Table:
| USDm | 2019 | 2018 | 2017 |
| --- | --- | --- | --- |
| Net Asset Value per share |  |  |  |
| Total vessel values including newbuildings (broker values) | 1,801.5 | 1,675.1 | 1,661.1 |
| Committed CAPEX on newbuildings | -51.2 | -258.0 | -306.9 |
| Cash position | 72.5 | 127.4 | 134.2 |
| Loans receivables | 4.6 | - | - |
| Bunkers | 34.8 | 39.4 | 33.2 |
| Freight receivables | 89.8 | 86.0 | 71.3 |
| Other receivables | 6.2 | 7.5 | 11.8 |
| Other plant and operating equipment | 4.3 | 3.0 | 1.9 |
| Land and buildings | 8.1 | - | - |
| Investments in joint ventures | 1.2 | 0.1 | 0.3 |
| Prepayments | 3.5 | 2.9 | 4.4 |
| Borrowings | -863.4 | -754.7 | -753.9 |
| Trade payables | -47.1 | -35.1 | -26.2 |
| Other liabilities | -47.3 | -36.5 | -33.8 |
| Current tax liabilities | -1.5 | -1.0 | -1.4 |
| Total Net Asset Value (NAV) | 1,016.0 | 856.1 | 796.0 |
| Total number of shares excluding treasury shares (million) | 74.4 | 73.9 | 62.0 |
| Total Net Asset Value per share (NAV/share) (USD) | 13.6 | 11.6 | 12.8 |
Paragraphs:
Net Asset Value per share (NAV/share):
TORM believes that the NAV/share is a relevant measure that Management uses to measure the overall development of the assets and liabilities per share. Such measure may not be comparable to similarly titled measures of other companies. NAV/share is calculated using broker values of vessels and excluding charter commitments. NAV/share is calculated as follows:
Question:
What does TORM believe that the NAV/share is a relevant measure for?
Answer: Management uses to measure the overall development of the assets and liabilities per share.