TORM plc reported third‑quarter 2025 results that included time‑charter‑equivalent earnings of $236.4 million, adjusted EBITDA of $159.4 million, and net profit of $77.6 million. Basic earnings per share rose to $0.79, beating consensus estimates of $0.60 by $0.19, a 31.7 % lift that reflects disciplined cost management and a favorable mix of higher‑margin vessels. The company declared a dividend of $0.62 per share, a 78 % payout ratio that aligns with its long‑term dividend policy.
Compared with the same quarter in 2024, TORM’s results fell across the board: TCE earnings dropped 10.8 % to $236.4 million from $263.4 million, EPS fell 42.5 % to $0.79 from $1.38, and net profit declined 40.5 % to $77.6 million from $130.7 million. The decline is largely attributable to a normalization of freight rates after a period of exceptionally high rates, compounded by geopolitical volatility and broader vessel sanctions that tightened market conditions.
Fleet activity continued to support the company’s modernization strategy. TORM sold two 2008‑built MR vessels (TORM Discoverer and TORM Voyager) and a 2007‑built MR vessel (TORM Adventurer), and acquired a 2010‑built LR2 vessel and four 2014‑built MR vessels. The transactions bring the fleet to 92 vessels, a mix that balances lower operating costs with higher cargo capacity. While sale prices and acquisition costs were not disclosed, the moves are consistent with the company’s focus on optimizing operational efficiency.
The company also secured refinancing commitments of up to $857 million, covering two syndicated loans and lease agreements for 22 vessels. The new structure combines term and revolving credit facilities, which is expected to lower the cash‑break‑even rate and extend the debt maturity profile through 2030, thereby enhancing financial flexibility.
Guidance for the full year 2025 was updated: TCE earnings are now projected between $875 million and $925 million, and EBITDA between $540 million and $590 million. This represents a narrowing of the range and an increase in the midpoint compared with the prior guidance of $800 million to $950 million for earnings and $475 million to $625 million for EBITDA. Management also noted that 89 % of earning days have been fixed at an average rate of $28,281 per day, a correction from the previously reported 99 %. The fixed‑earning‑days figure signals a more balanced risk profile and confidence in market demand.
CEO Jacob Meldgaard highlighted the company’s resilience, stating, “TORM delivered its strongest quarterly result so far in 2025, demonstrating the strength of our integrated operating model and the people behind it. We continue to deliver market‑leading performance and create long‑term value for our shareholders.” Analyst sentiment was mixed, with some upgrades reflecting the earnings beat and guidance raise, while others remained cautious due to the YoY decline and ongoing freight‑rate volatility.
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