Jacob Meldgaard

Chief Executive Officer (and Executive Director), TORM plc

Search every verified Jacob Meldgaard interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. During Torm's second quarter 2023 results conference call on August 14, 2023, CEO Jacob Meldgaard reported that the company achieved its strongest second quarter in history. He stated that Torm realized a time charter equivalent (TCE) of $308 million and an EBITDA of $237 million, adjusted for unrealized gains on FFA contracts of $37 million. Profit before tax increased 72% to $184 million compared to the same period the previous year. Meldgaard also noted that the board of directors approved a dividend of $1.50 per share for the second quarter, with an expected distribution of approximately $126.6 million in September. Meldgaard discussed the company's fleet expansion, including the delivery of seven LR1 vessels acquired in early January and three MR vessels acquired in March, as well as the sale of one LR1 vessel. He highlighted that over the past 12 months, Torm had paid out a total of $578 million, equivalent to 74% of net profit generated in the period, while strengthening its financial position. He also addressed the costs associated with maintaining vessels over 15 years old, noting that passing certain regulatory requirements could involve additional capital expenditure of between $500,000 and $1 million per vessel.