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    Srude Morado

    Senior Analyst at Clarksons Securities

    Srude Morado is a Senior Analyst at Clarksons Securities, specializing in equity research within the global shipping and maritime sectors. Morado covers leading industry names including Frontline, Golden Ocean Group, and Euronav, and is known for sharp market insights and timely investment recommendations that have yielded strong performance, with a track record of high accuracy on company earnings forecasts. Since joining Clarksons Securities in 2017, Morado has contributed to the firm’s reputation for sector expertise, building on prior analytical roles in Norwegian financial institutions. As a credentialed professional, Morado holds relevant securities licenses and maintains a robust compliance record, earning recognition for analysis that guides institutional investors and funds.

    Srude Morado's questions to TORM (TRMD) leadership

    Srude Morado's questions to TORM (TRMD) leadership • Q2 2025

    Question

    Srude Morado of Clarksons Securities asked for clarification on whether the recent surge in CPP tonne-miles was driven more by trade volumes or sailing distances. He also inquired about the specific timeline for the positive market effects from upcoming refinery closures and questioned the potential threat of sanctioned Aframaxes re-entering the conventional market.

    Answer

    CEO Jacob Milkgaard confirmed the tonne-mile increase was a combination of both higher volumes and longer sailing distances, particularly as Middle East to Europe trade flows increased to replenish low inventories. He specified that European refinery closures are expected by the end of 2025, with U.S. West Coast closures following in mid-2026. He downplayed the threat from sanctioned vessels, arguing many would struggle to return to the mainstream fleet due to poor maintenance and commercial unacceptability.

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