Hellerup – October 12, 2026 -- TORM plc (NASDAQ: TRMD) raised its full-year 2026 guidance by USD 300m at both ends of its ranges, now expecting time charter equivalent (TCE) earnings of USD 1,700–1,900m and EBITDA of USD 1,300–1,500m.
TORM lifts TCE and EBITDA ranges by USD 300m each
The previous guidance was TCE of USD 1,400–1,600m and EBITDA of USD 1,000–1,200m. The midpoint of the TCE range rises from USD 1,500m to USD 1,800m, a 20% increase. The EBITDA midpoint rises from USD 1,100m to USD 1,400m, a 27% increase.
Forward freight coverage underpins the upgrade
The company attributes the revision to stronger-than-anticipated earnings visibility. It cites its current forward freight coverage and continued favorable conditions across the product tanker market. The guidance also rests on TORM's expectation that market strength will continue through the rest of the fourth quarter of 2026.
CEO Jacob Meldgaard said "exceptional market strength and strong execution" had pushed guidance to new record levels. He credited the company's scale and agility for its market-leading performance.
Company flags cyclicality and geopolitics as risks to the outlook
TORM's forward-looking statements list the industry's highly cyclical nature and charter-rate fluctuations among factors that could cause results to differ. The company also names the conflict over Houthi attacks in the Red Sea, international sanctions on Russian oil and oil products, and changes in U.S. trade policy. Vessel supply and demand, including the number of newbuildings under construction, is another listed factor.
Third-quarter results are due on 4 November 2026
TORM will publish its third-quarter 2026 financial results on 4 November 2026. The report will update investors on market developments, commercial performance and earnings for the period.