Financial Results
In the first quarter of 2026, TORM generated time charter equivalent earnings (TCE) of USD 286m (2025, same period: USD 214m). EBITDA for the Group totaled USD 201m including unrealized losses on financial instruments of USD 5m (2025, same period: USD 136m including unrealized losses on financial instruments of USD 2m), while net profit for the period amounted to USD 122m (2025, same period: USD 63m), reflecting a continued strong operational development. Freight rates entered 2026 on a firm footing and strengthened further toward the end of the quarter, with gains led by the crude tanker segment amid escalating geopolitical tensions. The conflict involving the US, Israel, and Iran, and the subsequent closure of the Strait of Hormuz, materially altered market conditions as the loss of Middle Eastern exports prompted a rapid shift toward replacement barrels from the US, supporting tanker demand and freight rates.
In this market, TORM achieved fleet-wide TCE rates of /day 34,937 on average (2025, same period: /day 26,807), and available earning days increased to 8,325 (2025, same period: 8,061). Our vessel class LR2 achieved TCE rates of /day 41,062, the LR1 vessels achieved TCE rates of /day 34,903, and the MR vessels achieved TCE rates of /day 32,946.
For the first quarter of 2026, Return on Invested Capital amounted to 18.0% (2025, same period: 10.3%) reflecting the higher freight rates compared to the levels seen a year ago, and basic EPS amounted to USD 1.21 (2025, same period: USD 0.64).
Key Figures
*Excludes unrealized /losses on derivatives.
Business Highlights
In the first quarter of 2026, TORM took delivery of two 2016-built LR2 vessels and one 2018-built MR vessel, now renamed TORM Helga, TORM Hedwig and TORM Fortune. Further, TORM delivered the 2008-built LR2 vessel TORM Maren to its new owner. Also, TORM entered into an agreement to purchase two 2015-built MR vessels with delivery in the second quarter of 2026. The vessels will be named TORM Dehradun and TORM Dapitan.
Further, after the end of the quarter, TORM has purchased a total of six MR resales, with the first two vessels scheduled for delivery already in the first quarter of 2027, followed by two additional deliveries in 2027 and the remaining two in 2028.
Thus, after completion of the deliveries, TORM’s fleet size will increase to 103 vessels.
Based on broker valuations, TORM’s fleet had a market value of USD 3,619m (2025, same date: USD 3,112m). Compared to broker valuations as of 31 December 2025, the market value of the fleet increased by USD 308m when adjusted for acquired and sold vessels in the first quarter of 2026. TORM’s consolidated Net Asset Value (NAV) was USD 3,036m as of 31 March 2026 (2025, same date: USD 2,511m).
Distribution of Dividend
TORM’s Board of Directors has today approved an interim dividend for the first quarter of 2026 of USD 0.70 per share to be paid to the shareholders corresponding to an expected total dividend payment of USD 72m and reflects the Distribution Policy. The distribution for the quarter is equivalent to 58% of net profit. The payment date is 11June 2026 to all shareholders on record as of 28May 2026, and the ex-dividend date is 27May 2026 for the shares listed on Nasdaq OMX Copenhagen and 28May 2026 for the shares listed on Nasdaq New York.
Financial Outlook 2026 – INSIDE INFORMATION
As of 07 May 2026, TORM had covered 57% of the Q2 2026 earning days at an average rate of /day 71,494.
By vessel class, coverage stood at 64% for LR2s at /day 70,764, 60% for LR1s at /day 61,774 and 54% for MRs at /day 73,485.
For the full year 2025 42% of the earning days have been fixed at an average rate of /day 50,044. The remaining 58% of the earning days in 2026 – equivalent to 20,031 days – remain open and thus subject to market fluctuations. A change in freight rates of /day 1,000 will, all else equal, impact EBITDA by approximately USD 20m.
Based on the earnings realized this far as well as the outlook for the remaining part of the year, TORM upgrades its full-year guidance.
For the full year 2026, TCE earnings are now expected to exceed the previous guidance and are now estimated to be USD 1,150-1,450m (previous guidance USD 850-1,250m),
EBITDA for the full year 2026 is expected to be in the range of USD 800–1,100m (previous guidance USD 500-900m) based on the current fleet size.
