TORM raises EBITDA guidance to $1,300–1,500 million
Key Facts
TORM raised its 2026 earnings before interest, taxes, depreciation and amortization forecast to a range of $1,300 million to $1,500 million, according to a company statement. Its previous forecast for the measure ranged from $1,000 million to $1,200 million. The update also raised its forecast for time charter equivalent earnings to a range of $1,700 million to $1,900 million. That compares with a previous range of $1,400 million to $1,600 million for the measure, according to the same statement. The refined oil products carrier's increase in its annual forecasts reflects improved earnings visibility compared with its earlier expectations.
TORM said its current forward freight contract coverage and continued favorable conditions in the product tanker market supported the improvement. Chief Executive Jacob Meldgaard described the two drivers behind the higher forecasts as "exceptional market strength and strong execution." He added that the new forecasts reached "new record levels." In its coverage update issued on August 18, the company had secured contracts covering 70% of its annual earning days for 2026. The average rate secured for those days was $45,391 per day, according to its second-quarter earnings report filed with the U.S. Securities and Exchange Commission.
The guidance update followed results TORM described as the highest quarterly figures in its history. Time charter equivalent earnings for the second quarter of 2026 totaled about $512 million, according to the company's earnings announcement for the period. Earnings on that measure were $208 million in the second quarter of 2025. Net profit reached $338 million in the second quarter of the current year. That compares with net profit of $59 million in the same period a year earlier, according to the earnings announcement.
On the operating backdrop, TORM said in its first-half earnings report that the loss of exports from the Middle East had shifted some demand toward alternative U.S. supplies. The company linked the shift to the need to replace barrels previously supplied by the region. It described freight rates in the product tanker market, the main driver of its earnings, as highly volatile, according to its first-quarter report. It also said it had limited visibility on charter rates not yet fixed with customers. In its second-quarter earnings update, it estimated that a $1,000-per-day change in freight rates would affect earnings before interest, taxes, depreciation and amortization by about $10 million, all else being equal and based on the coverage in place at the time.
The operating developments coincided with changes in the company's ownership announced by TORM and one of its shareholders. On September 24, 2026, Hafnia announced an additional acquisition of TORM shares, according to a statement it issued. It said its stake would reach about 19.85% of issued and outstanding share capital upon completion of the transaction. Hafnia said reaching that percentage depended on completing the acquisition it had announced. In a separate announcement on board changes issued before the guidance increase, TORM confirmed that Oaktree Capital Management and its affiliates no longer held a stake in the company.
The guidance announcement was preceded by gains in tanker stocks, including TORM, during the October 5, 2026 session. According to Investing.com, Hafnia and Capital Tankers shares also rose during that session. Gains in the three companies' shares ranged from 4% to 6% as stocks across the sector advanced. TORM plans to publish its third-quarter 2026 results on November 4, 2026, according to its statement distributed through PR Newswire. Alongside the results, it is scheduled to provide an update on trading performance, earnings and market developments.