Hafnia Limited announced on 3 September 2025 that Oaktree Capital Management, L.P. and its affiliates, the controlling shareholder of TORM plc, accepted Hafnia’s offer to acquire approximately 14.1 million A shares in TORM.
The stake represents about 14.45% of TORM’s issued share capital. The agreed price is US$22 per share, giving the transaction a total value of US$311,433,342.
The deal remains subject to a definitive agreement and customary conditions, including regulatory approvals, satisfaction of covenants, and the appointment of a new independent board chair of TORM.
Hafnia stated that it views TORM as a well-managed company with a high-quality fleet and noted its general belief that consolidation benefits the tanker industry, but emphasized that no decision has been made on its long-term shareholder position.
The company also clarified that there is no assurance the transaction will lead to further proposals or agreements. If any transaction arises, it will not be structured as an offer under the UK Takeover Code. Hafnia said it will be bound by the restrictions of Rule 2.8 of the Code unless exceptions apply, such as board approval from TORM, a third-party firm offer, a Rule 9 waiver or reverse takeover by TORM, or a material change of circumstances as determined by the Panel on Takeovers and Mergers.
Hafnia Limited is a shipping company registered in Singapore. It owns and operates a fleet of about 200 vessels and provides services such as technical management, chartering, pool management, and bunker procurement. The company is a subsidiary of BW Group, an international shipping conglomerate active in oil and gas transportation, floating gas infrastructure, and environmental technologies. Hafnia employs over 4,000 people across offices in Singapore, Copenhagen, Houston, and Dubai.
Oaktree Capital Management, L.P. is a U.S.-based investment management firm specializing in alternative investments, including distressed debt, corporate debt, real estate, and listed equities. Founded in 1995, it operates globally with clients such as pension funds, sovereign wealth funds, and insurance companies. Oaktree is structured as a limited partnership.
TORM plc is a public limited company incorporated in the United Kingdom and listed on Nasdaq and Nasdaq Copenhagen. It operates product tankers, transporting refined oil products worldwide. TORM’s fleet is composed primarily of modern vessels, and the company is regulated under U.K. corporate governance standards and subject to the UK Takeover Code.