Distribution policy
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 of Directors taking into consideration TORM’s capital structure, strategic opportunities, future obligations and market trends. In addition to dividends, TORM will also consider share repurchases.