TORM plc reports record Q2 2026 earnings amid Middle East trade disruptions

TORM plc reported record-breaking financial results for the second quarter of 2026, driven by unprecedented freight rates and geopolitical disruptions in the Middle East. The product tanker operator generated time charter equivalent (TCE) earnings of USD 512 million, a significant increase from USD 208 million during the same period in 2025. Net profit for the quarter reached USD 338 million, up from USD 59 million the previous year.

CEO Jacob Meldgaard attributed the surge to market inefficiencies caused by conflicts involving the US, Israel, and Iran, which led to the closure of the Strait of Hormuz and disrupted global oil trade flows. These disruptions forced a shift toward replacement barrels from the United States and increased voyage distances. The company’s fleet-wide average TCE rate rose to USD 59,301 per day.

Following these results, TORM raised its full-year guidance by USD 200 million. The board also approved an interim dividend of USD 2.40 per share, totaling a distribution of USD 246 million.