INSIDE INFORMATION
"TORM delivered a strong quarter supported by high freight rates, consistent execution, and our One TORM platform," said Jacob Meldgaard, adding: "Rates rose to record levels in April, prompting an upward revision of our full-year guidance while continuing to monitor global developments. We also invested selectively in fleet renewal, including six resale vessels, reflecting our long-term view of the market."
Financial Results
In the first quarter of 2026, TORM (NASDAQ:TRMD) (NASDAQ: TRMD-A) 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 USD/day 34,937 on average (2025, same period: USD/day 26,807), and available earning days increased to 8,325 (2025, same period: 8,061). Our vessel class LR2 achieved TCE rates of USD/day 41,062, the LR1 vessels achieved TCE rates of USD/day 34,903, and the MR vessels achieved TCE rates of USD/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
USDm
Q1 2026
Q1 2025
Change
Time charter equivalent earnings (TCE)
286
214
72
EBITDA
201
136
65
Adjusted EBITDA*
206
138
68
Net profit/(loss) for the period
122
63
59
TCE per day (USD)*
34,937
26,807
8,130
Basic earnings/(loss) per share (USD)
1.21
0.64
+0.57
Dividend per share (USD)
0.70
0.40
0.30
Dividend pay-out ratio
58 %
63 %
-5 %
*Excludes unrealized gains/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 ...
