Torm, a Denmark-based product tanker operator, reported a record net profit of $338 million for the second quarter, driven by sustained high freight rates amid ongoing global shipping disruptions.
The company’s EBITDA reached $416 million in Q2, slightly below the average analyst estimate of $419.50 million based on projections from four tracked analysts. Torm attributed the strong performance to record-high freight rates, which were supported by trade disruptions linked to the conflict in the Middle East and the closure of the Strait of Hormuz. Variable transit conditions and the substitution of Middle Eastern oil with North American barrels further exacerbated trade route inefficiencies, sustaining elevated freight tariffs.
The company also reported fleet growth and an increased number of revenue-generating days as contributing factors to its stronger-than-expected results.
Looking ahead, Torm revised its 2026 outlook upward, projecting Time Charter Equivalent (TCE) revenue in the range of $1.4 billion to $1.6 billion, up from its previous estimate of $1.15 billion to $1.45 billion. The company also raised its EBITDA guidance for 2026 to between $1 billion and $1.2 billion, compared with its prior range of $800 million to $1.1 billion.
As of the latest update, 70% of Torm’s revenue days for 2026 are already fixed at an average rate of $45,391 per day.
