Research analysts who have asked questions during TORM earnings calls.
JC
Jonathan Chappell
Evercore ISI
4 questions for TRMD
Also covers: ASC, CHRW, CNI +20 more
CM
Clement Mollins
Value Investor's Edge
2 questions for TRMD
Climent Molins
Value Investors
2 questions for TRMD
Also covers: CLCO, CMBT, CMRE +12 more
FM
Frode Morkedal
Clarksons Securities AS
2 questions for TRMD
Also covers: CLCO, CMBT, DHT +5 more
Omar Nokta
Jefferies
2 questions for TRMD
Also covers: AMKBY, ASC, CCEC +21 more
BN
Bendik Nyttingnes
Clarksons Securities AS
1 question for TRMD
Also covers: CLCO, ECO, GNK +1 more
JM
Jaeyoung McGarry
Jefferies Financial Group Inc.
1 question for TRMD
PH
Petter Haugen
ABG Sundal Collier
1 question for TRMD
Also covers: BWLP, CLCO, CMBT +4 more
SM
Srude Morado
Clarksons Securities
1 question for TRMD
Recent press releases and 8-K filings for TRMD.
TORM Reports Strong Q4 and Full-Year 2025 Results, Issues Positive 2026 Guidance
TRMD
Earnings
Guidance Update
Dividends
- TORM reported strong Q4 2025 net profit of $87 million and EPS of $0.88, declaring a dividend of $0.70 per share. For the full year 2025, net profit reached $286 million, with total dividends of $2.12 per share.
- The company issued 2026 guidance, projecting full-year TCE earnings between $850 million and $1.25 billion and EBITDA between $500 million and $900 million. For Q1 2026, 70% of earning days are secured at an average TCE of $34,926 per day.
- In Q4 2025, TORM expanded its fleet by acquiring 2 LR2s and 6 MR vessels and divesting 1 older LR2, with the acquired vessels already appreciating significantly. The fleet stood at 93 vessels by year-end, growing to 95 vessels in early 2026.
- Management noted a favorable market environment, citing strong crude tanker rates, reduced clean LR2 supply due to sanctions, and increased ton-miles from refinery closures. The "One TORM" model continues to drive market outperformance and shareholder returns.
1 day ago
TORM Reports Strong Q4 and Full Year 2025 Results, Provides Optimistic 2026 Guidance
TRMD
Earnings
Guidance Update
Dividends
- TORM reported strong Q4 2025 results with TCE of $251 million, EBITDA of $156 million, and a net profit of $87 million, leading to a dividend of $0.70 per share. For the full year 2025, TCE reached $910 million and net profit was $286 million, with $204 million returned to shareholders.
- The company projects a strong 2026, with 70% of Q1 earnings days already secured at an average TCE of $34,926 per day. Full-year 2026 guidance for TCE is $850 million-$1.25 billion and EBITDA is $500 million-$900 million.
- TORM strategically acquired two LR2s and six MR vessels in Q4 2025, increasing its fleet to 95 vessels by early 2026, with the acquired assets already showing double-digit appreciation in value.
- Favorable market conditions are driven by surging crude tanker rates and a significant shift of LR2 vessels into dirty trades due to sanctions, which has reduced clean LR2 supply and supported product tanker earnings.
1 day ago
TORM Reports Strong Q4 and Full Year 2025 Results, Provides 2026 Guidance
TRMD
Earnings
Guidance Update
Dividends
- TORM reported strong Q4 2025 results with a TCE of $251 million, net profit of $87 million, and an EPS of $0.88, leading to a declared dividend of $0.70 per share.
- For the full year 2025, the company achieved a TCE of $910 million and a net profit of $286 million, distributing $2.12 per share in total dividends.
- The fleet expanded to 93 vessels by year-end 2025, growing to 95 vessels in early 2026, following the acquisition of 2 LR2s and 6 MR vessels in Q4 2025, which have already appreciated in value.
- The company issued 2026 guidance, projecting TCE earnings between $850 million and $1.25 billion and EBITDA between $500 million and $900 million, with 70% of Q1 2026 earnings days secured at an average TCE of $34,926 per day.
- Market conditions are favorable due to strong crude tanker rates, sanctions causing LR2 shifts to dirty trades, and geopolitical factors, which have reduced clean product trading capacity despite new building deliveries.
1 day ago
Hafnia Announces Strong Q4 and Full Year 2025 Financial Results
TRMD
Earnings
Dividends
Revenue Acceleration/Inflection
- Hafnia Limited reported a net profit of USD 109.7 million or USD 0.22 per share for the fourth quarter of 2025, and a full-year 2025 net profit of USD 339.7 million or USD 0.68 per share.
- Time Charter Equivalent (TCE) earnings for Q4 2025 were USD 259.0 million with an average TCE of USD 27,346 per day, while full-year 2025 TCE earnings reached USD 955.9 million with an average TCE of USD 25,206 per day. Adjusted EBITDA for Q4 2025 was USD 149.7 million and for full-year 2025 was USD 559.5 million.
- The company will distribute a Q4 2025 dividend of USD 87.7 million, or USD 0.1762 per share, corresponding to an 80% payout ratio, bringing the total dividends for 2025 results to USD 0.5457 per share. The record date for this dividend will be 6 March 2026.
- CEO Mikael Skov noted that market conditions strengthened steadily through the second half of 2025, closing the year on a strong note due to continued growth in clean petroleum product exports and geopolitical developments. The net asset value (NAV) stood at approximately USD 3.5 billion, or USD 7.04 per share, at the end of Q4 2025.
2 days ago
TORM plc Reports Oaktree Ownership Threshold Met and Board Change
TRMD
Board Change
M&A
- TORM plc announced that the threshold date, defined in its Articles as the point when Oaktree Capital Management, L.P. and its affiliates ceased to beneficially own at least one-third of the company's issued shares, occurred on January 6, 2026.
- As a result of Oaktree's ownership falling below this one-third threshold, the position and authority of the B-Director are extinguished, leading to David Weinstein's departure from the Board of Directors effective January 6, 2026; he will continue as a Special Advisor to the Board.
- The company's B- and C-shares are in the process of being redeemed and cancelled, and the C-share right to vote ceased as of the threshold date.
- Following the redemption and cancellation, TORM plc's share capital will be USD 1,013,327.07, divided into 101,332,707 A-shares of USD 0.01 each.
Jan 6, 2026, 9:13 PM
Hafnia Completes Acquisition of TORM Stake
TRMD
M&A
New Projects/Investments
- Hafnia Limited completed the acquisition of approximately 14.1 million A shares in TORM plc on December 22, 2025.
- This acquisition represents approximately 13.97% of TORM's issued share capital.
- The shares were acquired from Oaktree Capital Management, L.P. and its affiliates.
- Hafnia may explore a business combination transaction with TORM in the future.
- Further information regarding Hafnia's plans for its investment in TORM is available in a Schedule 13D filed with the SEC.
Dec 22, 2025, 9:35 PM
TORM: Hafnia Fulfils Conditions for 13.97% Share Acquisition
TRMD
M&A
New Projects/Investments
- Hafnia Limited has fulfilled all conditions precedent for its acquisition of approximately 14.1 million A-shares in TORM plc.
- Upon completion, Hafnia will hold approximately 13.97% of TORM's issued share capital, with completion expected shortly.
- The initial announcement for this acquisition was made on September 11, 2025.
Dec 18, 2025, 7:59 AM
TORM Reports Strong Q3 2025 Results and Declares Interim Dividend
TRMD
Earnings
Dividends
New Projects/Investments
- 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
Quarterly earnings call transcripts for TORM.
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