On August 26, TORM, one of the world’s leading carriers of refined oil products, released its financial results, dividend distribution, and financial report for the second quarter of 2026.
In the second quarter of 2026, TORM 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).
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).