TORM reported a 155% increase in third-quarter net profit to $199 million on November 4, 2026, as disruptions to global oil trade continued to drive exceptionally strong product-tanker earnings. The Danish tanker owner disclosed that 68% of its fourth-quarter LR2 earning days had already been booked at an average time-charter-equivalent rate of $112,150 per day, based on contracts secured through October 28. TORM also announced agreements for eight LR2 newbuildings through a 50/50 joint venture, raised the lower end of its annual earnings guidance and approved a $139 million quarterly dividend. Its operating fleet stood at 95 vessels at September 30, while broker valuations placed those ships at $4.33 billion, up 51% from a year earlier.
ShipUniverse | Product Tanker Earnings Watch
One Tanker Class. Six-Figure Daily Bookings.
TORM's fourth-quarter fixture coverage shows the extraordinary freight economics available to long-range product tankers during disrupted global oil trade flows.
$112,150
Per earning day | LR2 Q4 bookings as of Oct. 28
68%
LR2 fourth-quarter days covered
The rate applies to the already fixed portion. The other 32% was not covered at that reporting cutoff.
Booked Q4 rates by class versus realized Q3 LR2
LR2Q4 booked
$112,150
LR1Q4 booked
$106,271
MRQ4 booked
$59,722
LR2Q3 realized
$52,575
Common scale: $112,150 per day. Fourth-quarter rates are booked coverage averages as of October 28; the Q3 LR2 figure is realized quarterly TCE. Booked rates are not guaranteed full-quarter fleet averages.
Quarterly profit / Same quarter, one year apart
Q3 2025
$78m
Reported net profit in the comparable prior-year quarter.
Q3 2026
$199m
Increase of $121m, approximately 155% year over year.
LR2 earning-day coverage / Q4 2026
Already fixed68%
68% at $112,150/day average32% not fixed at cutoff
Separately, 53% of all Q4 fleet earning days were covered at an average $78,419 per day across vessel classes. The percentages have different class denominators.
Source: TORM plc Q3 2026 official earnings announcement, November 4. Quarterly results are realized; Q4 figures are forward fixture coverage as of October 28. TCE is a shipping earnings measure after voyage expenses, not net profit or a gross freight invoice rate.
ShipUniverse | Tanker Capital Allocation
Cash Today. New Tankers Through 2030.
TORM's financial results, ship values and expansion agreements show how extraordinary tanker earnings are affecting both near-term shareholder distributions and longer-term fleet investment.
95
Operating vessels
Fleet at September 30, 2026, excluding ships on order.
$4.33bn
Broker-assessed fleet value
+51.3% year over year
Existing operating vessels only; excludes newbuildings not delivered.
$4.06bn
Consolidated net asset value
+69.2% year over year
NAV per share: $39.60 versus $24.50 one year earlier.
Fleet renewal and financial commitment matrix
Firm acquisitions, joint-venture agreements, operating ships and optional contracts have different economic treatment. Scroll horizontally to compare.
Fleet or financial item
Confirmed amount
Status / timing
Commercial implication
What has not been disclosed
Investor or supplier consideration
Existing fleet
95 shipsAt September 30
OperatingExcludes vessels not yet delivered.
Generates current earnings and supports the existing NAV assessment.
Ship-specific Q4 employment and all individual charter terms.
Existing asset exposure changes with freight rates and secondhand valuations.
MR resale acquisitions
6 vesselsPreviously agreed during Q2
Acquired / pending deliveryDelivery program reported for 2027–28.
Faster fleet additions than a completely new order, but still future deliveries.
Complete vessel-specific delivery and financing arrangements in this release.
Retrofit needs, price, condition and planned employment remain relevant.
MR newbuildings
8 firm ships6 original plus 2 options exercised
CommittedSix expected in 2029; two added for 2030 under earlier disclosures.
Renewal of medium-range tanker capacity rather than reliance solely on secondhand acquisitions.
Full individual ship prices, technical specifications and financing in today's announcement.
Delivery timing may coincide with a different freight-rate environment.
New LR2 joint venture
8 ships50% TORM joint-venture interest
Post-quarter agreementEight LR2 newbuildings to be held through a 50/50 JV.
Exposure to a high-earning vessel class while sharing project ownership with a partner.
Joint-venture partner, construction yard, price and vessel-specific delivery dates in the release.
Eight hulls do not represent eight wholly owned vessels or eight guaranteed TORM earnings streams.
Further MR options
2 optional shipsSecured after quarter-end
UnexercisedAdditional optional capacity, distinct from exercised earlier options.
Potential additional renewal flexibility if the options are exercised.
Final exercise decisions and commercial terms.
Options should not be counted as firm deliveries.
Quarterly dividend
$139m$1.35 per share
Board approvedPayable December 2, 2026.
Returns cash to shareholders despite continued fleet investment.
Future dividend amounts are subject to later board decisions.
Capital allocation balances shareholder distributions against fleet commitments.
2026 earnings exposure
4,060 days openAs of October 28
Market dependent12% of full-year earning days remain unfixed.
Each $1,000/day change impacts EBITDA by approximately $4m, all else equal.
The final rates for all remaining open days.
Short-term volatility can change earnings despite already high fixture coverage.
CONTINUED TABLE / HORIZONTAL SCROLL
Nine-month net profit
$660m
Versus $199m in the first nine months of 2025. Nine-month EBITDA reached $891m.
Full-year open days
4,060
An additional $10,000 per day over those days would represent roughly $40.6m more TCE and, all else equal, EBITDA.
Revised full-year 2026 guidance
$1.75–1.90bnExpected TCE earnings; lower end raised $50m from $1.70bn.
$1.35–1.50bnExpected EBITDA; lower end raised $50m from $1.30bn.
Source: TORM's November 4, 2026 earnings release and prior MR newbuilding disclosures. The six MR resales, eight firm MR newbuildings and eight LR2 JV vessels are distinct investments. The JV partner and new LR2 construction economics are not identified in the headline announcement. Future fleet additions are not assumed to operate at today's Q4 booked freight rates.
Separate the days already booked at TORM's reported six-figure LR2 rate from open days that remain exposed to the market. Model individual vessel earnings and company-wide rate sensitivity.
01 / LR2 fourth-quarter scenario
Illustrative Q4 earning days
Scenario group, not TORM's fleet count
Reported LR2 coverage
Reported covered-day average
Change this to stress-test unbooked days
Reported Q3 realized average
Illustrative, not TORM-reported daily OPEX
02 / Company-wide open-day exposure
Reported TORM total across classes
Illustrative earnings benchmark
Use to model a rate increase or decline
Calculation basis: Q4 LR2 booked and open days are modeled separately. Booked rates represent average TCE, not guaranteed gross charter invoices. The annual fleet-wide 4,060 open-day exposure covers multiple vessel classes and is not identical to the sample LR2 group. TCE is a voyage-expense-adjusted measure; daily operating expenses are deducted separately in the sample contribution calculation.
03 / Modeled LR2 earnings
Q4 modeled TCE / reference LR2 ship
$8.88m
Total expected TCE for the modeled earning days at the selected booked and open rates. This is an illustrative mixed-rate outcome, not company guidance.
Booked versus open earning days68%
61.2 days booked28.8 days open
$98,662
Modeled blended LR2 TCE per earning day
+$4.15m
Illustrative TCE difference per ship versus Q3 rate applied to identical earning days
$7.80m
Sample LR2 contribution after assumed daily vessel operating expenses
$8.88m
Total modeled TCE for the selected number of reference LR2 ships
Unbooked LR2 Days: Three Rate Cases
Hold the already-booked 68% at its contracted average and vary the other 32%. Values represent TCE for one reference vessel.
$40k/day
$8.02m
$70k/day
$8.88m
$100k/day
$9.74m
How Exposed Are TORM's Remaining 2026 Earning Days?
Apply a hypothetical change in the daily rate earned across the company's remaining open earning days. The sensitivity is based on TORM's disclosed exposure and approximates the company's statement that every $1,000/day change affects EBITDA by $4 million, all else equal.
−$40.60m
Illustrative earnings and EBITDA difference from the entered reference rate
$4.06m
Sensitivity for every $1,000/day change across the selected open days
4,060 open days × a $10,000/day rate reduction = $40.6 million less modeled TCE and approximately EBITDA, all else equal.
ShipUniverse Tool disclaimer: This is a scenario model, not an earnings forecast or investment recommendation. TORM's reported LR2 forward bookings apply only to the booked earning days as of October 28. Remaining rates, off-hire time, expenses and allocation of open days between vessel classes are uncertain. The model uses constant average TCE rates, assumes hypothetical identical LR2 earning days, and excludes financing, depreciation, tax, corporate overhead and other nonmodeled costs. The company-wide sensitivity is not additional revenue to add to the sample LR2 calculation.
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