11/06 Torm Plc (TRMD) announced their Q3 2025 results earlier today. There’s probably a presentation somewhere, but I have found their actual report, while detailed, is more helpful. Rev of $342.6M, Net Profit $77.6M Net Margin 22.65% (Q3 2024 35.12%). Another item that shows better in the report are the fleet changes (slide 10). Much of the fleet activity was Sale-&-leaseback vessels becoming owned vessels. A total of 11 vessels made the switch. The fleet grows again after Q3 2025, but via acquisitions. Q4 2025 Qtr-to-date is decent overall, but LR2 @ $33728 and MR2 @ $28949 stand out.
While each 2025 quarter struggled to match its comparable 2024 quarter, it might shift for Q4 2025. Dividend bumped up to 62c/sh from 40c/sh.