TORM plc announced on December 23 that Oaktree Capital Management, L.P. and its affiliates had completed the sale of 26,425,059 A shares, giving Oaktree a 26.05% stake in the company’s issued A shares.
The transaction was part of a broader deal in which Hafnia Limited acquired approximately 14.1 million A shares from Oaktree for a total purchase price of about USD 311 million, or USD 22 per share. Oaktree has been gradually reducing its exposure to TORM since a 2015 debt‑restructuring, executing block trades in late 2024 and early 2025 before finalizing the sale to Hafnia.
Because Oaktree’s stake now falls below the one‑third threshold, the transaction triggers TORM’s articles of association provisions that require the redemption and cancellation of the special voting rights attached to B and C shares. The company will proceed with the necessary corporate actions to remove those rights, effectively ending Oaktree’s direct influence over board appointments and voting power.
The deal signals a continued consolidation trend in the product‑tanker industry. Hafnia’s increased ownership positions it as a dominant player, potentially enabling fleet‑scale synergies and a stronger bargaining position amid rising regulatory costs and the need for operational scale.
Oaktree’s exit reflects a strategic decision to realize gains on a long‑held investment, while Hafnia’s purchase aligns with its objective to expand its integrated shipping platform and strengthen its market position. The completion of the sale is expected to clear the overhang that had previously constrained TORM’s governance structure and to streamline decision‑making for the company’s future growth initiatives.
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