationally everything with back And what been say, our retrofit it around the the There's the operation sort with we is operational the of times then that And payback when is scrubber, curve, current you and years. of on point it we forward of the can with are very the performance X surprise under then is that I the that we experiencing spread profile around financial sort see. scrubber. we pleased we line no we in - it to are at that that, of control, look that

Operator

from ahead. [Philemon question comes Investor's next of your of And Edge. Please Value Mullens] line go the

Unidentified Analyst

seeing You've in the more as market already provide and of was current effect? some Europe between the an in East if talked differences now? wondering lockdowns what you're And I about color Are you West. on having could

Jacob Meldgaard

that for Thanks question.

currently, that saw the stronger we is for experiencing But couple freight to Hemisphere. experiencing a are in we of Western as it are same what is the what we degree ago. in not months the only what Hemisphere MR So rates Eastern are slightly than

above in for leading are still lower transportation somewhat Hemisphere demand the freight that been has albeit in there they Western So we rates, are the impact what experiencing the lower East. to

freight very to is for say, around, let's in XX,XXX day, East $X,XXX $X,XXX, rate the the be precise, per the in probably So environment an MR., and it's West. around

Unidentified Analyst

wondering I I have I provide surprised coverage was for your you know some class. QX comments. was you only could if mean, the X vessels. I by And And Handymax

So…

Jacob Meldgaard

your elaborate question? you Could

Unidentified Analyst

Yes.

provide wondering was Handymax could for over your QX. I Sorry. if some performance you comments

Jacob Meldgaard

we it's small the a to what close think MRs, but have that there the is portion. rate is on I for very

we As position you units. is have point when X it rather only to,

the you our for average rates we up several whereas will I quarter see you if itself. at time, pool have that of have quarters, within freight think instance, So a in end averaging day, like, bigger the over vessels, out over the will what taking MRs, place of

So I think it's just a coincidence.

Operator

questions There the lines. telephone are no further from

Morten Agdrup

Okay.

the web. two elaborate to One have of that? you public benefits the listing. We question relates our from would Kim, on questions

Kim Balle

one. Yes, advantages. raise a the primary advantage to take of public that to that market. capital But I listed several raise in opportunity the ability has course, can the equity - Being is,

framework. primary new degree making when the of high function. top of of secondly, one governance sense also currency listed and issue And also and is communication strong hence, control it extreme opportunity as a the And that a requires strong an transactions. transparency, shares provides being M&A that, So on extremely to of a

that all So up are effort the on add living for broadly all when give up, an stakeholders to we end, these will you utmost an in that accounts. insurance all that

by So extremely company. a I think are both valuable being listed

delisting no company. intention have we as no, such So of our

happy We be to are very listed.

Morten Agdrup

around and we second consolidation. And M&A a view you. last on Thank and you have our question elaborate? would Jacob,

Jacob Meldgaard

commercial be these additional Yes, it say themes to a to value whether there are looking in will for what for for we're would would our open open We be always creates please. partner. we line, is, obviously, we with dialogue. is looking fit that always Well, a are discussions. if that the I shareholders. And

Morten Agdrup

you. Thank Okay.

Jacob Meldgaard

There questions are the no web. from further

good concludes day. a all earnings this for Thank Have conference. So in. dialing you the

Operator

you, conclude and you participating, you may Thank gentlemen, now your sir. does and that for today. for Ladies Thank all webcast disconnect.

TORM (TRMD) 11 Nov 202020 Q3 Earnings call transcript