Recent Updates — TRMD
TORM plc has upgraded its full-year 2026 financial guidance based on current coverage and expectations for continued market strength in the fourth quarter. The company now expects total charter equivalent (TCE) earnings of USD 1,700 million to USD 1,900 million, up from previous estimates of USD 1,400 million to USD 1,600 million. Full-year EBITDA is projected at USD 1,300 million to USD 1,500 million, compared to prior guidance of USD 1,000 million to USD 1,200 million. Management cited exceptional market strength and strong execution as drivers for the revised record levels. TORM will report third-quarter results on November 4, 2026. The company is one of the world’s leading carriers of refined oil products, operating a fleet of product tanker vessels.
Christopher Boehringer has stepped down from the Board of Directors of TORM plc with immediate effect. The departure follows the announcement that Oaktree Capital Management and its affiliates no longer hold an ownership interest in the company, having previously held shares through OCM Njord Holdings S.à r.l., which ceased holding any shares or voting rights as of October 6, 2026. Boehringer joined the Board in 2015 and served for eleven years. TORM operates a fleet of product tanker vessels and is one of the world’s leading carriers of refined oil products.
TORM plc increased its share capital by issuing 61,105 Class A common shares following the exercise of Restricted Stock Units under its incentive program. Of these, 57,772 shares were subscribed for in cash at DKK 179.80 per share and 3,333 shares at DKK 124.20 per share. The issuance occurred without pre-emption rights for existing shareholders. TORM is one of the world’s leading carriers of refined oil products operating a fleet of product tanker vessels.
OCM Njord Holdings S.à r.l., an entity indirectly owned by funds managed by Oaktree Capital Management, sold 6,329,874 Class A common shares of TORM plc to underwriters led by J.P. Morgan Securities LLC. The transaction closed on October 7, 2026, following the pricing announcement on October 6, 2026. TORM plc did not receive any proceeds from this secondary offering conducted by the selling shareholder. TORM plc operates in the maritime industry, providing shipping and logistics services for oil and chemical products.
OCM Njord Holdings S.à r.l., a company indirectly owned by funds managed by Oaktree Capital Management GP, LLC and its affiliates, commenced a secondary public offering of 6,329,874 of TORM plc’s Class A common shares. J.P. Morgan Securities LLC is acting as sole underwriter for the transaction. The selling shareholder beneficially owns approximately 6% of the Company’s Class A common shares prior to this offering. TORM plc is not selling any shares and will not receive any proceeds from the sale. The offering is subject to market conditions, with no assurance that it will be completed.