On August 26, Danish product tanker owner TORM released its financial results for the second quarter of 2026. During the reporting period, the company achieved record-breaking quarterly performance and simultaneously confirmed orders for 6+2 MR product tankers, alongside the acquisition of six MR product tanker resales.
According to TORM’s latest quarterly report, a major operational highlight for the second quarter of 2026 was the signing of contracts for the construction of 6+2 MR product tankers. The initial six newbuilds are scheduled for delivery in 2029, while the optional vessels—should the options be exercised—are expected to be delivered in 2030.
News of this order first emerged in early August; market reports indicate that the new vessels will be built by Zhoushan Changhong International. Shipbrokers have disclosed a per-vessel cost of approximately $46 million, bringing the total value for the eight ships (including options) to around $368 million.
The finalization of this order signals a diversification in TORM’s fleet renewal and expansion strategy; the company is moving beyond its focus on acquiring secondhand vessels and resales of newbuilds to place direct orders with shipyards. Reports suggest this marks TORM’s return to the newbuilding market after several years, with its last order dating back to 2018, when it commissioned three MR product tankers from Guangzhou Shipyard International.
In addition to newbuilding projects, TORM acquired six MR product tanker resales during the second quarter of 2026, with deliveries scheduled between the first quarter of 2027 and 2028; during the same period, the company took delivery of two MR product tankers built in 2015, which have been renamed “TORM Dehradun” and “TORM Dapitan”.
With the addition of two secondhand vessels, TORM’s fleet has expanded to 97 vessels; combined with scheduled deliveries from newbuilding and resale projects spanning 2027 to 2029 (and potentially 2030), this points to phased capacity growth in the future. Based on shipbroker valuations, the market value of TORM’s fleet stood at $4.056 billion as of June 30, 2026—up approximately 40.44% from $2.888 billion during the same period last year.
Complementing this fleet renewal and expansion, TORM’s EBITDA for the second quarter of 2026 reached $416 million—a year-on-year increase of approximately 227.56% from $127 million. Net profit hit $338 million, up roughly 472.88% from $59 million in the same period last year, marking a record high for the company’s quarterly performance.
Driven by robust earnings and positive market outlooks, TORM has raised its full-year performance guidance: based on the current fleet size, projected full-year EBITDA is now set at $1.0–$1.2 billion, an overall increase of $200 million from the previous forecast of $0.8–$1.1 billion.