Sign in

    John Chappell

    Senior Managing Director and Senior Equity Analyst at Evercore ISI

    Jonathan Chappell is a Senior Managing Director and Senior Equity Analyst at Evercore ISI, specializing in marine and surface transportation equities with coverage of major shipping companies, public shipowners, and offshore services firms. Renowned for his top-ranked research, Chappell has consistently retained the No. 1 position in Institutional Investor and Extel’s annual rankings for shipping equity research and has been recognized for stock-picking and estimates accuracy by the Wall Street Journal, Thomson Reuters, Financial Times, Starmine, and Forbes. He began his career in equity research in 1996, working at Value Line and J.P. Morgan, before joining Evercore ISI as Managing Director in 2011. Chappell holds a B.S. summa cum laude in Management-Finance from Binghamton University and is a Chartered Financial Analyst.

    John Chappell's questions to TORM (TRMD) leadership

    John Chappell's questions to TORM (TRMD) leadership • Q2 2025

    Question

    John Chappell of Evercore ISI asked about the key drivers behind the remarkable stability in TCE rates over the last three quarters and whether this consistency restricts TORM's operational or strategic flexibility. He also inquired if the recent major refinancing would lead to a higher dividend payout ratio in the future.

    Answer

    CEO Jacob Milkgaard explained that the stable rate environment provides a solid foundation for potential upside from factors like increased OPEC production and stretched trade routes, and it does not restrict the company's agility. CFO Kim Balle confirmed that the new financing is expected to lower the cash flow breakeven in 2026, which should support a higher dividend payout ratio, suggesting a level around 75-80% would be reasonable.

    Ask Fintool Equity Research AI