Operator
Thank you for standing by. My name is Rebecca, and I will be your conference operator today. At this time, I would like to welcome everyone to the TORM Third Quarter 2025 Results Conference Call. [Operator Instructions]
Thank you. I would like to turn the call over to Jacob Meldgaard, CEO. Please go ahead.
Jacob Meldgaard
CEO & Executive Director
Yes. Thank you, and also welcome to everyone joining us here today from me. This morning, we released our interim results for the third quarter of 2025, delivering another strong set of numbers that underscore TORM’s ability to generate market-leading performance.
In Q3, we continued to operate in a relatively stable market environment despite ongoing geopolitical tensions. Freight rates firmed compared to the first half of the year, driving a TCE of USD 236 million, above the levels achieved in the previous quarters. This, in turn, resulted in a net profit of USD 78 million, enabling us to declare a dividend of USD 0.62 per share, clearly reflecting how stronger earnings translate into higher shareholder returns.
Also, we advanced our fleet optimization strategy with the acquisition of 5 vessels: 4 2014-built MRs and 1 2010-built LR2, while divesting a 2007-built MR. We also agreed a 3-year time charter for the 2009-built MR vessel, TORM Lilly, to a European refiner at a daily rate of USD 22,234, thus above the prevailing market rate for such vintage. These transactions support our ongoing focus on maintaining a modern, high-quality and commercially attractive fleet.
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