Presentation of Q2 2010 results 1 Safe Harbour Statement Matters - - PowerPoint PPT Presentation

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Presentation of Q2 2010 results

Matters discussed in this presentation may constitute forward-looking statements. Such statements reflect TORM's current expectations and are subject to certain risks and uncertainties that could negatively impact TORM's business. To understand these risks and uncertainties, please read TORM's announcements and filings with The US Securities and Exchange Commission. The presentation may include statements and illustrations concerning risks, plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, TORM's examination of historical operating trends, data contained in our records and other data available from third parties. As many of these factors are subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, TORM makes no warranties or representations about accuracy, sequence, timeliness or completeness of the content of this presentation.

Safe Harbour Statement

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Financial Highlights for Q2 2010

Financials (USDm) EBITDA of USD 24m in Q2 2010 compared to USD 31m in Q2 2009

• The Tanker Division is positively impacted by

higher spot rates and lower expenses in Q2 2010

• The Bulk Division is impacted by better spot

rates in Q2 2010. Q2 2009 was impacted by USD 13m from sale of vessels Achieved spot rates exceed benchmarks

• Large and high quality fleet
• Strong worldwide customer base
• Cooperation on key functions

Highlights Finance Tanker market Dry bulk market CSR

3 19 13

• 1

31 23 3

• 2

24

• 5

5 10 15 20 25 30 35 Tanker Division Bulk Division Non-allocated Total

Q2 2009 Q2 2010

EBITDA in Tanker and Bulk Division 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 LR2 LR1 MR

Pool Benchmark

USD/day TORM Pool spot earnings vs benchmarks Q2 2010 19% 31% 51%

*Benchmarks are based on:

• LR2: TC1 (Ras Tanura-> Chiba) spot earnings from Clarksons
• LR1: TC5 (Ras Tanura-> Chiba) spot earnings from Clarksons
• MR: Avg. of spot earnings on TC2 (Rotterdam->NY), TC4 (Singapore-> Chiba) and Curacao->NY from Clarksons

Summary

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Strong foundation – organisation in place and commercial relationships intact

A strong team in place

• New forces with international
• utlook and with many years of

tanker experience

• Tina Revsbech, Head of Tanker

Division

• Jan Nørgaard Lauridsen,

Regional Managing Director Asia-Pacific and Head of Singapore office

• New Management in the Bulk

Division to be announced

• Complement our current
• rganisation which has

demonstrated strength and effectiveness during this transition period Manage a fleet of 128 product tankers and 11 Bulk carriers at 30 June 2010 Fleet development since Q1:

• 14 vessels to leave the pools
• 8 new vessels added to the

TORM fleet during Q2 and Q3

4

Highlights Finance Tanker market Dry bulk market CSR Summary

Organisation in place Large fleet Well positioned to exploit improving product tanker market going forward

10 20 30 40 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10

LR1 and LR2 spot rates and 1 year T/C rates

LR1 spot rates (TC5) LR1 1 year T/C rates LR2 spot rates (TC1) LR2 1 year T/C rates LR1 (TC5) spot avg. 2005-2009 LR2 (TC1) spot avg 2005-2009

USDt

10 20 30 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10

MR spot rates and 1 year T/C rates

MR spot rates (TC2) MR 1 year T/C rates TC2 spot avg 2005-2009

USDt 5

Improved but fragile conditions on the product tanker market

Freight rates (MR and LRs) Rates generally low in Q2 2010 – but stronger than Q2 2009

• Seasonal - coming out of the winter market
• Improved underlying fundamentals

Positive

• Continued naphtha demand
• Some strength in emerging routes,
• Transatlantic MR strength late June as arbitrage
• pens

Negative

• Continued high influx of tonnage
• New deliveries (net 2%) although with significant

delay

• Reduced floating storage
• Low US demand for gasoline
• No swap of LRs into dirty due to the weak market

Into Q3

• Closure of the transatlantic arbitrage
• General increase in demand across segments
• Steady naphtha demand

*Source: Clarksons

Finance Tanker market Dry bulk market CSR LR2 vessel size (Long Range): Aframax tanker 85-120,000 dwt LR1 vessel size (Long Range): Panamax tanker 60-85,000 dwt MR vessel size (Medium Range):Handymax tanker 40-60,000 dwt SR vessel size (Short Range): Handysize tanker – 30-40,000 dwt Highlights Summary

For MR’s emerging cargoes and trades were explored

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Alternative trading patterns Late June, the price difference of gasoline in Europe and USA widened Increased demand for vessels on the continent , which were scarce due to the emerging trades The traditional transatlantic MR trade route (TC2) rate weakened into mid-June why owners sought alternative cargoes and destinations

• Distilled products (Gasoline and Gasoil) to

South America

• Gasoline due to price difference to Ethanol
• Gasoil for heating
• Vegetable oil to Asia
• Palm oil to Europe

Reduced number of ships on the continent The price gap between Europe and the USA widened

Finance Tanker market Dry bulk market CSR Classic TC2 trading route Emerging trading routes

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20 40 60 80 100 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 $/T

Price difference USA minus Europe

Gasoline price difference in $/T Highlights Summary

10 20 30 40 50 60 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Difference in price

6 month vs 1 month future

6 month vs. - 1 month future

20 40 60 80 100 120 Jul -09 Oct -09 Jan -10 Apr -10 Jul -10

mbbl Clean products on floating storage*

Floating storage – reduced to natural level during Q2 2010

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Floating storage has been reduced significantly… ..as price differential has decreased

*Source: Inge Steensland and TORM research

Finance Tanker market Dry bulk market CSR

• Floating storage has decreased from significant

level in 2009

• Adding significant tonnage into the market during

both Q2 and Q1 2010

• By end Q2 2010, the level has been reduced to

~3% of the global fleet compared to ~12% by year end 2009

• Floating storage is among others impacted by the

steepness of the contango curve on the various products

Highlights Summary

Product Tanker market - demand will outgrow supply from 2010 to 2012

Demand and supply development (2010 - 2012) Swing factors:

• Order book delays
• Delays in refineries
• Floating storage
• Slow steaming
• Changes in transport

patterns

*All effects are recalculated into MR units – to enable comparision based on their volume relative to MR

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Source: Torm research

• Refinery expansions in the Middle East and

India

• Increased oil demand
• Increasing port days due to increased

activity/bottlenecks

• Arbitrage
• Delivery of 107 MR equivalents in Q1
• LR into dirty
• Some LR1 vessels are replacing Panamax

phaseouts in crude

• 30% of LR2 vessels are trading in the crude
• Phase-out of single hulls and scrapping of old

tonnage Demand primarily driven by Supply primarily driven by Changed assumptions:

• Cancellation set to 10%
• Impact from SR fleet

development now neutral 107 272 447 50 41 84 371 531 82 121 64 250 500 750 Refinery expansions Growth in oil demand Increasing port days Arbitrage/cross trade/ … Total demand increase Swing factors Total supply increase Phase out & Scrapping LR into dirty market Est. Cancellations Delivered + Order book gross Number of vessels*

Demand Supply

Finance Tanker market Dry bulk market CSR Highlights Summary

Improved underlying economic fundamentals

Asia main driver for oil demand Oil demand coming back to pre 2008 levels Modest but steady pace in economic upturn

• Asia, mainly China key driver for

increase

• US slowly regaining
• Europe and Japan lagging
• One of the deepest cycles in record
• Oil demand back to 2008 levels
• Repeated upwards adjustments from

EIA

• GDP forecast for the global

economy held relatively steady

• Economic activity has continued to

increase

• But modest and
• some activity slow down at the

end of Q2 2010

Finance Tanker market Dry bulk market CSR

Sources: EIA, (July) EcoWin

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Oil demand ... driven by china Momentum remains

mb/d

82 83 84 85 86 87 88 2007 2008 2009 2010 2011

Index

• 0,4
• 0,2

0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6

Growth in oil demand, 2011

mb/d Highlights Summary

10% 6% 4% 2%

• 1%

1% 3% 5% 7% 9% 11% 13% 15%

20 40 60 80 100 120 140 160 2009 2010 2011 2012

% growth in MR equiv No of vessels

Net fleet growth in product tankers*

LR2 LR1 MR Total by MR Equivalent 272 204

50 100 150 200 250 300

Planned delivery 1/1-09 Actual delivery

2009 order book (ex. SR) 25%

No of vessels

10 20 30 40 50 60 70 80 90 100 Q1 10 Q2 10 Q3 10 Q4 10

Planned delivery 1/1-10 Actual delivery

Newbuildings (LR2, LR1 & MR)

No of vessels 50% 48%

Supply continues to be affected by significant slippage

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Slippage is continuing… Slippage expected to continue

• 30% expected in 2010 and 2011
• No slippage from 2012 as there is free yard

capacity compared to orders this year TORM now estimates 10% cancellations

• As very few cancellations have been seen

Phase-out expected to be accelerated

• Older tonnage - due to the low freight rates
• Single-hulls - legislative phase-out requirements

from 2010 Total net growth in the fleet declines from 10% in 2009 to app. 2% in 2012 Significant slippage continues

• 2009, slippage of 25%
• Q2 2010, delivery of 28 vessels, 48% less than

planned Declining order book from 2010

• But some newbuilding order activity has been

seen in 2010 …and net fleet growth is declining

*Note: Net fleet growth: Gross order book adjusted for scrapping, slippage, phase out of single hulls and vessels going into dirty Source: Inge Steensland and TORM Source: Inge Steensland and TORM

Finance Tanker market Dry bulk market CSR Highlights Summary

20 40 60 80 100 120 140 160 180 200 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10

MR - 1 year T/C and second-hand prices (indexed)

MR 5 year old secondhand prices (index) 1 Year Time charter Rate 47-48,000 Modern Products Tanker - index

20 25 30 35 40 45 50 55 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10

MR newbuilding and second-hand prices

MR DWT Products Tanker Newbuilding Prices MR 5 year old second-hand prices MR 5 year old second-hand prices historic avg (2005-2009)

USDm

Product tanker vessel prices have stabilised and increased - continued limited S&P activity

Vessel price development*

*Source: Clarksons and TORM research

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Newbuilding and second-hand prices have continued to increase during Q2 2010 Cautious newbuilding order activity in Q2 Slight increase in S&P activity, ~20 MRs sold during Q2 2010 T/C rates and second-hand prices are relatively well correlated The T/C rates have stabilised in Q2 Whereas vessel prices have continued to increase during Q2 but flatten into Q3

Finance Tanker market Dry bulk market CSR 1/1-2005 = index 100 Highlights Summary

20 30 40 50 60 70 80 90 100 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10

Panamax newbuilding and secondhand prices

75-77,000 DWT Panamax bulk carrier Newbuilding Prices (RHS) Panamax 76K bulk carrier 5 Year Old Secondhand Prices

USDm

0,0 10,0 20,0 30,0 40,0 50,0 60,0 70,0 80,0 90,0 100,0 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10

Panamax spot rates and 1 year T/C rates

Panamax dry bulk spot rates Panamax dry bulk 1 year T/C rates

USDt

Dry bulk market remained at a relatively strong level in Q2

Freight rate development Panamax rates were volatile in Q2 2010 with a peak in mid-May Rates supported by

• Chinese coal and iron ore imports and
• High congestion

At the end of Q2 and into Q3 significant rate decrease

• High influx of new tonnage
• Declining Chinese coal demand
• Potential weaker Chinese demand for iron ore

TORM relatively unaffected by rate volatility

• At the end of June 2010, TORM has covered

81% of the remaining earning days in 2010

*Source: Clarksons

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Vessel price development Substantial amount of second-hand sales activity resulting in increasing prices Large number of orders for newbuildings, especially Kamsarmaxes and Capesize

• Only slight change in newbuilding prices

Finance Tanker market Dry bulk market CSR Highlights Summary

“Greater Efficiency Power” has lead to significant savings

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Efficiency programme “Greater Efficiency Power” launched by the end of 2008 Key initiatives:

• Restructuring of the fleet management set-

up

• Standardising repair and maintenance

processes

• Centralising back-office including IT and

standardising the IT platform

• Strengthening and centralising the global

procurement function

• Reorganising the global land-based
• rganisation

On track to deliver savings of USD 50m in 2010

• 15% reduction of vessel operating

costs/vessel day relative to 2008

• 20% reduction in administrative expenses

relative to 2008 Realised H1 2010 compared to 2008 average

• Vessel operating cost per vessel day

reduced by 17% - 25%

• Administration expenses reduced by 21%

Status on Greater Efficiency Power

Finance Tanker market Dry bulk market CSR 10 12 14 16 18 20 22 24 2008 qtr. avg. 2009 qtr. avg 2010 H1 avg

Administrative expenses per quarter USD m

3.000 4.000 5.000 6.000 7.000 8.000 9.000 LR2 LR1 MR SR Panamax Development in operating cost per day (USD/day)

2008 2009 H1 2010

Highlights Summary

75 193 188 703 647 1807 200 400 600 800 1.000 1.200 1.400 1.600 1.800 2.000 2010 2011 2012 2013 After 2013 Total debt Repayment profile USDm

Financing – no loan to value covenants and solid cash and credit facilities

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TORM has a solid financial position

• TORM’s total cash and unused credit facilities

totalled USD 600m as per 30 June 2010

• Remaining capex of USD 372m relating to the

newbuilding program as per 30 June 2010

• Net debt USD 1,691m by the end of Q2 2010

compared to USD 1,621m by the end of Q1 2010

• TORM has no loan to value covenants
• TORM’s main debt covenants:
• Minimum book equity ratio of 25%
• Minimum book value of equity of DKK 1.25bn

(app. USD 250m)

• No less than USD 60m in liquidity

Finance Tanker market Dry bulk market CSR

115 165 83 8 372 600

• 100

200 300 400 500 600 700 2010 2011 2012 2013 Total CAPEX Cash and unused credit facilities Remaining capex and liquidity USDm

Highlights Summary

TORM maintains its forecast for 2010

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2010 Guidance Sensitivity – change in profit with change in freight rates

• TORM forecasts a loss before tax of USD 40m to 60m for 2010

Coverage (% and USD/day)

Finance Tanker market Dry bulk market CSR

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33% 11% 3% 81% 12% 0% 0% 50% 100% 2010 2011 2012

Tanker Division Bulk Division

16,399 19,725 17,182 16,507 16,298

Highlights Summary

USDm Segment

• 2,000
• 1,000

1,000 2,000 Tanker Division

• 21.9
• 10.9

10.9 21.9 Bulk Division

• 0.9
• 0.5

0.5 0.9 Total

• 22.8
• 11.4

11.4 22.8 Change in freight rates (USD/day)

Dry bulk market

16 Focus on environment has never been bigger and shipping has a key role

• Increasing political focus on environmental

regulation globally and regionally

• TORM as part of the Shipowners

Association is pushing for regulation in the International Maritime Organisation, which works to set standards for the sector

• Shipping accounts for 80 - 90% of all

transportation of goods 1. Global shipping accounts for around 3% of global CO2 emissions

• Shipping is the most energy-efficient form
• f transportation compared to plane, train
• r truck

..therefore TORM has decided on an ambitious CSR strategy with green focus

• TORM signed the UN Global Compact in

2009 as the first Danish shipowner

• TORM’s climate strategy:
• Reduction of CO2 air emissions

per vessel by 20% in 2020 compared to 2008

• Reduction of CO2 air emissions

at the office locations by 25% per employee in 2020 compared to 2008

• TORM participates in project Virtual Arrival

(OCIMF and Intertanko)

• TORM will publish its first CSR report in

August 2010

• TORM participates in the Carbon

Disclosure Project (CDP),and was top 20 in the Nordic Leadership Index

• In 2009, TORM received BP’s Shipping

Award for outstanding environmental achievement

Corporate Social Responsibility

• TORM regards high environmental

standards as a business opportunity and an integral part of risk management (e.g. controlling number of incidents and being ahead of legislation)

• TORM founding member of the World

Ocean Council, an organisation that works for sustainable use of the ocean across sectors 16

Finance Tanker market CSR Highlights Summary

Dry bulk market

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Key achievements in Q2

• Result in line with expectations
• Q2 spot earnings exceed benchmarks
• Strong organisation in place
• Large fleet of high quality – continuously adjusted when deemed favourable
• Well positioned to exploit improving product tanker market going forward

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Finance Tanker market CSR Highlights Summary

Appendix

USD m H1 2010 2009 2008 2007 Revenue 407 862 1.184 774 EBITDA 79 203 572 288 Net income

• 22
• 17

360 792 NIBD 1.691 1.683 1.550 1.548 Equity 1.220 1.247 1.279 1.081

Introduction to TORM

Global footprint based on regional power and presence

Seafarers – app. 2,900:

• 350 Danish seafarers
• 100 Croatian/Italian seafarers
• 1,400 Indian seafarers
• 1,050 Philippine seafarers

Offices – app. 300:

• 170 in Copenhagen
• 20 in Singapore
• 20 in Manila
• 80 in Mumbai
• 10 in USA (Stamford)

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Strategy and key facts

Company facts

A world leading product tanker company

• Among leading owners in size
• 120 years of history

Strategy

• Superior advantage through modern product

tanker fleet, sizeable market share through pool cooperation, excellent quality delivery model and global reach Large and modern fleet ~140 vessels (30/6-2010)

• 68 owned vessels with an avg. age of 6 years
• 66 product tankers
• 2 dry bulkers
• 36 vessels on T/C-in:
• 25 product tankers
• 11 dry bulkers
• 37 product tankers in Pools/com mngt.
• Orderbook of 13 newbuildings (fully financed)
• 9 product tankers (MR tankers)
• 4 bulk carriers (Kamsarmax)

Listings

• NASDAQ OMX Copenhagen
• NASDAQ in New York

Market cap

• Approximately USD 500 -700m

Key financials

Large and modern fleet (as per 30 June 2010)

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Company facts

No of vessels

• Avg. age
• Avg. DWT

Owned Product tankers LR2 12.5 5.6 106,372 LR1 7.5 5.3 74,087 MR 35.0 6.2 47,341 SR 11.0 7.0 36,620 Total Product tankers 66.0 6.1 59,773 Bulk 2.0 6.0 75,054 Total Fleet - Owned 68.0 6.1 60,223 TC in Product tankers LR2 0.5 12.5 99,997 LR1 15.0 3.6 75,288 MR 10.0 3.9 48,130 SR

• Total Product tankers

25.5 3.9 65,081 Bulk 11.0 2.7 77,786 Total Fleet - TC in 36.5 3.5 68,913 Owned and TC in Product tankers LR2 13.0 5.6 106,372 LR1 22.5 5.8 75,615 MR 45.0 5.7 47,516 SR 11.0 7.0 36,620 Total Product tankers 91.5 5.5 61,251 Bulk 13.0 3.2 75,899 Total Fleet - Owned and TC in 104.5 5.2 63,383 Commercial management Product tankers 37

Detailed key figures overview

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Key figures overview

Finance

USD million H1 2010 2009 2008 2007 2006 2005 P&L Revenue 407 862 1.184 774 604 586 EBITDA 79 203 572 288 301 351 Net income

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• 17

361 792 235 299 Balance Total assets 3.210 3.227 3.317 2.959 2.089 1.810 Long term assets 2.958 2.944 2.913 2.703 1.970 1.528 Equity 1.220 1.247 1.279 1.081 1.281 905 NIBD 1.691 1.683 1.550 1.548 663 632 Cash and cash equivalents 121 122 168 105 32 157 Cash flow statement Operating cash flow 21 116 385 188 232 261 Investment cash flow

• 27
• 199
• 262
• 357
• 118
• 473

Financing cash flow 6 37

• 59

242

• 239

303 Financial related key figures EBITDA margin 19% 24% 48% 37% 50% 60% Equity ratio 38% 39% 39% 37% 61% 50% Return on invested capital (ROIC)

• 2%

2% 16% 10% 20% 34% Stock related key figures Earnings per share (EPS) (0,30) (0,30) 5,21 11,44 3,38 4,29 Cash flow per share, CFPS (USD) 0,30 1,70 5,56 2,71 3,33 3,74 Proposed dividend per share (DKK)

• 4,00

4,50 5,75 11,50

Earning days, TC cost and coverage for 2010

At 30 June 2010, TORM had covered 33% of the remaining earning days for 2010 in the Tanker Division at USD 16,470/day and 81% of the remaining earning days in the Bulk Division at USD 19,725/day Earning days, TC cost and coverage

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Finance 2010 2011 2012 2010 2011 2012 Owned days LR2 2.196 4.380 4.392 LR1 1.282 2.555 2.562 MR 6.754 14.758 15.690 SR 1.966 4.015 4.026 Tanker division 12.198 25.708 26.670 Bulk division 366 1.437 1.495 Total 12.564 27.145 28.165 T/C in days T/C in costs (USD/day) LR2

• LR1

2.559 5.303 4.334 21.879 22.219 22.485 MR 1.647 3.619 3.108 16.976 17.007 16.399 SR

• Tanker division

4.206 8.922 7.442 19.959 20.105 19.943 Bulk division 2.003 3.581 4.228 15.793 15.477 15.954 Total 6.209 12.503 11.670 18.615 18.780 18.498 Total physical days Covered days LR2 2.196 4.380 4.392 610 456 40 LR1 3.841 7.858 6.896 1.109 365 366 MR 8.401 18.377 18.798 2.517 1.775 412 SR 1.966 4.015 4.026 1.228 1.059 40 Tanker division 16.404 34.630 34.112 5.464 3.655 858 Bulk division 2.369 5.018 5.723 1.907 581

• Total

18.773 39.648 39.835 7.371 4.236 858 Coverage % Coverage rates (USD/day) LR2 28 10 1 24.184 28.648 32.660 LR1 29 5 5 16.145 15.690 15.690 MR 30 10 2 15.768 16.283 15.348 SR 62 26 1 14.055 14.268 15.128 Tanker division 33 11 3 16.399 17.182 16.298 Bulk division 81 12

• 19.725

16.507

• Total

39 11 2 17.259 17.089 16.298 Fair value of freight rate contracts that are mark-to-market in the income statement (USD m): Contracts not included above

• 1,2

Contracts included above 0,2 Notes Actual no of days can vary from projected no of days primarily due to vessel sales and delays of vessel deliveries. T/C in costs do no include potential extra payments from profit split arrangements.

% out of total fixtures ( % out of total previous 4 quarters) with major cargo group Saudi Arabia, India & UAE  Taiwan, South Korea & Japan 15% (18%) (Naphtha) North Africa  Italy & France 13% (15%) (Crude Oil) Europe  USA 10% (12%) (Unl. Gasoline) Intra-Asia Trading 8% (6%) (Gasoil & Fueloil) Europe  Nigeria & other 4% (5%) (Unl. Gasoline) Intra-AG trading 8% (7%) (Gasoil) North America Trading 9% (5%) (Diesel) USA  Brazil & Chile 5% (1%) (Gasoline and Gasoil)

Source: MSI, Torm data

Major trading routes in Q2 2010

Finance Tanker market Dry bulk market CSR Highlights Summary

70 75 80 85 90 95 100 % of total capacity available Europe US

Refinery utilisation rates (%)

Refinery dis-location improve long-term prospects

24 World Closures (1/1-09 - ): 2.5 Additions (2010-2012): 8.0 Total capacity (EoY) 84.6 US: Closures (1/1-09 - ): 1.2 Additions (2010-2012): 1.4 Total capacity: 21.0 Europe: Closures (1/1-09 - ): 0.8 Additions (2010-2012): 0.2 Total capacity: 14.2 Middle East: Closures (1/1-09 - ): - Additions (2010-2012): 1.0 Total capacity: 7.8 Asia: Closures (1/1-09 - ): 0.5 (Japan) Additions (2010-2012): 3.6 Total capacity: 24.6

..led to additions in Asia and the Middle East (all figures in m bpd)

• Positive tonnes-miles, even with flat oil demand development
• Reduced refinery sector profitability in the European and the US refinery sector
• New refineries in the Middle East and India are producing at high utilisation rates driven by their cost advantages

Capacity figures only include refineries with capacity above 0.075 m bpd 8.000 9.000 10.000 11.000 12.000 13.000 14.000 15.000

• Mill. metric ton / day

India

Refinerythroughput

Source: Torm research Source: EcoWin

Increasing output in new locations… Low utilisation rates due to pressure

• n refinery margins…

Finance Tanker market Dry bulk market CSR Highlights Summary

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