Shipping industry news, Danish product tanker owner TORM announced its unaudited financial results for the second quarter of 2025 on August 14.
TORM CEO Jacob Meldgaard stated, “Against the backdrop of ongoing global uncertainties, TORM delivered strong second-quarter results, maintaining its leading position in the market.”
He added, “We are seeing strong momentum heading into the second half of the year, and based on this, TORM is raising its full-year performance guidance.”
TORM raises full-year 2025 performance expectations
As of August 4, 2025, TORM has secured 56% of its operating days for the third quarter of 2025 at an average daily rate of $30,617.
By vessel type, the LR2 fleet has secured 63% of its operating days for the third quarter at an average daily rate of $36,670; the LR1 fleet has secured 54% at $29,285; and the MR fleet has secured 54% at $28,436.
For the full year of 2025, TORM has secured 66% of its operating days at an average daily rate of $27,833.
Based on this, considering the earnings achieved in the first half and the outlook for the remainder of the year, TORM has raised its full-year 2025 guidance. TCE revenue is now expected to be between $800 million and $950 million (previously $700 million to $900 million), while EBITDA is projected to be between $475 million and $625 million.
In the second quarter of 2025, TORM reported operating revenue of $320 million, a year-on-year decrease of 28.0%; EBITDA was $130 million, down 49.6% year-on-year; EBIT was $74.6 million, down 63.5% year-on-year; and net profit reached $58.7 million, a decline of 69.8% year-on-year.
In the second quarter of 2025, TORM’s fleet achieved an average daily rate of $26,672, down 36.6% year-on-year, while daily management costs per vessel were $7,853, up 1.6% year-on-year.
For the first half of 2025, TORM reported operating revenue of $640 million, a year-on-year decrease of 26.9%; EBITDA was $260 million, down 49.2% year-on-year; EBIT was $160 million, down 63.2% year-on-year; and net profit reached $120 million, a decline of 69.9% year-on-year.
In the first half of 2025, TORM’s fleet achieved an average daily rate of $26,740, down 37.2% year-on-year, while daily management costs per vessel were $7,872, up 5.0% year-on-year.
TORM’s board has proposed a dividend of $0.4 per share, equivalent to $39.2 million. This represents 67% of adjusted net profit.
TORM fleet updates
In the second quarter of 2025, TORM sold and delivered the LR2 vessel “TORM Mathilde,” built in 2008. Additionally, two MR tankers built in 2008, “TORM Voyager” and “TORM Discoverer,” were sold, with “TORM Discoverer” delivered to its new owner in July and “TORM Voyager” scheduled for delivery later in the third quarter of this year.
Furthermore, in early 2025, TORM sold the MR tankers “TORM Ragnhild,” “TORM Resilience,” and “TORM Thames,” all built in 2005, with all deliveries completed to their new owners in the first quarter. Following these transactions, TORM’s fleet size will drop below 90 vessels.
