Denmark‑based product tanker operator Torm announced a record second‑quarter net profit of $338 million, driven by stronger freight rates. EBITDA for the quarter reached $416 million, slightly under the consensus estimate of $419.5 million from four analysts.
The company raised its full‑year 2026 guidance. Time‑charter equivalent earnings are now projected at $1.4 billion to $1.6 billion, up from the prior $1.15 billion‑$1.45 billion range. The 2026 EBITDA outlook was increased to $1.0 billion‑$1.2 billion, versus the earlier $800 million‑$1.1 billion band. Torm said 70 % of its 2026 earning days are expected to be fixed at an average rate of $45,391 per day.
Management attributed the results to disruptions in global oil trade flows. The ongoing Middle East conflict and the temporary closure of the Strait of Hormuz reduced transit efficiency, prompting a shift from Middle Eastern crude to U.S. barrels and supporting higher freight rates. Additional factors included an expanded fleet and a higher number of earning days.
Torm’s upgraded outlook reflects confidence that elevated freight rates will persist as geopolitical tensions continue to affect oil logistics. The company did not provide further commentary on future market conditions.
