VESSELS AND CAPITALIZED DRY-DOCKING
Jun. 30, 2025
30 June | 30 June | 31 December | |
USDm | 2025 | 2024 | 2024 |
Cost | |||
Balance as of beginning of period | 3,500.9 | 2,622.1 | 2,622.1 |
Additions | 58.6 | 428.3 | 792.7 |
Disposals | -22.1 | -7.2 | -20.7 |
Transferred from prepayments | — | 141.0 | 197.5 |
Transferred to assets held for sale | -160.4 | -43.7 | -90.7 |
Balance | 3,377.0 | 3,140.5 | 3,500.9 |
Depreciation | |||
Balance as of beginning of period | 660.6 | 536.3 | 536.3 |
Disposals | -22.0 | -7.2 | -20.7 |
Depreciation for the period | 102.6 | 87.5 | 186.7 |
Transferred to assets held for sale | -67.3 | -19.5 | -41.7 |
Balance | 673.9 | 597.1 | 660.6 |
Impairment | |||
Balance as of beginning of period | 13.6 | 15.6 | 15.6 |
Transferred to assets held for sale | -2.2 | -0.9 | -2.0 |
Balance | 11.4 | 14.7 | 13.6 |
Carrying amount | 2,691.7 | 2,528.7 | 2,826.7 |
Included in the carrying amount for "Vessels and capitalized dry-docking" are capitalized dry-
docking costs in the amount of USD 121.9m (30 June 2024: USD 81.0m, 31 December 2024:
USD 108.2m).
Depreciation for the six months ended 30 June 2025 related to "Other plant and operating
equipment" amounts to USD 0.5m (30 June 2024: USD 0.7m, 31 December 2024: USD 1.8m) and
related to “Land and buildings”amounts to USD 1.4m (30 June 2024: USD 1.3m, 31 December
2024: USD 2.5m).
Impairment Assessment
For determination of the vessel values, TORM has carried out an impairment indicator assessment
and has found no indication of impairment, and therefore, TORM does not find any need to
reassess the recoverable amount as of 30 June 2025.
NOTE 3 - continued
Non-current Assets Sold During the Period
30 June | 30 June | 31 December | |
USDm | 2025 | 2024 | 2024 |
Sold and delivered during the year | |||
Number of vessels | 4 | 1 | 4 |
Vessel sales price (CF) ¹⁾ | 78.5 | 22.7 | 84.2 |
Carrying amount of vessels and capitalized dry-docking | -59.8 | -10.9 | -47.0 |
Bunker and lube oil cost | -2.2 | -0.7 | -1.5 |
Transaction costs (CF) ²⁾ | -1.6 | -0.7 | -1.6 |
Profit on sale | 14.9 | 10.4 | 34.1 |
Sold last year and delivered during the year | |||
Number of vessels | — | 3 | 3 |
Vessel sales price (CF) | — | 67.3 | 67.3 |
Carrying amount of assets held for sale | — | -47.2 | -47.2 |
Bunker and lube oil cost | — | -2.0 | -2.0 |
Transaction costs (CF) | — | -0.9 | -0.9 |
Profit on sale | — | 17.2 | 17.2 |
Assets held for sale | |||
Number of vessels held for sale end of period | 2 | 1 | — |
Carrying amount | 31.1 | 12.4 | 0.0 |
¹⁾ Includes sales price for one vessel of USD 18.9m at 31 December 2024, where cash was collected in 2025
²⁾ Includes transaction costs for one vessel sale of USD 0.5m at 31 December 2024, which was paid in 2025
CF: Included in Sale of tangible fixed assets in Consolidated Cash Flow Statement
The assets held for sale are expected to be delivered during the third quarter of 2025.