10 Worst Performing Energy Stocks in 2024

4. TORM plc (NASDAQ:TRMD)

1-Year Performance as of January 21: -44.18%

Market Cap as of January 21: $1.89 Billion

Number of Hedge Fund Investors: 25

TORM plc (NASDAQ:TRMD) is a prominent international marine shipping company specializing in transporting petroleum products. The company manages a fleet of around 90 product tanker vessels, which are designed to transport energy and refined petroleum products from refineries.

TORM plc (NASDAQ:TRMD) has been actively renewing and expanding its fleet to improve operational efficiency and capitalize on market opportunities. Recently, the company purchased eight second-hand MR vessels for $340 million, built between 2014 and 2015 at Hyundai Mipo Dockyard, these vessels are part of its ongoing fleet replenishment program. Furthermore, TORM plc (NASDAQ:TRMD) remains focused on maintaining a robust cash position and a secure debt maturity profile. With no major capital expenditure commitments, the company enjoys the financial flexibility to pursue new opportunities as they emerge. Additionally, the company is dedicated to sustainability and innovation, ensuring its operations comply with evolving industry standards and environmental regulations.

TORM plc (NASDAQ:TRMD) is also focusing on leveraging current market dynamics influenced by geopolitical tensions and the restructuring of global trade routes. The company has observed a shift in trade patterns favoring longer distances, driven by sanctions on Russia and Houthi attacks in the Middle East. These developments have led to longer voyages and increased ton-mile demand, resulting in a tight supply-demand balance in the product tanker market. With a fleet optimized for long-haul trade, the company is well-positioned to benefit from these trends.