Torm, a Denmark-based product tanker operator, reported a second-quarter net profit of $338 million, marking a record result driven by elevated freight rates and disruptions in global oil trade flows.
The company’s second-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) reached $416 million, slightly below the average analyst estimate of $419.50 million based on four estimates. Torm attributed the strong performance to trade route inefficiencies stemming from the replacement of Middle Eastern oil with U.S. barrels, fluctuating transit conditions, an expanded fleet, and increased earning days.
Geopolitical tensions in the Middle East and the temporary closure of the Strait of Hormuz further disrupted oil supply chains, supporting higher freight rates. Torm’s fleet expansion and operational efficiency gains also contributed to the improved financial metrics.
For 2026, the company raised its time charter equivalent (TCE) earnings guidance to a range of $1.4 billion to $1.6 billion, up from the prior range of $1.15 billion to $1.45 billion. Torm also increased its EBITDA forecast for 2026 to $1 billion to $1.2 billion, compared with the previous estimate of $800 million to $1.1 billion.
The company noted that 70% of its 2026 earning days are fixed at an average rate of $45,391 per day, providing visibility into future revenue streams amid volatile market conditions.
