In the second quarter of 2026, TORM (Nasdaq: TRMD or TRMD A) generated time charter equivalent earnings (TCE) of USD 512m (2025, same period: USD 208m). EBITDA for the Group totaled USD 416m including unrealized gains on financial instruments of USD 7m (2025, same period: USD 127m including unrealized losses on financial instruments of USD 2m), while net profit for the period amounted to USD 338m (2025, same period: USD 59m), thus marking a new all-time high for TORM’s quarterly results.
During the quarter, freight rates rose to unprecedented levels as the conflict involving the US, Israel, and Iran, together with the subsequent closure of the Strait of Hormuz, materially disrupted global oil trade flows. The loss of Middle Eastern exports triggered a shift toward replacement barrels from the United States. While the ceasefire initially suggested a return to more normal trading conditions, renewed attacks and restrictions quickly reinstated uncertainty. Consequently, the market continued to operate in a “no war, no peace” environment, with fluctuating transit conditions through the Strait of Hormuz creating additional inefficiencies in global trade flows and underpinning freight rates.
In this market, TORM achieved fleet-wide TCE rates of USD/day 59,301 on average (2025, same period: USD/day 26,672), and available earning days increased to 8,519 (2025, same period: 7,888). Our vessel class LR2 achieved TCE rates of USD/day 66,993, the LR1 vessels achieved TCE rates of USD/day 57,550, and the MR vessels achieved TCE rates of USD/day 57,040.
For the second quarter of 2026, Return on Invested Capital amounted to 44.2% (2025, same period: 10.0%) reflecting the exceptionally high freight rates and basic EPS amounted to USD 3.31 (2025, same period: USD 0.60).
Key Figures
| USDm | Q2 2026 | Q2 2025 | Change | H1 2026 | H1 2025 | change |
| Time charter equivalent earnings (TCE) | 512 | 208 | 304 | 798 | 422 | 376 |
| EBITDA | 416 | 127 | 289 | 617 | 262 | 355 |
| Adjusted EBITDA* | 409 | 129 | 280 | 615 | 267 | 348 |
| Net profit/(loss) for the period | 338 | 59 | 279 | 461 | 122 | 339 |
| TCE per day (USD)* | 59,301 | 26,672 | 32,629 | 47,259 | 26,740 | 20,519 |
| Basic earnings/(loss) per share (USD) | 3.31 | 0.60 | 2.71 | 4.52 | 1.24 | 3.28 |
| Dividend per share (USD) | 2.40 | 0.40 | 2.00 | 3.10 | 0.80 | 2.30 |
| Dividend pay-out ratio | 73 % | 67 % | 6 % | 69 % | 65 % | 4 % |
* Excludes unrealized gains/losses on derivatives.
Business Highlights
In the second quarter of 2026, TORM took delivery of two 2015-built MR vessels, now renamed TORM Dehradun and TORM Dapitan, increasing TORM’s fleet to 97 vessels.
Also, during the second quarter, TORM acquired six MR resale vessels, with deliveries scheduled from the first quarter of 2027 through 2028. Subsequent to quarter-end, TORM entered into an agreement to acquire six MR newbuilding vessels, with options for an additional two vessels. The six vessels are scheduled for delivery in 2029, while the optional vessels are expected to be delivered in 2030 if exercised. Accordingly, TORM’s fleet renewal and expansion program is distributed over the coming years, with vessel deliveries scheduled from 2027 through 2029 (and potentially 2030), providing a phased increase in fleet capacity.
Based on broker valuations, TORM’s fleet had a market value of USD 4,056m (2025, same date: USD 2,888m). and TORM’s consolidated Net Asset Value (NAV) was USD 3,737m as of 30 June 2026 (2025, same date: USD 2,300m) translating into NAV per share of USD 36.50 (2025, same date: USD 23.50).
Distribution of Dividend
Today, TORM’s Board of Directors approved an interim dividend for the second quarter of 2026 of USD 2.40 per share, corresponding to an expected total dividend payment of USD 246m. The distribution for the quarter is equivalent to 73% of net profit and is consistent with the Company’s Distribution Policy. The dividend will be paid on 24 September 2026 to shareholders of record as of 10 September 2026. The ex-dividend date will be 09 September 2026 for shares listed on Nasdaq Copenhagen and 10 September 2026 for shares listed on Nasdaq New York.
Financial Outlook 2026 – INSIDE INFORMATION
As of 18 August 2026, TORM had covered 73% of the Q3 2026 earning days at an average rate of USD/day 38,606. By vessel class, coverage stood at 83% for LR2s at USD/day 49,255, 61% for LR1s at USD/day 32,608 and 71% for MRs at USD/day 35,247.
For the full year 2026 70% of the earning days have been fixed at an average rate of USD/day 45,391. The remaining part of the earning days in 2026 – equivalent to 10,271 days – remains open and thus subject to market fluctuations. A change in freight rates of USD/day 1,000 will, all else equal, impact EBITDA by approximately USD 10m.
Based on the earnings realized this far as well as the outlook for the remaining part of the year, TORM upgrades its full-year guidance.
For the full year 2026, TCE earnings are now expected to exceed the previous guidance and are now estimated to USD 1,400-1,600m (previous guidance USD 1,150-1,450m).
EBITDA for the full year 2026 is expected to be in the range of USD 1,000-1,200m (previous guidance USD 800-1,100m) based on the current fleet size.