“Favorable market conditions, healthy transportation demand, and strong execution contributed to a strong third quarter,” said Jacob Meldgaard, CEO of TORM, adding, “We remain confident in the long-term outlook for the product tanker market and are investing selectively in additional newbuildings to renew and grow our fleet, while building on our track record of market-leading performance.”
Financial Results
In the third quarter of 2026, TORM generated time charter equivalent earnings (TCE) of USD 353m (2025, same period: USD 236m). EBITDA for the Group totaled USD 274m (2025, same period: USD 152m including unrealized losses on financial instruments of USD 7m), while net profit for the period amounted to USD 199m (2025, same period: USD 78m).
During the quarter, tanker freight markets were supported by continued disruptions to global oil trade flows stemming from the conflict involving the US and Iran. Following the collapse of the temporary ceasefire in July, increasing volumes of crude and refined products were exported from the Persian Gulf through shuttle tanker and ship-to-ship operations, creating significant logistical inefficiencies and absorbing substantial tanker capacity. Combined with 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, these developments supported freight rates at historically strong levels.
In this market, TORM achieved fleet-wide TCE rates of USD/day 40,102 on average (2025, same period: USD/day 31,012), and available earning days increased to 8,799 (2025, same period: 7,859). Our vessel class LR2 achieved TCE rates of USD/day 52,575, the LR1 vessels achieved TCE rates of USD/day 38,667, and the MR vessels achieved TCE rates of USD/day 36,137.
For the third quarter of 2026, Return on Invested Capital amounted to 26.3% (2025, same period: 13.8%) reflecting the exceptionally high freight rates and basic EPS amounted to USD 1.94 (2025, same period: USD 0.79).
Consequently, TORM delivered a strong financial performance in the first nine months of 2026, generating TCE earnings of USD 1,151m (2025, same period: USD 659m), EBITDA of USD 891m (2025, same period: USD 414m), and net profit of USD 660m (2025, same period: USD 199m).
Key Figures
| USDm | Q3 2026 | Q3 2025 | Change | 9M 2026 | 9M 2025 | change |
| Time charter equivalent earnings (TCE) | 353 | 236 | 117 | 1,151 | 659 | 492 |
| EBITDA | 274 | 152 | 122 | 891 | 414 | 477 |
| Adjusted EBITDA* | 274 | 159 | 115 | 889 | 426 | 463 |
| Net profit/(loss) for the period | 199 | 78 | 121 | 660 | 199 | 461 |
| TCE per day (USD)* | 40,102 | 31,012 | 9,090 | 44,803 | 28,151 | 16,652 |
| Basic earnings/(loss) per share (USD) | 1.94 | 0.79 | 1.15 | 6.46 | 2.03 | 4.43 |
| Dividend per share (USD) | 1.35 | 0.62 | 0.73 | 4.45 | 1.42 | 3.03 |
| Dividend pay-out ratio** | 75 % | 73 % | -2 % | 71 % | 73 % | -2 % |
* Excludes unrealized gains/losses on derivatives.
** Dividend / Net profit excluding non-recurring items.
Business Highlights
In the third quarter of 2026, TORM sold the 2007-built LR1 vessel TORM Venture and the 2008-built MR vessel TORM Laura. Following these divestments TORM’s fleet comprised 95 vessels, excluding vessels on order.
During the third quarter, TORM continued to advance its fleet renewal and growth agenda. Following the acquisition of six MR resale vessels during the second quarter and the previously announced order of six MR newbuildings during the third quarter, TORM exercised options for an additional two MR newbuildings. Subsequent to quarter-end, TORM entered into agreements for eight LR2 newbuildings to be held through a 50/50 joint venture structure and secured options for an additional two MR newbuildings. Collectively, these investments establish a significant pipeline of future fleet deliveries through 2030, reinforcing TORM’s commitment to a modern and efficient fleet while supporting future earnings growth and long-term shareholder value creation.
Based on broker valuations as of 30 September 2026 of TORM’s existing fleet in operation (excluding the value of newbuildings not yet delivered), TORM’s fleet had a market value of USD 4,333m (2025, same date: USD 2,864m) and TORM’s consolidated Net Asset Value (NAV) was USD 4,062m (2025, same date: USD 2,401m) translating into NAV per share of USD 39.60 (2025, same date: USD 24.50).
Distribution of Dividend
Today, TORM’s Board of Directors approved an interim dividend for the third quarter of 2026 of USD 1.35 per share corresponding to an expected total dividend payment of USD 139m. The distribution represents 75% of net profit excluding non-recurring items for the quarter and is consistent with the Distribution Policy.
The dividend will be paid on 02 December 2026 to shareholders of record as of 17 November 2026. The ex-dividend date will be 16 November 2026 for shares listed on Nasdaq Copenhagen and 17 November 2026 for shares listed on Nasdaq New York.
Financial Outlook 2026
Based on the strong coverage and expectations for continued market strength during the remainder of the fourth quarter of 2026, TORM has raised the lower end of its full-year guidance by USD 50m.
Thus, full-year 2026 TCE is now expected to be in the range of USD 1,750 – 1,900m, compared with USD 1,700 – 1,900m following the guidance upgrade announced on 12 October 2026. EBITDA is now expected to be in the range of USD 1,350 – 1,500m, compared with USD 1,300 – 1,500m previously.
As of 28 October 2026, TORM had covered 53% of the Q4 2026 earning days at an average rate of USD/day 78,419. By vessel class, coverage stood at 68% for LR2s at USD/day 112,150, 38% for LR1s at USD/day 106,271 and 49% for MRs at USD/day 59,722.
For the full year 2026, 88% of the earning days have been fixed at an average rate of USD/day 50,487. The remaining part of the earning days in 2026 – equivalent to 4,060 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 4m.