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CONTRACTUAL OBLIGATIONS AND RIGHTS | 12 Months Ended
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Dec. 31, 2025
CONTRACTUAL OBLIGATIONS AND RIGHTS |
Contractual obligations and rights | NOTE 22 – CONTRACTUAL RIGHTS AND OBLIGATIONS The following table summarizes the Group's contractual obligations as of December 31, 2025.
USDm |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total
Borrowings ¹⁾ |  | 291.8 |  | 100.3 |  | 94.7 |  | 385.6 |  | 78.8 |  | 65.1 |  | 1,016.3
Interest payments related to scheduled interest fixing |  | 38.8 |  | 34.5 |  | 30.5 |  | 20.0 |  | 4.0 |  | 0.7 |  | 128.5
Estimated variable interest payments ²⁾ |  | 5.5 |  | 4.4 |  | 5.3 |  | 2.7 |  | 1.2 |  | 1.5 |  | 20.6
Committed scrubber installations ³⁾ |  | 10.0 |  | 2.0 |  | 1.9 |  | 1.6 |  | — |  | — |  | 15.5
Trade payables and other obligations |  | 86.7 |  | — |  | — |  | — |  | — |  | 3.0 |  | 89.7
Total |  | 558.8 |  | 141.2 |  | 132.4 |  | 409.9 |  | 84.0 |  | 70.3 |  | 1,396.6
The following table summarizes the Group's contractual obligations as of December 31, 2024.
USDm |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Borrowings ¹⁾ |  | 167.9 |  | 166.2 |  | 132.8 |  | 118.1 |  | 488.2 |  | 170.1 |  | 1,243.3
Interest payments related to scheduled interest fixing |  | 51.1 |  | 46.5 |  | 43.7 |  | 39.8 |  | 26.0 |  | 5.3 |  | 212.4
Estimated variable interest payments ²⁾ |  | 9.9 |  | 8.8 |  | 8.4 |  | 8.5 |  | 5.7 |  | 4.7 |  | 46.0
Committed scrubber installations ³⁾ |  | 11.9 |  | 1.1 |  | 7.9 |  | 2.1 |  | — |  | — |  | 23.0
Trade payables and other obligations |  | 92.0 |  | — |  | — |  | — |  | — |  | 2.7 |  | 94.7
Total |  | 332.8 |  | 222.6 |  | 192.8 |  | 168.5 |  | 519.9 |  | 182.8 |  | 1,619.4
The following table summarizes the Group's contractual rights as of December 31, 2023
USDm |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
Borrowings ¹⁾ |  | 174.9 |  | 148.0 |  | 148.4 |  | 112.0 |  | 120.0 |  | 370.2 |  | 1,073.5
Interest payments related to scheduled interest fixing |  | 41.0 |  | 32.5 |  | 26.7 |  | 24.5 |  | 19.5 |  | 18.4 |  | 162.6
Estimated variable interest payments ²⁾ |  | 6.3 |  | 5.3 |  | 6.1 |  | 6.2 |  | 7.5 |  | 8.9 |  | 40.3
Secondhand vessel commitments |  | 190.4 |  | — |  | — |  | — |  | — |  | — |  | 190.4
Committed scrubber installations ³⁾ |  | 23.6 |  | — |  | 2.0 |  | 8.1 |  | 2.0 |  | — |  | 35.7
Trade payables and other obligations |  | 85.0 |  | — |  | — |  | — |  | — |  | 2.7 |  | 87.7
Total |  | 521.2 |  | 185.8 |  | 183.2 |  | 150.8 |  | 149.0 |  | 400.2 |  | 1,590.2
1) The presented amounts to be repaid do not include directly related borrowing costs arising from the issuing of the loans of $13.2m (2024: $17.0m. 2023: $13.9m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to $6.8m (2024: $7.3m, 2023: $9.0m). 2) Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments 3) Commitments for pollution reduction installations NOTE 22 – continued TORM has contractual rights to receive future payments as lessor of vessels on time charter and bareboat charter to customers. The following table summarizes the Group's contractual rights as of December 31, 2025
USDm |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total
Contractual rights - as lessor: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charter hire income for vessels ⁵⁾ |  | 53.9 |  | 31.2 |  | 9.2 |  | — |  | — |  | — |  | 94.4
Total |  | 53.9 |  | 31.2 |  | 9.2 |  | — |  | — |  | — |  | 94.4
The following table summarizes the Group's contractual rights as of December 31, 2024
USDm |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Contractual rights - as lessor: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charter hire income for vessels ⁵⁾ |  | 67.8 |  | 26.2 |  | 11.9 |  | — |  | — |  | — |  | 105.9
Total |  | 67.8 |  | 26.2 |  | 11.9 |  | — |  | — |  | — |  | 105.9
The following table summarizes the Group's contractual rights as of December 31, 2023
USDm |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
Contractual rights - as lessor: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charter hire income for vessels ⁵⁾ |  | 37.8 |  | 24.1 |  | — |  | — |  | — |  | — |  | 61.9
Total |  | 37.8 |  | 24.1 |  | — |  | — |  | — |  | — |  | 61.9
5) Charter hire income for vessels on time charter is recognized under "Revenue". During the years revenue from time charter amounted to $129.3m (2024: $145.6m, 2023: $43.8m) The average period until redelivery of the vessels for the period ended December 31, 2025 was 2.0 years (2024: 1.8 years, 2023:1.6 years).

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