Product tanker owner Torm has announced record profits for 2022, but is already forecasting an improvement this year.

“2022 was a year for Torm where we captured the full value of a strong market,” said chief executive Jacob Meldgaard.

“The changing market dynamics have lifted rates to new highs.”

Ebitda for 2022 was $743m, the Danish company’s best ever, and up from $137m the year before.