Hellerup – November 04, 2026 -- TORM plc reported third-quarter 2026 net profit of USD 199m, up from USD 78m a year earlier, and raised the lower end of its full-year guidance by USD 50m as product tanker freight rates held at historically strong levels.
TORM lifts Q3 TCE earnings to USD 353m and EBITDA to USD 274m
Time charter equivalent (TCE) earnings reached USD 353m, against USD 236m in the same period of 2025. EBITDA totaled USD 274m, compared with USD 152m a year earlier, which included USD 7m of unrealized losses on financial instruments. Basic EPS was USD 1.94 (2025: USD 0.79), and Return on Invested Capital rose to 26.3% from 13.8%.
For the first nine months, TCE earnings totaled USD 1,151m (2025: USD 659m), EBITDA USD 891m (2025: USD 414m) and net profit USD 660m (2025: USD 199m).
US-Iran conflict ties up tanker capacity and lifts fleet-wide rates to USD 40,102 per day
TORM attributed the rate strength to disruption of global oil trade flows from the conflict involving the US and Iran. After the temporary ceasefire collapsed in July, rising volumes of crude and refined products left the Persian Gulf through shuttle tanker and ship-to-ship operations. TORM said this created logistical inefficiencies that absorbed substantial tanker capacity.
Constrained Middle Eastern and Russian product exports, strong export activity from the US and Asia, and a continued shift of LR2 vessels into crude-related trades added support.
Fleet-wide TCE averaged USD 40,102 per day (2025: USD 31,012), on 8,799 available earning days (2025: 7,859). By class, LR2 vessels earned USD 52,575 per day, LR1 vessels USD 38,667 and MR vessels USD 36,137.
TORM orders eight LR2 newbuildings in a 50/50 joint venture after quarter-end
TORM sold the 2007-built LR1 TORM Venture and the 2008-built MR TORM Laura during the quarter, leaving a fleet of 95 vessels excluding vessels on order. It exercised options for two additional MR newbuildings, following the acquisition of six MR resale vessels in the second quarter and an order for six MR newbuildings in the third quarter.
After quarter-end, TORM agreed to eight LR2 newbuildings to be held through a 50/50 joint venture and secured options for two more MRs. Together, the orders create a pipeline of deliveries through 2030.
CEO Jacob Meldgaard said TORM remains confident in the long-term outlook for product tankers and is investing selectively in newbuildings.
Net asset value per share climbs to USD 39.60 from USD 24.50
Broker valuations as of 30 September 2026 put the market value of the operating fleet, excluding undelivered newbuildings, at USD 4,333m (2025: USD 2,864m). Consolidated NAV stood at USD 4,062m (2025: USD 2,401m).
Board approves USD 1.35 per share dividend worth USD 139m
The interim dividend equals 75% of net profit excluding non-recurring items for the quarter, in line with TORM's Distribution Policy. It will be paid on 2 December 2026 to shareholders of record on 17 November 2026. The ex-dividend date is 16 November for Nasdaq Copenhagen and 17 November for Nasdaq New York.
TORM narrows 2026 guidance upward with 53% of Q4 days covered at USD 78,419 per day
Full-year TCE is now expected at USD 1,750-1,900m, versus USD 1,700-1,900m after the 12 October upgrade. EBITDA guidance moves to USD 1,350-1,500m from USD 1,300-1,500m.
As of 28 October, TORM had covered 53% of Q4 earning days at an average of USD 78,419 per day. LR2 coverage was 68% at USD 112,150 per day, LR1 coverage 38% at USD 106,271 and MR coverage 49% at USD 59,722.
For the full year, 88% of earning days are fixed at USD 50,487 per day. The remaining 4,060 open days remain exposed to the market, and each USD 1,000 per day change in freight rates shifts EBITDA by about USD 4m.