Highlights 

  • Q3 2025 TCE earnings of USD 236.4M; Adjusted EBITDA of USD 159.4M; Net profit of USD 77.6M. 
  • The board declares an interim dividend of USD 0.62 per share, payable on December 3, 2025. 
  • Secures USD 857M in new financing commitments; narrows full-year guidance with higher midpoints. 

TORM (NASDAQ:TRMD) released its financial results for the third quarter ended September 30, 2025, reporting time charter equivalent earnings of USD 236.4M, which included unrealized losses on derivatives of USD 7.3M. Adjusted EBITDA stood at USD 159.4M, and net profit reached USD 77.6M. 

In comparison, the company recorded TCE earnings of USD 263.4M, adjusted EBITDA of USD 190.9M, and net profit of USD 130.7M in Q3 2024. Basic earnings per share were USD 0.79, down from USD 1.38 a year earlier. 

Average TCE rates during the quarter were USD/day 31,012, versus USD/day 33,722 in the prior-year period. Return on invested capital came in at 13.8%, compared to 20.3% in Q3 2024. 

CEO Jacob Meldgaard commented, “TORM achieved its strongest quarterly performance of 2025 so far, underscoring the strength of our integrated operating platform and dedicated team. We continue to deliver market-leading returns and long-term shareholder value.” 

Business Developments 

During the quarter, TORM completed the sale and delivery of two 2008-built MR vessels—TORM DiscovererandTORM Voyager— and sold another 2007-built MR vessel,TORM Adventurer. The company also acquired a 2010-built LR2 vessel, scheduled for delivery in Q4 2025. 

Additionally, TORM agreed to acquire four 2014-built MR vessels in Q4 2025, which will increase its fleet to 92 vessels upon completion. 

In July 2025, the company secured financing commitments of up to USD 857M to refinance loans and lease arrangements covering 22 vessels. The new structure includes both term and revolving credit facilities, extending debt maturities, and enhancing balance sheet flexibility. 

Dividend and Outlook 

The Board of Directors declared an interim dividend of USD 0.62 per share for Q3 2025, representing a total payout of approximately USD 60.7M. The dividend equates to 78% of quarterly net profit and will be distributed on December 3, 2025, to shareholders of record as of November 20, 2025, and November 19, 2025. 

As of October 31, 2025, 55% of Q4 earning days were fixed at an average rate of USD/day 30,156. For the full year, 89% of earning days have been secured at USD/day 28,281. 

TORM refined its full-year 2025 guidance, now projecting TCE earnings between USD 875M–925M, previously USD 800M–950M and EBITDA between USD 540M–590M, previously USD 475M–625M, based on the current fleet composition.