- Business
- TORM plc owns and operates one of the world's largest fleets of product tankers for the seaborne transportation of refined oil products and chemicals, including clean petroleum products such as gasoline, jet fuel, naphtha, and gasoil, as well as dirty petroleum products like crude oil and heavy fuel oils; the company also engages in vessel chartering on time and voyage basis and, through its Marine Engineering segment, develops and produces advanced green marine equipment such as exhaust gas cleaning systems, heat pumps, and energy-saving solutions. Founded in 1889 and headquartered in London, United Kingdom, with key offices in Denmark, the Philippines, India, Singapore, the UK, UAE, and the US, TORM serves global customers including oil refineries, trading companies, and end-users through its modern fleet of approximately 80-90 vessels ranging from 45,000 to 114,000 DWT, with a primary focus on LR2, LR1, and MR classes. In June 2025, TORM acquired full ownership of ME Production, a Danish engineering firm specializing in green maritime technologies, following its initial 75% stake purchase in 2022, to accelerate innovation in environmental solutions; the company also secured up to USD 857 million in financing commitments in July 2025 to refinance existing loans and reported a strengthened liquidity position of USD 652.3 million as of September 2025, while achieving a 40% reduction in CO2 intensity versus 2008 levels ahead of IMO targets.