TORM is one of the world's largest product tanker operators, running a fleet of 93 owned or chartered-in vessels that transport clean petroleum products — gasoline, jet fuel, kerosene, naphtha, and gas oil — for oil majors, state-owned oil companies, and trading houses. TORM operates three vessel classes: LR2s (~114,000–119,000 DWT), LR1s (~74,000–75,000 DWT), and MRs (~46,000–52,000 DWT), all managed as a single internal pool and deployed primarily in the spot market. TORM earns revenue by charging customers per voyage, with earnings driven by the number of vessels in service, utilization, and prevailing spot freight rates. The key revenue metric is TCE (time charter equivalent) rate — daily earnings per vessel net of voyage costs. With roughly 8,000 earning days per quarter, a $1,000/day change in fleet-wide TCE rates moves quarterly EBITDA by approximately $8M. TORM handles commercial management, technical management, crewing, and vessel buying and selling in-house under what it calls the "One TORM" platform, arguing this drives above-market TCE rates and cost discipline. TORM has installed scrubbers on 85 vessels, allowing them to burn cheaper high-sulfur fuel in international waters. The company actively recycles its fleet, buying second-hand vessels opportunistically and selling older tonnage, typically around 17–20 years of age. TORM distributes excess cash quarterly as dividends, targeting free cash flow after debt service with payout ratios generally ranging from roughly 67% to 82% of net profit.