TORM (NASDAQ:TRMD) on Thursday reported time charter equivalent (TCE) revenue of $910 million for the full year 2025, adjusted EBITDA of $578 million,and net profit of $286 million.
The Copenhagen-based product tanker operator achieved a return on invested capital of 11.5% for 2025, down from 24.3% in 2024, reflecting a normalization of tanker market rates from the elevated levels seen in the prior year amid geopolitical disruptions and strong demand for seaborne refined products.
The board also approved a fourth-quarter dividend of $0.70 per share, payable on March 25, 2026, to shareholders of record as of the applicable date, consistent with the company's policy of distributing a significant portion of earnings while maintaining financial flexibility.
For 2026, TORM guided TCE revenue in the range of $850 million to $1.25 billion and EBITDA of $500 million to $900 million.
As of February 17, 2026, approximately 23% of the company's expected earning days for the year were covered through time charters and other fixed-rate contracts.
Fleet activity during 2025 included the acquisition of nine second-hand vessels and the exercise of purchase options on 14 leaseback vessels, contributing to a year-end fleet of 93 owned and leased vessels.
The expansions strengthened TORM's position in the medium-range (MR) and long-range (LR) product tanker segments, supporting greater operational scale and exposure to spot and period market opportunities.