Fearnley Securities believes Danish owner-operator Torm could benefit from charterers looking to fix product tankers on longer terms in expensive freight markets.
The company logged net earnings of $209.2m in the first quarter, against $153.6m in the same period of 2023, as rates rose.
“As we are approaching the third year of strong earnings in the product tanker segment, there are now signs that counterparties are considering hedging against a continued strong market through longer-term time charters,” analyst Fredrik Dybwad said.
