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Sep 30
Torm PLC Q3 2025 Earnings Report
TORM plc reported strong results for Q3 2025, with solid profitability despite a decline in freight rates compared to the prior year.
Key Takeaways
TORM delivered its strongest quarter of 2025 with robust net income and stable operations, despite headwinds from softer freight rates and lower revenue year-over-year.
Net income reached $77.6 million, reflecting strong operational performance.
Revenue declined 8% year-over-year to $342.6 million due to normalized market conditions.
Time charter equivalent earnings per day were $31,012, down from $33,722 in Q3 2024.
Declared dividend of $0.62 per share, equating to 78% of net profit for the quarter.
Torm PLC
Torm PLC
Torm PLC Revenue by Segment
Revenue by Segment
Tanker Revenue
CapyFin.comMarine Engineering Revenue
CapyFin.com Forward Guidance
TORM slightly raised the midpoint of its full-year 2025 guidance, expecting stable earnings with support from improving market conditions and disciplined fleet management.
Positive Outlook
- Raised midpoint of full-year EBITDA guidance to $565 million.
- 88% of full-year 2025 earning days already covered at healthy rates.
- Acquisition of four modern MR vessels to support fleet competitiveness.
- Improved capital structure with $857 million refinancing.
- Dividend capacity supported by lower cash break-even rate.
Challenges Ahead
- Freight rates remain below 2024 levels due to market normalization.
- Revenue declined year-over-year despite stable operations.
- Fleet value and NAV decreased compared to 2024.
- Geopolitical tensions continue to add uncertainty to tanker routes.
- Cash flow from operations fell significantly versus prior year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income