HELLERUP, Denmark, Aug. 14, 2025 /PRNewswire/ —
INSIDE INFORMATION
“TORM delivered a strong second-quarter result with continued market-leading performance, against a backdrop of global uncertainty,” says Jacob Meldgaard, adding: “We see strong momentum heading into the second half of the year, and as a result, we are raising our full-year guidance.”
Financial Results
In the second quarter of 2025 TORM (NASDAQ:TRMD) or (NASDAQ:TRMD) generated time charter equivalent earnings (TCE) of USD 208.2m including unrealized losses on derivatives of USD -2.2m (2024, same period: USD 325.9m including unrealized losses on derivatives of USD 0.0m). Adjusted EBITDA totaled USD 129.0m (2024, same period: USD 251.1m), while net profit for the period amounted to USD 58.7m (2024, same period: USD 194.2m), thus declining year-over-year due to a normalization of freight rates from the exceptionally strong levels seen in the first half of 2024. However, rates remained stable in the second quarter of 2025 and consistent with those observed in recent quarters, reflecting a resilient market environment.
In the most recent quarter, volatile geopolitical developments and expanded sanctioning of vessels have added further complexity to the tanker market. While product tanker ton-miles began to rebound in March 2025, trade volumes on routes most affected by the Red Sea disruption remained subdued – effectively neutralizing earlier ton-mile gains driven by longer routing.
In this market, TORM achieved TCE rates of USD/day 26,672 on average (2024, same period: USD/day 42,057), and available earning days increased to 7,888 (2024, same period: 7,749). Our vessel class LR2 achieved TCE rates of USD/day 35,459, the LR1 vessels achieved TCE rates of USD/day 27,371, and the MR vessels achieved TCE rates of USD/day 23,345.
For the second quarter of 2025, Return on Invested Capital amounted to 10.0% (2024, same period: 29.5%) reflecting the lower freight rates compared to the very high levels seen a year ago, and basic EPS amounted to USD 0.60 (2024, same period: USD 2.08).
Key Figures
|
USDm |
Q2 2025 |
Q2 2024 |
Change |
H1 2025 |
H1 2024 |
change |
|
Time charter equivalent earnings (TCE) |
208.2 |
325.9 |
(117.7) |
422.2 |
656.6 |
-234.4 |
|
EBITDA |
126.8 |
251.1 |
(124.3) |
262.4 |
516.9 |
-254.5 |
|
Adjusted EBITDA* |
129.0 |
251.1 |
(122.1) |
266.7 |
518.3 |
-251.6 |
|
Net profit/(loss) for the period |
58.7 |
194.2 |
(135.5) |
121.6 |
403.4 |
-281.8 |
|
Unrealized gains/(losses) on derivatives |
(2.2) |
0.0 |
(2.2) |
(4.3) |
(1.4) |
-2.9 |
|
TCE per day (USD)* |
26,672 |
42,057 |
-15,385 |
26,740 |
42,603 |
-15,863 |
|
Basic earnings/(loss) per share (USD) |