Distribution

Third quarter 2023 dividends

On 9 November 2023, TORM announced that a dividend of USD 1.46 per share is declared to its shareholders. The dividend value in DKK is 9.99. The last day of trading, while still being eligible for dividends, will be 20 November 2023. Ex-dividend date will be 21 November 2023 and Record date will be 22 November 2023. Dividends will be paid to shareholders on the 5 December 2023.

Transfer of shares between Nasdaq Copenhagen and Nasdaq New York will not be possible from and including 20 November 2023 to and including 22 November 2023.

Distribution policy

TORM intends to distribute on a quarterly basis excess liquidity above a fixed threshold cash level as at the balance sheet day. For each quarter, the threshold cash level will be determined as the product of cash requirement per vessel and the number of owned and leased vessels in TORM’s fleet as at the balance sheet day. Excess liquidity is determined as TORM’s readily available liquidity less the threshold cash level. The readily available liquidity is defined as i) TORM’s cash balance at the last day of the quarter preceding the relevant distribution date excluding restricted cash, plus ii) undrawn amounts on TORM’s working capital facilities, minus iii) proceeds received from vessel sales, or additional proceeds from vessel refinancing, or securities offerings in the past 12 months earmarked for share repurchases, debt prepayment, vessel acquisitions, or general corporate purposes.

The cash requirement per vessel is fixed at:

• USD 1.5m for 30 June 2022
• USD 1.8m for 30 September 2022 onwards