<SEC-DOCUMENT>0000919574-25-006602.txt : 20251113
<SEC-HEADER>0000919574-25-006602.hdr.sgml : 20251113
<ACCEPTANCE-DATETIME>20251113072852
ACCESSION NUMBER:		0000919574-25-006602
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20251130
FILED AS OF DATE:		20251113
DATE AS OF CHANGE:		20251113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TORM plc
		CENTRAL INDEX KEY:			0001655891
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38294
		FILM NUMBER:		251475404

	BUSINESS ADDRESS:	
		STREET 1:		OFFICE 506
		STREET 2:		20 ST DUNSTAN'S HILL
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC3R 8HL
		BUSINESS PHONE:		44 203 286 6222

	MAIL ADDRESS:	
		STREET 1:		OFFICE 506
		STREET 2:		20 ST DUNSTAN'S HILL
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC3R 8HL

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TORM Ltd
		DATE OF NAME CHANGE:	20151125

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Anchor Admiral Ltd
		DATE OF NAME CHANGE:	20151016
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d12039269_6-k.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using Broadridge PROfile 25.5.1.5318
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Washington, D.C.&#160; 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">FORM 6-K</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-left: 9pt; font-family: 'Times New Roman', serif; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 </div>
    <div style="text-align: center; margin-left: 9pt; font-family: 'Times New Roman', serif; font-weight: bold;">OF THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">For the month of November 2025</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Commission File Number 001-38294</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">TORM plc</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">4th&#160;Floor, 120 Cannon Street, London, EC4N 6AS, United Kingdom</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">(Address of principal executive offices)</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">Form 20-F [X]&#160; &#160; &#160;&#160; Form 40-F [&#160; ]</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Attached to this Report on Form&#160;6-K&#160;as <a href="d12039269_ex99-1.htm">Exhibit 99.1</a> is a copy of the press release of TORM plc (the &#8220;Company&#8221;), dated November 12, 2025, announcing that the Company has
        increased its share capital by an aggregate of 2,395,426 Class A common shares, par value $0.01 per share (&#8220;Class A common shares&#8221;), as a result of the increase in 748,569 Class A common shares in connection with the delivery of one LR2 vessel and
        the increase in 1,646,857 Class A common shares as a result of the exercise of a corresponding number of Restricted Stock Units.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">The information contained in Exhibit 99.1 to this Report on Form 6-K is hereby incorporated by reference into the Company&#8217;s registration
        statement on Form F-3 (File No. 333-283943) that was filed with the U.S. Securities and Exchange Commission effective December 19, 2024.</div>
      <div><br>
      </div>
      <div><br>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SIGNATURES</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
      the undersigned, thereunto duly authorized.</div>
    <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z4c3fa914a64b4d57acfce6d52ffb6e9e">

        <tr>
          <td style="width: 49.88%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 50.12%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">TORM PLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.88%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 50.12%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.88%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Dated: November 13, 2025</div>
          </td>
          <td colspan="3" style="width: 50.12%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.88%; vertical-align: top;">&#160;</td>
          <td style="width: 10.78%; vertical-align: top;">&#160;</td>
          <td style="width: 30.71%; vertical-align: top;">&#160;</td>
          <td style="width: 8.63%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.88%; vertical-align: top;">&#160;</td>
          <td style="width: 10.78%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">By:</div>
          </td>
          <td style="width: 30.71%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">/s/ Jacob Meldgaard</div>
          </td>
          <td style="width: 8.63%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.88%; vertical-align: top;">&#160;</td>
          <td style="width: 10.78%; vertical-align: top;">&#160;</td>
          <td style="width: 30.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Jacob Meldgaard</div>
          </td>
          <td style="width: 8.63%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.88%; vertical-align: top;">&#160;</td>
          <td style="width: 10.78%; vertical-align: top;">&#160;</td>
          <td style="width: 30.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Executive Director and Principal Executive Officer</div>
          </td>
          <td style="width: 8.63%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.88%; vertical-align: top;">&#160;</td>
          <td style="width: 10.78%; vertical-align: top;">&#160;</td>
          <td style="width: 30.71%; vertical-align: top;">&#160;</td>
          <td style="width: 8.63%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.88%; vertical-align: top;">&#160;</td>
          <td style="width: 10.78%; vertical-align: top;">&#160;</td>
          <td style="width: 30.71%; vertical-align: top;">&#160;</td>
          <td style="width: 8.63%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d12039269_ex99-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using Broadridge PROfile 25.5.1.5318
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div><br>
  </div>
  <div>
    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z915f18250c87429cb298941fca5197af">

          <tr>
            <td style="width: 49.98%; vertical-align: middle;">
              <div style="color: #003D4C; font-family: Vitro, Calibri; font-size: 9.5pt;">COMPANY ANNOUNCEMENT</div>
            </td>
            <td style="width: 50.02%; vertical-align: top;">
              <div style="text-align: right;"><img height="42" width="156" src="image00001.jpg"></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="margin-top: 12pt; color: rgb(0, 61, 76); font-family: 'Vitro DemiBold',Calibri; font-size: 18pt; text-align: justify;">TORM plc capital increase in connection with delivery of one LR2 vessel and exercise of Restricted Share
        Units as part of TORM&#8217;s incentive program</div>
      <div><br>
      </div>
      <div style="margin-bottom: 8pt; color: rgb(0, 61, 76); font-family: Vitro,Calibri; text-align: justify;">TORM plc&#8217;s TORM plc (&#8220;TORM&#8221;, Nasdaq ticker TRMD or TRMD A) has increased its share capital by a total of 2,395,426 shares (corresponding to USD
        23,954.26) in connection with delivery of one LR2 vessel and exercise of Restricted Share Units as part of TORM&#8217;s incentive program</div>
      <div style="margin-bottom: 8pt; color: rgb(0, 61, 76); font-family: Vitro,Calibri; text-align: justify;">With reference to Company Announcement no. 22 dated 06 November 2025 where TORM plc (&#8220;TORM") announced the acquisition of one 2010-built LR2
        vessel, TORM plc has increased its share capital by 748,569 shares (corresponding to USD 7,485.69) as a result of the delivery of the vessel. The new shares relate to the settlement of a USD 17.0m allocated loan note issued in connection with the
        vessel delivery and correspond to USD 22.71 per A-share with a nominal value of USD 0.01 each.</div>
      <div style="margin-bottom: 8pt; color: rgb(0, 61, 76); font-family: Vitro,Calibri; text-align: justify;">All of the issued shares will be subject to a lock-up for a period of 40 days commencing on the date such shares are issued (the &#8220;Lock-up
        Period&#8221;) provided that during the Lock-up Period, the newly issued shares may be resold outside of the United States in transactions pursuant to and in compliance with Regulation S of the Securities Act of 1933, including on Nasdaq Copenhagen, but
        may not be resold in the United States.</div>
      <div style="margin-bottom: 8pt; color: rgb(0, 61, 76); font-family: Vitro,Calibri; text-align: justify;">Also, TORM has increased its share capital by 1,646,857 A-shares (corresponding to a nominal value of USD 16,468.57) as a result of the exercise
        of a corresponding number of Restricted Share Units (&#8220;RSUs&#8221;). Hereof 1,558,790 new shares are subscribed for in cash at DKK 0.07 per A-share and 88,067 new shares are subscribed for in cash at DKK 140.2 per share. Transfer restrictions may apply in
        certain jurisdictions outside Denmark, including applicable US securities laws. The capital increase is carried out without any pre-emption rights for existing shareholders or others.</div>
      <div style="margin-bottom: 8pt; color: rgb(0, 61, 76); font-family: Vitro,Calibri; text-align: justify;">The new shares (i) are ordinary shares without any special rights and are negotiable instruments, (ii) give right to dividends and other rights
        in relation to TORM as of the date of issuance and (iii) are expected to be admitted to trading and official listing on Nasdaq Copenhagen as soon as possible.</div>
      <div style="margin-bottom: 8pt; color: rgb(0, 61, 76); font-family: Vitro,Calibri; text-align: justify;">After the capital increase, TORM&#8217;s share capital amounts to USD 1,003,478.57 divided into 100,347,855 A-shares of USD 0.01 each, one B-share of
        USD 0.01 and one C-share of USD 0.01. A total of 100,347,855 votes is attached to the A-shares. The B-share and the C-share have specific voting rights.</div>
      <div style="margin-top: 8pt; margin-bottom: 8pt; color: rgb(0, 61, 76); font-family: Vitro,Calibri; text-align: justify;">Following exercise of 1,258,790 original RSUs granted under the 2023 Retention Program, the Board of Directors has granted
        certain employees (&#8220;Participants&#8221;) adjustment RSUs to reflect the payment of dividend since the relevant grant date. The Participants will be granted a total of 840,874 RSUs in the form of restricted stock options. These adjustment RSUs will not be
        subject to further dividend adjustment and will have to be exercised within the same exercise window as they were issued. They will have a strike price of one US cent.</div>
      <div style="margin-top: 8pt; margin-bottom: 8pt; color: rgb(0, 61, 76); font-family: Vitro,Calibri; text-align: justify;">In addition, the Board of Directors has granted Executive Director Jacob Meldgaard adjustment RSUs following exercise of 300,000
        original RSUs granted under the 2023 Retention Program to reflect the payment of dividend since the relevant grant date. Executive Director Jacob Meldgaard will be granted a total of 200,406 RSUs in the form of restricted stock options with similar
        characteristics as described above.</div>
      <div style="margin-top: 2pt; color: rgb(0, 61, 76); font-family: 'Vitro DemiBold',Calibri;"> <br>
      </div>
      <div style="margin-top: 2pt; color: rgb(0, 61, 76); font-family: 'Vitro DemiBold',Calibri; text-align: justify;">Contact</div>
      <div style="color: rgb(0, 61, 76); font-family: Vitro,Calibri; text-align: justify;">Mikael Bo Larsen, Head of Investor Relations</div>
      <div style="color: rgb(0, 61, 76); font-family: Vitro,Calibri; text-align: justify;">Tel.: +45 5143 8002</div>
      <div style="color: #003D4C; font-family: Vitro, Calibri;"> <br>
      </div>
      <div style="color: #003D4C; font-family: Vitro, Calibri;"> <br>
      </div>
      <div style="color: #003D4C; font-family: Vitro, Calibri;"> <br>
      </div>
      <div style="color: #003D4C; font-family: Vitro, Calibri;">
        <table cellspacing="0" cellpadding="0" id="za8f3f5b2ed3241b6b92e12a8038be3df" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 53.33%; vertical-align: top;">
                <div style="margin-right: 18pt; color: #003D4C; font-family: Vitro, Calibri; font-size: 6pt;">TORM PLC | 120 CANNON STREET<br>
                  LONDON, EC4N 6AS, UNITED KINGDOM | COMPANY: 09818726</div>
              </td>
              <td style="width: 35.53%; vertical-align: top;">
                <div style="margin-right: 18pt; color: #003D4C; font-family: Vitro, Calibri; font-size: 6pt;">COMPANY ANNOUNCEMENT NO. 23</div>
                <div style="margin-right: 18pt; color: #003D4C; font-family: Vitro, Calibri; font-size: 6pt;">12 NOVEMBER 2025</div>
              </td>
              <td style="width: 11.14%; vertical-align: top;">
                <div style="text-align: right; margin-right: 18pt; color: #003D4C; font-family: Vitro, Calibri; font-size: 6pt;">PAGE 1 / 2</div>
              </td>
            </tr>

        </table>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 8pt;"><br>
      </div>
      <div style="margin-bottom: 8pt;">
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z915f18250c87429cb298941fca5197af">

            <tr>
              <td style="width: 49.98%; vertical-align: middle;">
                <div style="color: #003D4C; font-family: Vitro, Calibri; font-size: 9.5pt;">COMPANY ANNOUNCEMENT</div>
              </td>
              <td style="width: 50.02%; vertical-align: top;">
                <div style="text-align: right;"><img height="42" width="156" src="image00001.jpg"></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-bottom: 8pt;"><br>
      </div>
      <div style="margin-top: 2pt; color: rgb(0, 61, 76); font-family: 'Vitro DemiBold',Calibri; text-align: justify;">About TORM</div>
      <div style="font-family: Vitro,Calibri; font-size: 9pt; text-align: justify;"><font style="color: rgb(0, 61, 76);">TORM is one of the world&#8217;s leading carriers of refined oil products. TORM operates a fleet of product tanker vessels with a strong
          commitment to safety. environmental responsibility and customer service. TORM was founded in 1889 and conducts business worldwide. TORM&#8217;s shares are listed on Nasdaq in Copenhagen and on Nasdaq in New York (ticker: TRMD A and TRMD. ISIN:
          GB00BZ3CNK81). For further information, please visit </font><font style="color: rgb(5, 99, 193);"><u>www.torm.com</u></font><font style="color: rgb(0, 61, 76);">.</font></div>
      <div><br>
      </div>
      <div style="margin-top: 6pt; color: rgb(0, 61, 76); font-family: 'Vitro DemiBold',Calibri; text-align: justify;">Safe Harbor Statement as to the Future</div>
      <div style="margin-bottom: 6pt; color: rgb(0, 61, 76); font-family: Vitro,Calibri; font-size: 8pt; text-align: justify;">Matters discussed in this release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995
        provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements reflect our current views with respect to future events and
        financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are statements other than statements of historical facts. The
        Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as, but not limited to,
        &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;targets,&#8221; &#8220;projects,&#8221; &#8220;forecasts,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;possible,&#8221; &#8220;likely,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; &#8220;should&#8221; and similar expressions or phrases may identify forward-looking
        statements.</div>
      <div style="margin-bottom: 6pt; color: rgb(0, 61, 76); font-family: Vitro,Calibri; font-size: 8pt; text-align: justify;">The forward-looking statements in this release are based upon various assumptions, many of which are, in turn, based upon further
        assumptions, including without limitation, management&#8217;s examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when
        made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, the Company cannot guarantee that it will achieve or accomplish these
        expectations, beliefs, or projections.</div>
      <div style="margin-bottom: 6pt; color: rgb(0, 61, 76); font-family: Vitro,Calibri; font-size: 8pt; text-align: justify;">Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking
        statements include, but are not limited to, our future operating or financial results; changes in governmental rules and regulations or actions taken by regulatory authorities; inflationary pressure and central bank policies intended to combat
        overall inflation and rising interest rates and foreign exchange rates; general domestic and international political conditions or events, including &#8220;trade wars&#8221; and the war between Russia and Ukraine, the developments in the Middle East, including
        the war in Israel and the Gaza Strip, and the conflict regarding the Houthis&#8217; attacks in the Red Sea; international sanctions against Russian oil and oil products; changes in economic and competitive conditions affecting our business, including
        market fluctuations in charter rates and charterers&#8217; abilities to perform under existing time charters; changes in the supply and demand for vessels comparable to ours and the number of newbuildings under construction; the highly cyclical nature of
        the industry that we operate in; the loss of a large customer or significant business relationship; changes in worldwide oil production and consumption and storage; risks associated with any future vessel construction; our expectations regarding
        the availability of vessel acquisitions and our ability to complete acquisition transactions planned; availability of skilled crew members other employees and the related labor costs; work stoppages or other labor disruptions by our employees or
        the employees of other companies in related industries;&#160; effects of new products and new technology in our industry;&#160; new environmental regulations and restrictions; the impact of an interruption in or failure of our information technology and
        communications systems, including the impact of cyber-attacks, upon our ability to operate; potential conflicts of interest involving members of our Board of Directors and Senior Management; the failure of counterparties to fully perform their
        contracts with us; changes in credit risk with respect to our counterparties on contracts; adequacy of insurance coverage; our ability to obtain indemnities from customers; changes in laws, treaties or regulations; our incorporation under the laws
        of England and Wales and the different rights to relief that may be available compared to other countries, including the United States; government requisition of our vessels during a period of war or emergency; the arrest of our vessels by maritime
        claimants; any further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries; the impact of the U.S. presidential and congressional election results affecting the economy, future government laws and
        regulations and trade policy matters, such as the imposition of tariffs and other import restrictions; potential disruption of shipping routes due to accidents, climate-related incidents, adverse weather and natural disasters, environmental
        factors, political events, public health threats, acts by terrorists or acts of piracy on ocean-going vessels; damage to storage and receiving facilities; potential liability from future litigation and potential costs due to environmental damage
        and vessel collisions; and the length and number of off-hire periods and dependence on third-party managers.</div>
      <div style="margin-bottom: 6pt; color: rgb(0, 61, 76); font-family: Vitro,Calibri; font-size: 8pt; text-align: justify;">In the light of these risks and uncertainties, undue reliance should not be placed on forward-looking statements contained in
        this release because they are statements about events that are not certain to occur as described or at all. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary
        materially from those projected in the forward-looking statements.</div>
      <div style="margin-bottom: 6pt; color: rgb(0, 61, 76); font-family: Vitro,Calibri; font-size: 8pt; text-align: justify;">Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any
        revisions or updates to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Please see TORM&#8217;s filings with the U.S. Securities and Exchange
        Commission for a more complete discussion of certain of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking
        statements as a result of developments occurring after the date of this communication.</div>
      <div style="margin-bottom: 6pt;"><br>
      </div>
      <div style="margin-bottom: 6pt;"><br>
      </div>
      <div style="margin-bottom: 6pt;"><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 53.33%; vertical-align: top;">
                <div style="margin-right: 18pt; color: #003D4C; font-family: Vitro, Calibri; font-size: 6pt;">TORM PLC | 120 CANNON STREET<br>
                  LONDON, EC4N 6AS, UNITED KINGDOM | COMPANY: 09818726</div>
              </td>
              <td style="width: 35.53%; vertical-align: top;">
                <div style="margin-right: 18pt; color: #003D4C; font-family: Vitro, Calibri; font-size: 6pt;">COMPANY ANNOUNCEMENT NO. 23</div>
                <div style="margin-right: 18pt; color: #003D4C; font-family: Vitro, Calibri; font-size: 6pt;">12 NOVEMBER 2025</div>
              </td>
              <td style="width: 11.14%; vertical-align: top;">
                <div style="text-align: right; margin-right: 18pt; color: #003D4C; font-family: Vitro, Calibri; font-size: 6pt;">PAGE 2 / 2</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
    </div>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image00001.jpg
<TEXT>
begin 644 image00001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  [ -H# 2(  A$! Q$!_\0
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M'Q'WT_\ Y/U_IZ??_P#%*'Q<_P"CE^'/_@KB;_YSG^FA17^9?_P]4_X*,_\
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MT*L\/6P[PT<5&47&E+GC.5.I"\>:"YD?Y9__  Q#^VC_ -&A_M0?^&!^*_\
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M.J6]I +S4+2SM[O3Y+O\D/\ A]/_ ,%/_P#H[3Q=_P"$?\+?_F$H_P"'T_\
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M(:***]D_A4^1_P!O_P#Y,._;8_[-'_:1_P#5-^,Z_P W;_@A_P#\I6_V*_\
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MDG;57336CU(+:VMK."*UL[>"UM;=%B@MK:*.""&-1A8XH8E2.-%'"HBJH'
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!V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
