Key Takeaways:
- TORM Q2 2026 net profit hit $338m, up from $59m a year earlier.
- TCE earnings rose to $512m, lifting full-year guidance by $200m.
- Board approved $2.40 interim dividend, a 73 percent payout.
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TORM posts record Q2 profit of $338m as freight rates surge
TORM reported record Q2 2026 net profit of $338m, up from $59m a year earlier, as freight rates surged after the Strait of Hormuz closure.
"We delivered the strongest quarterly results in TORM's history, turning exceptional market conditions into tangible value for our shareholders," Jacob Meldgaard, chief executive officer of TORM, said.
Time charter equivalent earnings reached $512m, more than double the $208m in Q2 2025, while EBITDA rose to $416m from $127m. Average TCE rates hit $59,301 a day, up from $26,672, lifting return on invested capital to 44.2 percent from 10 percent. Basic EPS came in at $3.31, versus the $3.39 consensus, according to ScanX data.
The board approved an interim dividend of $2.40 a share, a 73 percent payout worth about $246m, payable Sept. 24 to shareholders of record Sept. 10. TORM raised its full-year TCE guidance to $1.4 billion to $1.6 billion, from $1.15 billion to $1.45 billion, and EBITDA to $1 billion to $1.2 billion, from $800m to $1.1 billion.
The product tanker operator expanded its fleet to 97 vessels after taking delivery of two MR ships, TORM Dehradun and TORM Dapitan. It also acquired six MR resale vessels for delivery from 2027 through 2028 and agreed to buy six MR newbuildings arriving in 2029, with options for two more in 2030. Broker valuations put the fleet's market value at $4.056 billion, lifting net asset value to $3.737 billion, or $36.50 a share.
As of Aug. 18, TORM had covered 73 percent of Q3 2026 earning days at an average $38,606 a day, and 70 percent of full-year days at $45,391. The remaining 10,271 open days leave earnings exposed to freight-rate swings, with each $1,000 daily change moving EBITDA by about $10m.
The record quarter and raised guidance signal management expects product tanker rates to stay elevated as Middle East disruptions keep trade flows inefficient. Investors will watch the Q3 earnings call for updated coverage and any sign of easing in the Strait of Hormuz.
This article is for informational purposes only and does not constitute investment advice.
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