Exhibit 99.1

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Highlights

“The strong and sustained market for product tankers has resulted in historical high TCE earnings for the first nine months of 2023, that are 26% higher than last year. We expect a strong ending to the year, driven by seasonal factors and continued favorable market conditions,” says Jacob Meldgaard and continues: “This quarter, we will return USD 123.2m to our shareholders as dividend.”

Results

Coverage

Business highlights

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Key figures

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¹⁾ For definition of the calculated key figures, please refer to the glossary on pages 33 to 40.

²⁾ Based on broker valuations, excluding charter commitments.

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³⁾ End of period

⁴⁾ Excluding treasury shares

⁵⁾ For Tanker segment

⁶⁾ Source: Nasdaq OMX Nordic

⁷⁾ Source: Nasdaq US

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Financial review

TCE

We saw a significant increase in the average TCE rate/day by 23% from USD 29,970 to USD 36,837 in the first nine months of 2023 compared to the same period last year. This increase was a result of both an increase in revenue and a decrease in port expenses, bunkers, commissions, and other costs of goods sold.

Revenue for the first nine months of 2023 increased by USD 136.6m to USD 1,132.6m compared to the same period last year, corresponding to a 14% increase. The increase in revenue continues to primarily be driven by a strong product tanker market supported by the trade recalibration caused by the sanctions and self-sanctioning of Russian product exports.

Revenue for the current quarter alone decreased by 20% or USD 90.0m to USD 358.1m compared to the same quarter last year due to a temporary decline in freight rates over the summer as a consequence of released global vessel capacity related to refinery maintenance, seasonally lower Russian exports, and continued stock draws in Europe.

Port expenses, bunkers, commissions, and other cost of goods sold for the first nine months of 2023 were USD 309.6m, a decrease of USD 35.7m compared to USD 345.3m in the same period last year. The decrease can primarily be attributed to realized gains of USD 32.3m and unrealized gains of USD 19.4m on derivative financial instruments regarding freight and bunkers. The decrease is offset by cost of goods sold related to the Marine Exhaust segment since it was acquired and consolidated in TORM’s accounts as of September 2022.

For the current quarter, port expenses, bunkers, commissions, and other costs of goods sold decreased by USD 17.0m to USD 113.4m compared to USD 130.4m in the same quarter last year. The decrease can primarily be attributed to lower bunker prices.

During the current quarter, the market value of TORM’s derivative financial instruments regarding freight and bunkers decreased by USD 8.4m directly impacting the TCE, but not the TCE/day measure. The fair value of the contracts was positive with USD 12.8m as of 30 September 2023.

Assets

As of 30 September 2023, total assets were USD 2,808.1m (2022, same period: USD 2,545.1m). The increase was primarily driven by an increase in the carrying amount of vessels, capitalized dry-docking, and assets held-for-sale of USD 262.1m, an increase in cash position of USD 32.2m offset by a decrease in trade receivables of USD 44.0m.

The carrying value of the fleet was USD 2,110.5m as of 30 September 2023 (2022, same period: USD 1,876.2m). The increase was due to investment in 10 vessels and capitalized dry-docking of USD 424.5m. All of the 10 vessels were purchased during the first nine months of 2023. The increase since 30 September 2022 was offset by the disposal of two vessels and two vessels held for sale for a total of USD 50.4m, depreciation, and impairments for a total of USD 139.8m.

Based on broker valuations, TORM’s fleet had a market value of USD 3,054.6m as of 30 September 2023, 43% above carrying value (2022, same period: USD 2,523.6m, 35% above carrying value).

TORM´s liquidity position by the end of Q3 2023 was USD 389.8m including restricted cash of USD 30.4m and undrawn credit facilities of USD 119.1m (2022, same period: USD 333.5m including restricted cash of USD 14.5m and undrawn credit facilities of USD 95.0m).

Equity

As of 30 September 2023, TORM’s equity was USD 1,569.1m (2022, same period: USD 1,403.4m). The increase was mainly driven by an increase in retained profit as a result of increased freight rates, and secondly by an increase in share premium as a result of the capital increase related to the purchase of three MR product tankers in the partly share-based transaction announced 16 March 2023.

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Cash flow statement

Net cash flow from operating activities for the first nine months of 2023 was USD 610.1m (2022, same period: USD 254.3m). The increase was primarily driven by an increase in TCE and improved working capital movements, mainly related to trade receivables.

Net cash flow from investing activities for the first nine months of 2023 was USD -350.5m (2022, same period: USD 13.1m), as a result of the purchase and delivery of 10 secondhand vessels.

Net cash flow from financing activities for the first nine months of 2023 was USD -339.8m (2022, same period: USD -188.2m). The decrease was primarily driven by dividends paid of USD 463.2m offset mainly by proceeds from borrowings as a result of higher vessel purchase activities.

Distribution

A dividend of USD 1.46 per share has been approved by the Board of Directors for the third quarter of 2023 with an expected total value of USD 123.2m. The distribution is in line with TORM’s Distribution Policy based on liquidity available for distribution amounting to USD 123.4m (cash position (USD +270.7m) plus working capital facilities (USD +119.1m) less restricted cash (USD -30.4m), earmarked proceeds (USD -76.5m) and cash position related to Marine Exhaust Technology A/S (USD -4.7m) adjusted for a cash reservation per vessel of USD 1.8m equivalent to USD 154.8m for 86 vessels).

According to TORM's distribution policy, earmarked proceeds can be used for future vessel acquisitions, and earmarked proceeds not used for earmarked purposes within 12 months are intended to be used for distributions. The Board of Directors will assess whether the current earmarked proceeds should be kept for potential future vessel acquisitions or distributions in the form of dividends or acquisition of treasury shares.

The product tanker market

Market developments in Q3 2023

The product tanker market remained volatile in the third quarter of 2023 with rates retreating from the high levels seen in late 2022 and early 2023. Nevertheless, rates remained significantly above the levels prevailing before the Russian invasion of Ukraine, which led to a significant change in EU imports from previously short haul to predominantly long haul.

Freight rates temporarily dipped over the summer due to seasonally lower Russian clean petroleum product exports as well as continued draw from diesel inventories in Europe leading to a temporary release of global capacity. However, rates recovered in the latter part of the quarter, as increasing exports from the US Gulf combined with delays at the Panama Canal kept the Americas market elevated during the third quarter, just as ramp-up of new refineries in the Middle East and release of new export quotas in China supported the markets in the East.

At the end of the third quarter, Russia introduced a temporary ban on diesel and gasoline exports, however, with limited effect on the market, as the ban was lifted two weeks later.

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The product tanker market - Continued

Market outlook

The beginning of the fourth quarter was adversely impacted by high refinery maintenance activity in the Middle East and India which limits the diesel flows from East to West. Towards the end of the quarter, the situation is expected to reverse and diesel flows are expected to pick up, amplified by Europe’s need to rebuild inventories as well as ramp-up at new refineries in the Middle East. El Niño and low water levels in the Panama Canal are expected to continue to distort traditional product trades in the Americas, resulting in more inefficient trade patterns, which will support the MR markets both in the West and the East.

In the medium term (2-3 years), the market is expected to be supported by high capacity utilization and low newbuilding deliveries (both product and crude tankers) as well as by fundamental changes in the oil market with refineries closing down in importing regions such as Australia and New Zealand, while new refining capacity is being added in the Middle East.

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Outlook for Q3 and full-year 2023

Financial outlook for 2023

To assess our financial performance, the number of covered days, interest-bearing bank debt, the TCE market, and EBITDA sensitivity to freight rates are included in our periodic ongoing reporting.

The primary driver for our financial performance is the product tanker market which is highly uncertain and therefore expected to be highly volatile. We expect to maintain relatively stable OPEX on a per vessel day basis, however, with a slightly increasing trend compared to recent historical levels.

Our financial outlook is primarily based on the assumptions described on the preceding pages, and the most important macroeconomic factors affecting our TCE earnings in 2023 are expected to be:

For further information and a detailed description of the most significant risks as of Q3 2023, please refer to Note 24 of TORM’s Annual Report 2022.

We have limited visibility on TCE rates that are not yet fixed with our customers. Hence, these rates may be significantly lower or significantly higher than our current expectations.

For the full-year 2023, TCE earnings are expected to be in the range of USD 1,075–1, 125m (previous outlook: USD 1,050–1, 175m), and EBITDA is expected to be in the range of USD 825–875m (previous outlook: USD 775–900m) based on the current fleet size, including published acquisitions and disposals of vessels. Please refer to page 40 for a definition of TCE earnings.

As of 06 November 2023, TORM had covered 91% of the 2023 full-year earning days at USD/day 36,452. Hence, 9% of the 2023 full-year earning days are subject to change. As 2,692 earning days in 2023 are unfixed as of 06 November 2023, a change in freight rates of USD/day 1,000 will – all other things being equal – impact the EBITDA by USD 2.7m. We expect to have 29,335 earning days in 2023.

Also as of 06 November 2023, 64% of the Q4 2023 earning days was covered at USD/day 38,822. For the individual segments, the Q4 2023 coverage was 62% at USD/day 47,126 for LR2, 75% at USD/day 39,932 for LR1 and 62% at USD/day 36,715 for MR.

Disclaimer on financial outlook

The purpose of this Financial Outlook for 2023 is to comply with reporting requirements for Companies listed in Denmark. Actual results may vary, and this information may not be accurate or appropriate for other purposes. Information about our financial outlook for 2023, including the various assumptions underlying it, is forward-looking and should be read in conjunction with the Safe Harbor Statements on page 11, and the related disclosure and information about various economic, competitive, and regulatory assumptions, factors, and risks that may cause our actual future financial and operating results to differ materially from what we currently expect.

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The information included in this Financial Outlook for 2023 is preliminary, unaudited and based on estimates and information available to us at this time. TORM has not finalized its financial statements for the periods presented. During the course of the financial statement closing process, TORM may identify items that would require it to make adjustments, which may be material to the information provided in this section. As mentioned above, the provided information constitutes forward-looking statements and is subject to risks and uncertainties, including possible adjustments to the financial outlook for 2023.

Coverage 2023-2024

Total earning and covered days in TORM as of 06 November 2023 (excludes the acquisition of eight LR2 vessels announced on 09 November 2023)

As of 06 November 2023, the market value of TORM's FFA and bunker swaps are assessed at a total of USD 2.4m. TORM has covered 744 days of the remainder of Q4 2023 through FFA and bunker swap positions at USD/day 42,439, as well as 443 days of Q1 2024 at USD/day 41,849. Split into quarters, the exposure for MR is: 440 days at USD/day 40,485 in Q4 2023 and 377 days at USD/day 41,114 in Q1 2024. For LR1 the exposure is: 304 days at USD/day 45,236 in Q4 2023 and 65 days at USD/day 46,108 in Q1 2024. The coverage tables below include both FFA contracts and the physical fleet.

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Actual no. of days can vary from projected no. of days primarily due to vessel sales and delays of vessel deliveries. Total available earning days are defined as total calendar days less off-hire days.

The coverage figures include FFA positions. The FFA positions are covering two trades, all carrying clean products. The first is a triangulation route from the European Continent to the US Atlantic Cost (TC2), followed by a haul from the US Gulf back to the European Continent (TC14) for the MR fleet. The second is a round trip from the Middle East Gulf to Japan (TC5) and back for the LR1 fleet. Both trades are representative of their vessel type and the geographical location and are supported by adequate trading volumes in the futures market.

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Earnings Data

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¹⁾ Total available earning days = Total calendar days less off-hire days

²⁾ Spot rates = Time Charter Equivalent Earnings for all charters with less than six months’ duration.

³⁾ TCE = Time Charter Equivalent Earnings. Please refer to the glossary on pages 33 to 40.

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TORM fleet development

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The table shows TORM’s operating fleet. In addition to 62 owned product tankers, TORM had 24 vessels under sale-and-leaseback agreements with options to buy back the vessels as of 30 September 2023 (financially reported as owned vessels in accordance with our accounting policies).

During Q3 2023, TORM sold and delivered one MR vessel (TORM Freya) to its new owner. In connection with TORM’s refinancing earlier in the year, six leased MR vessels (TORM Titan, TORM Torino, TORM Australia, TORM New Zealand, TORM Singapore, and TORM Malaysia) have been refinanced by debt financing and thus moved from leased to owned vessels.

In Q3 2023, TORM sold two LR1 vessels (TORM Ismini and TORM Estrid) that are both expected to be delivered to its new owners in November 2023.

After the end of Q3 2023, TORM has sold one LR2 vessel (TORM Marina) and two MR vessels (TORM Kansas and TORM Thyra) that are expected to be delivered to its new owners in November and December.

After the end of Q3 2023, TORM has acquired four MR vessels that are expected to be delivered in Q4 2023 for a total cash consideration of USD 75m and the issuance of 2.68 million shares. The four MR vessels have all been built at Tier 1-Korean yards in 2015-2016 and have fuel-efficient eco vessel specifications. The cash element of the transaction is expected to be financed through traditional bank financing, and in connection with each of the four deliveries, TORM will issue shares corresponding to 50% of the consideration.

After the end of Q3 2023, TORM has acquired eight LR2 vessels, of which one vessel is expected to be delivered in late Q4 2023 and seven vessels in Q1 2024 for a total consideration of USD 399m, with a cash consideration of USD 239m and the issuance of approx. 5.5 million shares. The vessels have all been built at the Tier 1-Korean yard Hyundai Samho Heavy Industries in 2010-2012 and have fuel-efficient eco vessel specifications. The cash element of the transaction is expected to be financed through a combination of different debt financing sources. TORM will issue the relevant shares in connection with the eight deliveries.

TORM fleet development

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Responsibility statement

We confirm that to the best of our knowledge

By order of the Board of Directors

Jacob Meldgaard

Executive Director

09 November 2023

Disclaimer

The interim report has been prepared solely to provide additional information to shareholders to assess the Group’s strategies and the potential for those strategies to succeed. The interim report should not be relied on by any other party or for any other purpose.

The interim report contains certain forward-looking statements. These statements are made by the Directors in good faith based on the information available to them up to the time of their approval of this report. Such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking statements.

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Safe harbor statement as to the future

Matters discussed in this release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as, but not limited to, “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “may”, “should”, “expect”, “pending” and similar expressions or phrases may identify forward-looking statements. The forward-looking statements in this release are based upon various assumptions, many of which are, in turn, based upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, the Company cannot guarantee that it will achieve or accomplish these expectations, beliefs, or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, our future operating or financial results; changes in governmental rules and regulations or actions taken by regulatory authorities; the central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates; inflationary pressure; increased cost of capital or limited access to funding due to EU Taxonomy or relevant territorial taxonomy regulations; general domestic and international political conditions or events, including “trade wars”, the conflict between Russia and Ukraine and the developments in the Middle East, including the armed conflict in Israel and the Gaza Strip; changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers’ abilities to perform under existing time charters; changes in the supply and demand for vessels comparable to ours and the number of newbuildings under construction; the highly cyclical nature of the industry that we operate in; the loss of a large customer or significant business relationship; changes in worldwide oil production and consumption and storage; risks associated with any future vessel construction; our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions planned; availability of skilled crew members other employees and the related labor costs; work stoppages or other labor disruptions by our employees or the employees of other companies in related industries; the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our ESG policies; Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery; effects of new products and new technology in our industry, including the potential for technological innovation to reduce the value of our vessels and charter income derived therefrom; new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or imposed by regional or national authorities such as the European Union or individual countries; the impact of an interruption in or failure of our information technology and communications systems, including the impact of cyber-attacks, upon our ability to operate; potential conflicts of interest involving members of our board of directors and senior management; the failure of counterparties to fully perform their contracts with us; changes in credit risk with respect to our counterparties on contracts; our dependence on key personnel and our ability to attract, retain and motivate key employees; adequacy of insurance coverage; our ability to obtain indemnities from customers; changes in laws, treaties or regulations; our incorporation under the laws of England and Wales and the different rights to relief that may be available compared to other countries, including the United States; government requisition of our vessels during a period of war or emergency; the arrest of our vessels by maritime claimants; any further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries; potential disruption of shipping routes due to accidents, climate-related incidents, environmental factors, political events, public health threats, acts by terrorists or acts of piracy on ocean-going vessels; the impact of adverse weather and natural disasters; damage to storage and receiving facilities; potential liability from future litigation and potential costs due to environmental damage and vessel collisions; and the length and number of off-hire periods and dependence on third-party managers. In the light of these risks and uncertainties, undue reliance should not be placed on forward-looking statements contained in this release because they are statements about events that are not certain to occur as described or at all. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions or updates to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Please see TORM’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of certain of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

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Condensed consolidated income statement

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Notes 5 and 8-12 are on pages 25 to 29.

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Condensed consolidated statement of comprehensive income

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Condensed consolidated balance sheet

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