INSIDE INFORMATION
"TORM delivered its strongest quarterly result so far in 2025, demonstrating the strength of our integrated operating model and the people behind it," says Jacob Meldgaard, adding: "We continue to deliver market-leading performance and create long-term value for our shareholders."
Financial Results
In the third quarter of 2025 TORM (NASDAQ:TRMD) or (NASDAQ:TRMD) generated time charter equivalent earnings (TCE) of USD 236.4m including unrealized losses on derivatives of USD 7.3m (2024, same period: USD 263.4m including unrealized gains on derivatives of USD 0.8m). Adjusted EBITDA for the Group totaled USD 159.4m (2024, same period: USD 190.9m), while net profit for the period amounted to USD 77.6m (2024, same period: USD 130.7m), reflecting a development in line with previous quarters. Although rates firmed during the third quarter of 2025, overall freight rate levels for the first nine months of the year were lower compared to 2024, underscoring a normalization of market conditions.
Geopolitical volatility and broader vessel sanctions continued to add complexity and underpin the tanker market this quarter. In this market, TORM achieved TCE rates of USD/day 31,012 on average (2024, same period: USD/day 33,722), and available earning days increased to 7,859 (2024, same period: 7,788). Our vessel class LR2 achieved TCE rates of USD/day 38,685, the LR1 vessels achieved TCE rates of USD/day 29,508, and the MR vessels achieved TCE rates of USD/day 28,632.
For the third quarter of 2025, Return on Invested Capital amounted to 13.8% (2024, same period: 20.3%) reflecting the lower freight rates compared to the very high levels seen a year ago, and basic EPS amounted to USD 0.79 (2024, same period: USD 1.38).
Key Figures
USDm
Q3 2025
Q3 2024
Change
9M 2025
9M2024
change
Time charter equivalent earnings (TCE)
236.4
263.4
(27.0)
658.7
920.1
-261.4
EBITDA
152.1
191.7
(39.6)
414.4
708.6
-294.2
Adjusted EBITDA*
159.4
190.9
(31.5)
426.0
709.2
-283.2
Net profit/(loss) for the period
77.6
130.7
(53.1)
199.2
534.1
-334.9
Unrealized gains/(losses) on derivatives
(7.3)
0.8
(8.1)
(11.6)
(0.6)
-11.0
TCE per day (USD)*
31,012
33,722
-2,710
28,151
39,626
-11,475
Basic earnings/(loss) per share (USD)
0.79
1.38
(0.59)
2.03
5.77
(3.74)
