Hafnia Limited completed the final step in its purchase of 14.1 million A‑shares of Norwegian tanker operator TORM plc, giving the Danish shipping group a 13.97 % stake in the company. The transaction, which was announced on December 18 2025, follows a binding share‑purchase agreement signed on September 11 2025 and satisfies all conditions precedent required by the parties.
The purchase price was US$22 per share, resulting in a total transaction value of US$311.4 million. The percentage stake is slightly lower than the 14.45 % originally projected in September because TORM increased its issued share capital by 3,380,278 new A‑shares between the two dates. The adjustment reflects a common practice in share‑purchase agreements to account for changes in the target’s capital structure.
Strategically, the deal positions Hafnia as a significant shareholder in a peer that operates a large product‑tanker fleet. Hafnia’s fleet of roughly 200 vessels and TORM’s 90‑ship roster create a combined platform that could deliver operational synergies in chartering, procurement, and fleet management. The acquisition also gives Hafnia a meaningful voice in TORM’s governance, potentially enabling it to influence strategic decisions and to explore future consolidation or a NAV‑for‑NAV business combination, a topic that has been discussed but not yet formalized.
The product‑tanker market in late 2025 is facing headwinds from increasing supply growth and modest demand expansion. BIMCO forecasts weaker earnings for the segment compared to 2024, while Drewry projects slower growth for crude tankers relative to product tankers. In this environment, Hafnia’s move can be seen as a proactive step to strengthen its competitive position and to hedge against market volatility by aligning with a peer that shares similar environmental targets, including TORM’s net‑zero CO2 ambition by 2050.
The transaction does not trigger an immediate market reaction, as it is a procedural update rather than a financial results announcement. However, the deal signals Hafnia’s continued commitment to expanding its presence in the product‑tanker sector and may influence future strategic discussions within the industry.
The acquisition is expected to close shortly after the conditions are met, with the final settlement date to be confirmed by Hafnia and TORM’s legal teams. The parties have not yet disclosed any additional terms such as board representation or voting rights beyond the standard A‑share ownership.
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