This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
TORM plc is a product tanker company that transports refined petroleum products, including gasoline, diesel, and jet fuel, for the oil and gas industry. This service is integral to the downstream fossil fuel supply chain, moving fuels from refineries to global markets. The company's core business is the maritime transportation of these commodities.
While TORM has taken steps to reduce the emissions intensity of its own fleet through investments in eco-friendly vessels and exhaust gas cleaning systems, these operational efficiencies do not change the fundamental nature of its service. The company's revenue is derived from the physical distribution of refined fossil fuels, an ancillary service critical to the petroleum industry's operations.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.