TORM (TRMD) Company Report

TORM plc reported its strongest quarterly results in 2025, achieving time charter equivalent earnings of $236.4 million and a net profit of $77.6 million for the third quarter.
The company declared an interim dividend of $0.62 per share, representing 78% of its net profit.
TORM expanded its fleet to 92 vessels through strategic sales of older vessels and acquisitions of newer ones.
An Altman Z-Score of 2.6 indicates some financial stress, placing TORM in a grey area between financial health and vulnerability.
Analyst sentiment remains cautious with a hold to sell rating and a price target of DKK 92.00.

Nov 6, 2025, 7:44 PM

TORM Announces Strong Q3 2025 Results and Raises Full-Year Guidance

TRMD

Earnings

Guidance Update

Dividends

TORM delivered strong Q3 2025 results, reporting TCE of $236 million, a net profit of $78 million, and earnings per share of $0.79.
The company declared a dividend of $0.62 per share for Q3 2025, representing a 78% payout ratio.
For full year 2025, TORM increased the midpoint of its TCE guidance to $900 million, with a revised range of $875 million to $925 million, and narrowed its EBITDA guidance to $540 million-$590 million.
TORM advanced its fleet optimization strategy by acquiring five 2014-built MR vessels and one 2010-built LR2, while divesting a 2007-built MR. Additionally, a three-year time charter for the 2009-built MR vessel Tom Lily was agreed at $22,234 per day.
Market sentiment remains broadly positive, supported by stable product tanker rates, consistent demand, and limited growth in the CPP trading fleet, despite ongoing geopolitical tensions. Structural changes in the global refinery landscape are expected to continue supporting ton-mile growth.

Nov 6, 2025, 3:00 PM

Hafnia Acquires Stake in TORM from Oaktree

TRMD

M&A

New Projects/Investments

Hafnia Limited has entered into a binding share purchase agreement to acquire approximately 14.45% of TORM's issued share capital from Oaktree Capital Management, L.P..
The acquisition involves approximately 14.1 million A shares in TORM plc, priced at US$22 per share, for a total purchase price of US$311,433,342.
Completion of the acquisition is subject to customary conditions, including obtaining required regulatory clearances and the appointment of a new independent board chair of TORM.
Hafnia intends to explore strategic opportunities, including a potential business combination on a net asset value basis (NAV-for-NAV), with TORM, although discussions have not yet taken place and there is no assurance that this will lead to any transaction.
TORM announced on September 9, 2025, that the UK City Code on Takeovers and Mergers does not apply to TORM.

Sep 11, 2025, 12:19 PM

TORM: Hafnia to Acquire 14.45% Stake from Oaktree

TRMD

M&A

New Projects/Investments

Board Change

Hafnia Limited has entered into a preliminary agreement to acquire approximately 14.45% of TORM's issued share capital from Oaktree Capital Management, L.P.
The acquisition involves 14.1 million A shares of TORM, priced at US$22 per share, for a total purchase price of US$311,433,342.
Completion of the Share Purchase is subject to a definitive agreement, obtaining required regulatory clearances, and the appointment of a new independent board chair for TORM.
Hafnia views this as a sizeable investment in a well-managed company and believes that consolidation is generally positive for the tanker industry.