TORM to add six MR tankers from resale market as profit almost doubles

Danish shipping company TORM has secured six MR resale vessels to further expand its fleet, following a strong first quarter.

The first two units are scheduled for delivery in the first quarter of 2027, followed by two more later that year, and the final pair in 2028. The company did not disclose further details on the acquisitions.

During Q1 2026, the tanker specialist took delivery of two 2016-built LR2 vessels and one 2018-built MR tanker, since renamed TORM Helga, TORM Hedwig and TORM Fortune. It also delivered the 2008-built LR2 vessel TORM Maren to its new owner.

The Copenhagen- and New York-listed firm also agreed to purchase two 2015-built MR vessels. One of these, TORM Dehradun, joined the fleet in April, while the other, TORM Dapitan, is expected to be delivered this quarter.

TORM described the recent acquisitions as ‘selective investments’ in fleet renewal, reflecting its long-term confidence in the market.

Post-quarter, TORM repurchased three vessels, TORM Eva, TORM Evelyn, and TORM Evolve, from their sale-and-leaseback owners, exercising purchase options activated at the end of 2025. Purchase options for the remaining two vessels have already been exercised, with the repurchases set to conclude in Q3 2026.

As of 31 March 2026, TORM’s fleet stood at 95 vessels, including the two under sale-and-leaseback agreements. The company noted it continues to actively manage fleet quality by divesting older vessels and acquiring second-hand tonnage for upgrade to its standards. Upon completion of all pending deliveries, TORM’s fleet will increase to 103 vessels.

Surging rates power profits

Net profit for Q1 2026 reached US$122M, a 93.7% jump from US$63M in Q1 2025, reflecting ‘continued strong operational development’. Group EBITDA surged to US$201M, marking a significant increase from the US$136M recorded in the same period last year.

Driving this growth, TORM generated robust time charter equivalent (TCE) earnings of US$286M, a substantial leap from the US$214M posted in the prior-year period.

Against this backdrop, TORM achieved fleet-wide TCE rates averaging US$34,937 per day (Q1 2025: US$26,807 per day), while available earning days rose to 8,325 (Q1 2025: 8,061). By segment, LR2s achieved TCE rates of US$41,062 per day, LR1s averaged US$34,903 per day, and MR vessels secured US$32,946 per day.

Freight rates entered 2026 on a firm footing and strengthened further toward the end of the quarter, with gains led by the crude tanker segment amid escalating geopolitical tensions. The US-Israeli war against Iran that has led to an effective closure of the Strait of Hormuz, trappping ships and energy flows from the Middle East Gulf, materially altered market conditions. The loss of Middle Eastern exports has prompted a rapid shift toward replacement barrels from the US, supporting tanker demand and freight rates, according to the company.

“TORM delivered a strong quarter supported by high freight rates, consistent execution, and our One TORM platform,” said TORM executive director Jacob Meldgaard.

 “Rates rose to record levels in April, prompting an upward revision of our full-year guidance while continuing to monitor global developments,” added Mr Meldgaard, without specifying further on routes, classes or exactly which rate levels hit records.

Based on year-to-date earnings and the outlook for the remainder of the year, TORM has upgraded its full-year 2026 guidance. Based on the current fleet size, full-year TCE earnings are now forecast to exceed previous expectations, estimated at US$1,150M–1,450M, up from US$850M–1,250M. Full-year EBITDA is now projected to land between US$800M and US$1,100M, up from US$500M–900M.