Product tanker operator Torm reported a third-quarter net profit of $199 million on Wednesday, November 4, up from $78 million in the same period of 2025. The company also raised the lower end of its full-year guidance by $50 million.
Time charter equivalent (TCE) earnings rose to $353 million from $236 million. EBITDA reached $274 million, compared with $152 million a year earlier. Fleet-wide TCE averaged $40,102 per day. LR2s earned $52,575 per day, LR1s $38,667 and MRs $36,137.
The company attributed the market strength to disruptions to oil trade flows caused by the conflict involving the US and Iran.
Torm said that after a temporary ceasefire collapsed in July, growing Persian Gulf exports of crude oil and refined products moved via shuttle tankers and ship-to-ship transfers, absorbing substantial tanker capacity.
Constrained Middle Eastern and Russian product exports and the continued shift of LR2s into crude-related trades also supported rates.
Torm now expects full-year TCE earnings of $1.75–1.9 billion and EBITDA of $1.35–1.5 billion. The upper ends are unchanged from the ranges set on October 12, when the company lifted its guidance by $300 million.
As of October 28, Torm had fixed 53 per cent of its fourth-quarter earning days at an average of $78,419 per day. LR2 coverage stood at 68 per cent at $112,150 per day.
During the quarter, Torm sold the 2007-built LR1 Torm Venture and the 2008-built MR Torm Laura, leaving a fleet of 95 vessels excluding newbuildings.
It also exercised options for two more MR newbuildings. After quarter-end, it agreed to order eight LR2 newbuildings for delivery in 2029 and 2030, under a joint venture arrangement in which ownership is split 50/50.
