TORM Q4 EBITDA Hits $156M with 70% of Q1 Days Fixed at $34.9K
TORM reported Q4 EBITDA of $156 million, average fleet TCE of $30,658 per day and net profit of $87 million, enabling a $0.70 per share dividend. Management fixed around 70% of Q1 days at $34,900 TCE and guided 2026 TCE of $850 million–$1.25 billion with EBITDA of $500 million–$900 million.
1. Q4 Financial Performance
TORM posted fourth-quarter EBITDA of $156 million and average fleet TCE of $30,658 per day, with LR2, LR1 and MR segments earning above $35,000, $31,000 and just under $29,000 per day respectively. The quarter generated TCE earnings of $251 million and net profit of $87 million, enabling a $0.70 per share dividend.
2. Full-Year 2025 Results and Dividends
For 2025, TORM delivered full-year TCE of $910 million, EBITDA of $571 million and net profit of $286 million, finishing near the high end of its prior guidance range. Management returned $204 million to shareholders via $2.12 per share in total dividends and highlighted fleet-wide rates of $28,703 per day.
3. 2026 Guidance and Market Dynamics
Management has already fixed approximately 70% of first-quarter days at an average TCE near $34,900 per day and guided full-year TCE of $850 million to $1.25 billion with EBITDA of $500 million to $900 million. Tightening clean tanker supply—down 1% in effective capacity since early 2024—driven by sanctions and crude market strength underpins anticipated rate support.
4. Fleet Expansion and Balance Sheet Health
During Q4, TORM acquired two 2016-built LR2s and six MR vessels while selling one 2008-built LR2, bringing the fleet to 95 vessels after year-end deliveries. Fleet broker valuations rose 4.2% to $3.2 billion, NAV reached $2.6 billion, and net interest-bearing debt stood at $848 million (29.4% LTV), with $135 million of maturities over the next 12 months.