TORM is a pure-play product tanker company that owns and operates a fleet of vessels engaged in the seaborne transportation of refined oil products for global energy markets. The company generates revenue by chartering its tankers on spot voyage contracts, shorter-term time charters, and spot trading arrangements to oil companies and independent traders who need petroleum product transportation. The business model exposes TORM to cyclical and volatile freight rates driven by supply and demand for oil products, global vessel capacity, macroeconomic conditions, geopolitical events, and energy transition trends, with earnings heavily dependent on daily charter rates and strategic fleet investment decisions aligned with market cycles.