1 2 Ma y 2 0 1 6

Q1 2016 RESULTS

2

SAFE HARBOR STATEMENT

Matters discussed in this release may constitute forward-looking statements. 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 statements other than statements of historical facts. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions generally identify forward-looking statements.

The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, 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 the strength of the world economy and currencies, changes in charter hire rates and vessel values, changes in demand for “ton miles” of oil carried by oil tankers, the effect of changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in TORM’s operating expenses, including bunker prices, dry-docking and insurance costs, changes in the regulation of shipping operations, including requirements for double hull tankers or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents, political events or acts by terrorists.

In light of these risks and uncertainties, you should not place undue reliance 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 to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

3

• Highlights

• Product Tanker Market Overview and Outlook

• Financial and Operating Performance

AGENDA

4

Product tanker

market

Corporate

events

• TORM anticipates to distribute USD 25m in dividends in September 2016 with the intention to subsequently distribute 25 to 50% of Net

Income on a semi-annual basis

• New corporate structure of the TORM Group has been established including the insertion of a UK parent company, TORM plc, a delisting of

TORM A/S and a listing of TORM plc on Nasdaq Copenhagen

• Squeeze-out process ongoing in which TORM plc will acquire the remaining shares from the non-accepting TORM A/S minority shareholders

• TORM has secured financing for the LR2 newbuildings of up to USD 115m (up to 60%) at attractive terms

Sales &

Purchase

• Delivery of the last three MR newbuildings during the first quarter of 2016

• Second-hand values have been under pressure due to limited available financing and an increase in sale candidates

• The value of TORM’s product tanker fleet has decreased by USD 140m (~7%) in the first quarter of 2016

Q1 2016

Results

HIGHLIGHTS FOR THE FIRST QUARTER OF 2016

• EBITDA of USD 70m and Profit before tax of USD 31m, which is in line with guidance

• RoIC of 10% and Earnings per share of USD 0.5 (or DKK 3.3)

• Net Asset Value estimated at USD 1,069m, corresponding to a NAV/share of USD 16.8 or DKK 109.1

• For the full year 2016, TORM expects:

‒ EBITDA in the range of USD 250-330m

‒ Profit before tax in the range of USD 100-180m

2016

guidance

• TORM’s achieved product tanker freight rates across segments has been at USD/day ~20,000, which is in line with the fourth quarter of 2015

despite a generally softer market

• Refinery utilization has been high throughout the first quarter of 2016, however negatively impacted by high gasoline and diesel stocks and a

warm winter in the northern hemisphere

• In the East, a high number of newbuilding deliveries have negative impacted the market

5

EBITDA OF USD 70M AND A POSITIVE PBT OF USD 31M FOR Q1 2016

• EBITDA of USD 70m and a positive profit

before tax of USD 31m for Q1 2016

• Q1 2016 Equity of USD 1,001m and

cash and cash equivalents of USD 123m

• Q1 2016 RoIC of 10.1% and Earnings

per share of USD 0.5 (or DKK 3.3)

• Q1 2016 Tanker freight rates of USD/day

19,845

USDmQ1 2016

Pro forma

Q1 2015* Q4 2015

Pro forma

2015*

P&L

TCE Earnings 138 146 129 582

Gross profit 80 88 73 361

Sale of vessels 0 0 0 0

EBITDA 70 77 62 319

Profit before tax 31 43 28 188

Balance sheet

Equity 1,001 833 976 976

NIBD 605 652 612 612

Cash and cash equivalents 123 59 168 168

Key figures

Earnings per share (USD) 0.5 - 0.5 -

Returm on Invested Capital (RoIC) 10.1% 14.4% 8.9% 14.1%

Net Asset Value (NAV) 1,069 - 1,169 1,169

Number of vessels (#) 81 78 78 78

Tanker TCE/day (USD) 19,845 22,876 19,757 22,879

Tanker OPEX/day (USD) 7,400 7,346 7,331 7,193

* Pro forma figures for 2015 presented as though the Restructuring occurred as of 1 January 2015 and include the combined TORM and Njord fleet

6

• Highlights

• Product Tanker Market Overview and Outlook

• Financial and Operating Performance

AGENDA

7

PRODUCT TANKER FREIGHT RATES EASED DURING Q1 2016 YET PARTLY OVERPERFORMED Q4 2015 RATES

Source: Clarksons. Spot earnings: LR2: TC1 Ras Tanura-> Chiba, LR1: TC5 Ras Tanura-> Chiba and MR: average basket of Rotterdam->NY, Bombay->Chiba, Mina Al Ahmadi->Rotterdam, Amsterdam->Lome,

Houston->Rio de Janeiro, Singapore->Sidney

FREIGHT RATES IN ‘000 USD/DAY

West

• The market was impacted by high gasoline and diesel stocks in addition

to a warmer-than-usual winter in the northern hemisphere

• The MRs benefitted from increased flows of mixed aromatics from

Europe to China, while diesel flows from the US to Europe eased

• High product stockpiles resulted in discharge delays, impacting the

market positively

• The LR market was positively impacted by the increase in mixed

aromatic trade from Europe to China

• Naphtha arbitrage trade from Europe to the Far East was relatively low

• West African CPP imports stated to increase towards the end of Q1

East

• The market continued to benefit from the recent ramp-up in refinery

capacity in Saudi Arabia and the United Arab Emirates, generating

demand for primarily LR tonnage going both east and west

• During Q1 both the LR and MR markets were negatively impacted by an

increased number of vessels from the mixed aromatic transfers to China

and the delivery of newbuildings – at the same time, long-haul cargoes to

bring tonnage from East to West were scarce, and partly covered by

larger crude tankers carrying refined oil products on their virgin voyage

• The palm oil market was lower than expected due to reduced production

• Some refinery maintenance in the Middle East was observed towards the

end of the quarter

8

DEMAND FOR PRODUCT TANKERS SET TO BE DRIVEN BY GASOLINE TRADE

Note: * US gasoline and distillates demand growth forecast for 2016 is based on EIA STEO April 2016

Sources: EIA, IEA, TORM Research

• After relatively weak refinery margins in Q1 due to high

stockpiles and subdued demand for gasoil/ diesel, margins in

the Atlantic have started to recover on increased gasoline

demand

• Refineries are expected to continue to ramp up runs to meet

strong summer gasoline demand, forecasted to grow by close

to 0.5m b/d y-o-y in Q2 (driven by Asia and North America)

• US gasoline demand rose at the fastest annual rate in almost

40 years in February – FY 2016 growth is set to slow down

from the 2015 level but remain well above the average seen

during 2000-2015

• A shift in China’s demand towards higher quality gasoline

continues to draw in gasoline blending components from

Europe

• Summer holiday season in the northern hemisphere is

expected to lift jet fuel trade

• After weak performance in Q1, global gasoil/diesel demand is

likely to get some support from increased power sector

demand in the Middle East, yet global oversupply and

consequently stockpiles are expected to increase

• Over longer term, refinery rationalization will continue in

Europe and the Pacific, while more capacity will be added in

Asia and the Middle East supporting long-haul trade

• Ton-mile demand for product tankers is forecast to grow by

slightly above 6% p.a. during 2016-2018

US OIL DEMAND GROWTH, Y-O-Y

m b/d

REFINERY NET EXPANSIONS AND OIL DEMAND GROWTH 2014-2018

‘000 b/d

9

SUPPLY OUTLOOK FOR THE PRODUCT TANKER FLEET VARIES BY SEGMENT

NET FLEET GROWTH Y-O-Y (NO. OF VESSELS) • Product tanker ordering was very limited in Q1,

posting the lowest level since Q1 2011

• Product tanker deliveries totaled 3.4m dwt during

Q1 which combined with limited scrapping activity

resulted in a 2% net fleet growth in Q1

• Product tanker order book to total fleet ratio fell by

2.4 percentage points from the end of Q4 2015 to

18.2% at the end of Q1 2016

• In 2016, the fleet is forecasted to expand by 5-6%

in terms of no. of vessels (~7% in terms of dwt)

• The LR2 and LR1 segments are set to lead the

growth, while the MR growth is expected to slow

down from the 2015 level

• The total product tanker fleet is forecasted to grow

by an average of 5% p.a. during 2016-2018 in

terms of no. of vessels (6% in terms of of dwt)

Notes: Increase calculated basis number of vessels. The number of vessels by the beginning of 2016 was: LR2 285, LR1 325, MR 1,496, Handy 678 (includes chemical vessels).

Net fleet growth: Gross order book adjusted for expected scrapping and delivery slippage.

Source: TORM Research

2005-2014 average fleet growth for

LR2, LR1, MR and Handysize

%

10

• Ordering of product tanker newbuildings

has been very limited so far this year

• Second-hand prices came under pressure,

as the list of sales candidates remains

historically long – this resulted in hardly any

second-hand activity as the cap between

owners’ and buyers’ price ideas remained

too wide

• Similarly, lack of financing contributed to

the low activity in the newbuilding and

second-hand markets

Source: Clarksons

USDm

LR1 - Newbuilding MR - Newbuilding

USDm

MR - 5 yr. Second-Hand

USDk/day

MR 1Yr T/C

VESSEL PRICE DEVELOPMENT

LR2 - Newbuilding

PRODUCT TANKER VESSEL PRICES

11

• Highlights

• Product Tanker Market Overview and Outlook

• Financial and Operating Performance

AGENDA

12

Unfixed days

2017 2018

27,569

4,015

17,520

2,5553,479

26,749

3,995

17,599

2,5142,640

Q2 – Q4 2016

19,102

2,837

13,018

1,8371,409

HandyMRLR1LR2

Illustrative change in cash flow generation potential for the TORM fleet

∆ Average TCE/day Q2 – Q4 2016 2017 2018

USD 2,000 38.2 53.4 55.1

USD 1,000 19.1 26.7 27.6

USD (1,000) (19.1) (26.7) (27.6)

USD (2,000) (38.2) (53.4) (55.1)

USDm

# of days

Of total earning days 87% 93%

TORM HAS SIGNIFICANT OPERATING LEVERAGE IN THE

PRODUCT TANKER MARKET

93%

13

Notes:

• Peer gorup is based on Ardmore (split by ECO and ECO-modified), d’Amico, Frontline 2012, Norden, BW, Teeday Tankers and Scorpio

• Q1 2016 figures are missing for Frontline 2012, Teekay Tankers

• BW reporting is based on prospectus in 2015

USD/day

PEER COMPARISON SHOWS THAT TORM HAS CONTINUED TO PERFORM COMMERCIALLY DESPITE FINANCIAL DIFFICULTIES AND AN OLDER FLEET

14

PRO FORMA OPEX HAS SHOWN A FLAT TREND

7,500

7,000

6,500

0

10,000

9,500

9,000

8,500

8,000

USD/operating day

Handysize

MR

LR1

LR2

Q1 16Q4 15Q3 15Q2 15Q1 15Q4 14Q3 14

15

TORM operates on a fully integrated commercial and

technical platformTORM has trimmed administration expenses significantly

Admin. expenses (quarterly avg. in USDm)

• TORM’s operational platform handles all commercial and

technical operation

• The integrated business model provides TORM with the highest

possible trading flexibility and earning power

• TORM manages

‒ ~80 vessels commercially

‒ ~75 vessels technically

• TORM has a global reach with offices in Denmark, India, the

Philippines, Singapore, the UK and the USA

• Average admin cost per earning day for Q1 of USD/day 1,550

• Outsourced technical and commercial management would

affect other line items of the P&L

TORM HAS A FULLY INTEGRATED BUSINESS MODEL AND ADMIN EXPENSES ARE TRENDING SIGNIFICANTLY DOWN

0 2 4 6 8 10 12 14 16 18 20 22 24

2015*

2014

2013

2012 -52%

1Q 2016

2011

2010

2009

2008

* Pro forma figures for 2015 presented as though the Restructuring occurred as of 1 January 2015 and include the combined TORM and Njord fleet

16

TORM’S NET ASSET VALUE ESTIMATED AT USD 1,069M

36123173

728210

Net Asset

Value

1,069

Working

Capital

CashCommitted

CAPEX

Outstanding

debt

Total vessel

value

1,812

Value of

newbuildings

Value of

vessels

on water

1,602

LTV of 50%

• Based on broker values, TORM’s vessels

including newbuildings were estimated at

USD 1,812m as of 31 March 2016

• With an outstanding debt of USD 728m

and committed CAPEX of USD 173m,

TORM’s Loan-to-Value was at 50%

ensuring a strong capital structure

• Adjusting for cash and working capital,

TORM’s Net Asset Value (NAV) was

estimated at USD 1,069m

• On a per share basis*, the NAV was

estimated at USD 16.8 and DKK 109.5

31 March figures, USDm

* Calculated based on 63,826,439 shares and USD/DKK fx rate of 6.54

17

TORM has, in order to allow for dividend

payments, terminated the cash sweep

mechanism under the term facility and will

start to pay fixed amortization from third

quarter of 2016

Ample headroom under our attractive

covenant package:

Loan-to-Value (depending on facility)

Minimum liquidity: USD 75m*

Minimum book equity ratio: 25%

(adjusted for market value of vessels)

* Of which USD 20m must be cash or cash equivalent

** Excludes any potential financing related to the share repurchase conducted in the squeeze-out of up to a maximum of approximately USD 35m

57

13973

8669728

Hereafter

304

2020

repayment

2019

repayment

2018

repayment

2017

repayment

ROY 2016

repayment**

Debt as of

31 Mar. 2016

1738662

24

Total201820172016

75123

Available

debt facility

Cash position

CAPEX commitments Available liquidity

CAPEX and liquidity as of 31 March 2016 (USDm)

TORM is well-positioned to service future

CAPEX and debt commitments

TORM has obtained binding committment

for financing of the LR2 newbuildings of

up to USD 115m (up to 60% financing)

with 12 years maturity at attractive terms

Strong operational cash flows expected in

2016

Scheduled debt repayments (USDm)

100% 9% 12% 10% 19% 8% 42%

TORM HAS A FAVOURABLE FINANCING PROFILE AND STRONG LIQUIDITY POSITION

Financing of LR2

newbuildings

Total available

liquidity

313

198

115

18

EBITDA

(USDm)

Profit before

tax (USDm)

Earnings per

Share (USD)

2016 full-year result USD/day 1,000

freight rate change

250 – 330 +/- 19

100 –180 +/- 19

+/- 38

+/- 38

+/- 0.3

FORECASTED EBITDA IN THE RANGE OF USD 250M TO USD 330M FOR FY2016

With 19,102 unfixed earning days as of 31 March 2016, TORM’s financial result is highly exposed to freight

rate fluctuations

USD/day 2,000

freight rate change

1.7 – 2.8

Earning per

Share* (DKK)+/- 2.011.2 – 18.3

* Earning per Share in DKK is calculated assuming an USD/DKK fx rate of 6.53 and 63.8m shares

+/- 0.6

+/- 3.9

19

TORM INTENDS TO DISTRIBUTE 25 TO 50% OF NET INCOME FOLLOWING AN INITIAL FIXED PAYMENT OF USD 25M IN Q3 2016

TORM’s distribution policy Ongoing share purchase

Initial dividend in September

• Expected fixed dividend by September 2016 of USD

25.0m. With semi-annual distributions, this corresponds to;

− USD 0.783 pr. share (approx. DKK 5.10)*

− Yield of 6.0%** based on share price from 11 May 2016

Policy onwards

• 25 to 50% of net income distributed semi-annually either

as dividend and/or share repurchase

• Policy will be periodically reviewed

* Assuming fx rate of 6.51 USD/DKK and 63.8m shares outstanding

** Assuming share parice of DKK 84.5, fx rate of 6.51 USD/DKK and 63.8m shares outstanding

Corporate Reorganization

• On 15 April 2016, TORM established a new corporate

structure of the TORM Group including the insertion of

a UK parent company, TORM plc, a delisting of TORM

A/S and a listing of TORM plc on Nasdaq Copenhagen

• The Corporate Restructuring was supported by 95.9%

of TORM A/S’ shareholders, and TORM plc will acquire

the shares from the remaining TORM A/S minority

shareholders not accepting the transfer

• TORM plc may purchase shares for an amount of up

to approx. USD 35m covering up to 4.1% of the

outstanding TORM A/S shares

• Final outcome to be announced 25 May 2016

APPENDIX

21Strong capital structure Selective fleet growth

One TORM – Superior integrated operating platformPure-play product tanker owner

TORM AIMS TO BE REGARDED AS THE REFERENCE COMPANY IN THE PRODUCT TANKER SEGMENT

One TORM – Superior integrated operating platform

Global

scaleOne

TORM

Financial

flexibilityGrowth

Active in all large segments to meet customer demands

~80 owned product tankers

Primarily spot-orientated

Limited T/C-in (off-balance sheet)

commitments

In-house technical and commercial management (preferred by

customers)

Enhanced responsiveness to

customers and higher TCEs

Cost-efficient without leakages

May serve as consolidator

Selective growth based on

projected financial returns

In-house S&P team with relationships with

brokers, yards, banks and shipowners

Focused on profitabilityModerate debt levels with

attractive debt profile

Financial strength to pursue growth

Strong balance sheet gives a competitive advantage

when pursuing vessel acquisitions from lenders and yards

Semi-annual distribution policy of 25 to 50% of net income (after

fixed payment of USD 25m in September 2016)

22

FLEET UPDATE

PER 31.03.2016

Please note: TORM has the option to purchase up to six additional vessels within the LR2, LR1 or MR segment with expected delivery in 2018 and 2019

# of vessels

Q4 2015 Changes Q1 2016 Changes EoY 2016 Changes EoY 2017 Changes EoY 2018

Owned vessels

LR2 8 - 8 - 8 1 9 3 12

LR1 7 - 7 - 7 - 7 - 7

MR 48 3 51 - 51 - 51 - 51

Handysize 11 - 11 - 11 - 11 - 11

Total 74 3 77 - 77 1 78 3 81

Charter-in vessels

LR2 2 - 2 - 2 - 2 -2 0

LR1 0 - 0 - 0 - 0 - 0

MR 2 - 2 - 2 -2 0 - 0

Handysize 0 - 0 - 0 - 0 - 0

Total 4 - 4 - 4 -2 2 -2 0

Total fleet 78 3 81 - 81 -1 80 1 81

23

Seafarers: ~3,000

• 1,300 Filipino seafarers

• 1,100 Indian seafarers

• 170 Danish seafarers

• 200 Croatian seafarers

• 30 Polish seafarers

TORM offices: ~270

A world-leading product

tanker company

• 125+ years of history

• A leading product tanker

owner

Listed on Nasdaq

Copenhagen

Key facts Global footprint based on regional power and presence

TORM employees:

TORM AT A GLANCE

24

Oil product supply chain

Exploration Transportation Refining Transportation Storage/distribution

Crude

oil

Fuel oil Con-

densate

Diesel/

gasoil

Jet fuel/

kero-

sene

Naph-

tha

Gaso-

line

MTBE Ethanol Vege-

table oil

Biofuel

”Dirty products” ”Clean products”

Typical refined oil products carried on TORM’s vessels

PRODUCT TANKERS HAVE COATED TANKS AND HAVE SPECIALLY DESIGNED CARGO SYSTEMS WITH FLEXIBILITY TO TRANSPORT A WIDE RANGE OF DIFFERENT PRODUCTS

25

Jacob Meldgaard

▪ Executive Director in TORM plc

▪ CEO of TORM A/S since April 2010

▪ Previously Executive Vice President of the Danish shipping company NORDEN where he was in charge of the company’s dry cargo division

▪ Prior to that he held various positions with J. Lauritzen and A.P. Møller-Mærsk

▪ More than 20 years of shipping experience

Mads Peter Zacho

▪ Chief Financial Officer

Lars Christensen

▪ Head of Projects

Executive Director

Senior Management

Christian Søgaard-Christensen

▪ Head of Corporate Support

Jesper S. Jensen

▪ Head of Technical Division

MANAGEMENT TEAM WITH AN INTERNATIONAL OUTLOOK AND MANY YEARS OF SHIPPING EXPERIENCE

26

OAKTREE IS THE MAJORITY SHAREHOLDER AND

OWNERSHIP HAS BECOME MORE DISPERSED

TORM’s shares are listed on Nasdaq

Copenhagen under the ticker TRMD A

Shares

• 61.2m A shares, one B share and one C

share (+ up to 2.6m TORM A/S A shares

being squeezed out)

• The B and C shares have certain voting

rights

• A Share has a nominal value of USD/share

0.01

For further company information,

visit TORM at www.torm.com

Share information Ownership has become more dispersed

3162

10001 0

6

1010

100

627

38

TotalRetailInstitutionalOaktree DW unknownParticipants

in

Restructuring

Shareholdings as at Restructuring 2015, %

Estimated shareholdings as at April 2016, %

27

REPORTED KEY FIGURES

USDm* Q1 2016 Q1 2015 2015

Revenue 194 67 540

EBITDA 70 24 210

Profit/(loss) before tax 31 15 127

Balance sheet

Total assets 1,847 645 1,867

Equity 1,001 499 976

NIBD 605 101 612

Cash and cash equivalents 123 37 168

Cash flow statement

Operating cash flow 71 30 214

Investment cash flow -65 -41 -159

Financing cash flow -53 10 75

Financial related key figures

EBITDA margin 36% 36% 39%

Equity ratio 54% 77% 52%

Return on invested capital (RoIC) 10% 11% 13%

* The financial results for 2015 will reflect Oaktree activities in the period from January 2015 until completion of TORM’s Restruc turing (13 July 2015) and the combined entity from completion of TORM’s Restructuring until 31 December 2015.

28

TORM TANKER SPOT RATES VERSUS INDUSTRY BENCHMARK

Source: Clarksons, Spot earnings: LR2: TC1 (Ras Tanura-> Chiba), LR1: TC5 (Ras Tanura-> Chiba), MR: average basket of Rotterdam->NY, Bombay->Chiba, Mina Al Ahmadi->Rotterdam,

Amsterdam->Lome, Houston->Rio de Janeiro, Singapore->Sidney, Handysize: average basket of Augusta->Lavera, Tuapse->Agioi Theodoroi.

TORM spot vs. industry benchmark Q1 2016 (USD/day)

TORM spot vs. industry benchmark last 12 months (USD/day)

Note: Benchmarks are not one-to-one comparisons as they do not take into account broker commission, armed guards and low sulphur fuel costs.

20,000

25,000

30,000

5,000

0

15,000

10,000

35,000

HandysizeMRLR1LR2

TORM Benchmark-6%

0

5,000

35,000

30,000

25,000

15,000

10,000

20,000

HandysizeMRLR2 LR1

TORM Benchmark

+23%+15% +17%

-8% +3% +4% +6%

29

Owned days

PER 31.03.2016

T/C-in days at

fixed rate

T/C-in days at

floating rate

Total physical

days

Coverage

TORM HAS A SPOT-ORIENTED PROFILE IN A STRONG MARKET

2016 2017 2018 2016 2017 2018

LR2 2,165 2,983 4,231

LR1 1,912 2,514 2,555

MR 13,901 18,406 18,615

Handysize 2,939 3,995 4,015

Total 20,918 27,898 29,416

LR2 - - - - - -

LR1 - - - - - -

MR 522 286 - 16,207 16,250 -

Handysize - - - - - -

Total 522 286 - 16,207 16,250 -

LR2 497 728 340

LR1 - - -

MR - - -

Handysize - - -

Total 497 728 340

LR2 2,662 3,711 4,571 1,253 1,071 1,092

LR1 1,912 2,514 2,555 75 - -

MR 14,423 18,691 18,615 1,405 1,092 1,095

Handysize 2,939 3,995 4,015 102 - -

Total 21,937 28,912 29,756 2,835 2,163 2,187

LR2 47% 29% 24% 24,368 24,201 24,194

LR1 4% 0% 0% 25,421 - -

MR 10% 6% 6% 19,320 17,429 17,573

Handysize 3% 0% 0% 18,675 - -

Total 13% 7% 7% 21,689 20,782 20,880

Owned days

Charter-in days at fixed rate Charter-in costs, USD/day

Charter-in days at floating rate

Total physical days Covered days

Covered, % Coverage rates, USD/day