Core Insights - TORM reported its strongest quarterly results in 2025, highlighting the effectiveness of its integrated operating model and commitment to shareholder value [1][2]. Financial Results - In Q3 2025, TORM generated time charter equivalent earnings (TCE) of USD 236.4 million, down from USD 263.4 million in Q3 2024, reflecting a decrease of USD 27 million [4]. - Adjusted EBITDA for the group was USD 159.4 million in Q3 2025, compared to USD 190.9 million in the same period of 2024, a decline of USD 31.5 million [4]. - Net profit for Q3 2025 was USD 77.6 million, down from USD 130.7 million in Q3 2024, a decrease of USD 53.1 million [4]. - The average TCE rate for the quarter was USD 31,012 per day, a decrease of USD 2,710 from USD 33,722 in Q3 2024 [4][2]. Business Highlights - TORM completed the sale of two MR vessels and acquired a 2010-built LR2 vessel, with plans to acquire four additional MR vessels in Q4 2025, increasing the fleet size to 92 vessels [5]. - In July 2025, TORM secured financing commitments of up to USD 857 million to refinance existing loans and lease agreements, enhancing capital flexibility [6][7]. Dividend Distribution - The Board of Directors approved an interim dividend of USD 0.62 per share for Q3 2025, totaling an expected payment of USD 60.7 million, which corresponds to 78% of net profit [8]. Financial Outlook - As of October 31, 2025, TORM had covered 55% of Q4 2025 earning days at an average rate of USD 30,156 per day [9]. - For the full year 2025, TORM expects TCE earnings in the range of USD 875 million to USD 925 million, with EBITDA projected between USD 540 million and USD 590 million [11].