Hafnia Ltd has consummated the purchase of nearly 14 percent of TORM PLC from Oaktree Capital Management LP for $311.43 million.
The acquisition involved around 14.1 million TORM shares, priced $22 per share, according to the announcement of the deal earlier.
“The acquired TORM A-shares represent approximately 13.97 percent of TORM’s issued share capital as per the date hereof”, Hafnia said in a statement this week confirming completion.
TORM said separately, “Following completion of the acquisition, TORM PLC understands that Oaktree holds 26,425,059 A shares, and Hafnia holds 14,156,061 A shares, out of a total of 101,332,707 A shares of USD 0.01 each”.
Hafnia and TORM own fleets that ship crude, oil products or chemicals. Hafnia says it owns about 200 vessels. TORM says it owns about 90 vessels.
Hafnia trades on the Oslo Stock Exchange and the New York Stock Exchange while TORM is listed on Nasdaq in Copenhagen and New York.
Oaktree Capital meanwhile is a Los Angeles-based investor.
Strong Demand
Hafnia has maintained an outlook for strong demand in the tanker sector. This year it reported a consistent quarter-on-quarter increase in operating revenue.
“The product tanker market began the year with modest activity but gained momentum in the third quarter, supported by increased trading volumes and strong refinery margins”, Hafnia said in its third quarter report December 1. “This improvement was largely driven by higher export activity from the Middle East and Asia, with clean petroleum products (CPP) volumes on the water continuing to grow throughout the quarter.
“Daily loaded volumes also rose, indicating that the increase in oil-on-water was fueled primarily by stronger export demand rather than longer voyage distances.
“Russian CPP exports declined in Q3 following Ukrainian drone attacks on several refineries, tightening Russian supply and stimulating increased trade activity in the Atlantic Basin.
“Replacement barrels for South America were sourced from the US Gulf Coast, adding tonne-miles to the unsanctioned fleet and pushing overall utilization.
“Underlying fundamentals remain strong. The ongoing closure of refineries in Europe and the United States is expected to support higher tonne-miles. Sanctions on Russian molecules and vessels trading with Russia will likely continue tightening effective supply through the remainder of 2025 and into 2026.
“Global oil demand also remains resilient, with the IEA forecasting an increase of 0.8 million barrels per day in 2025, to a total of 103.9 million barrels per day.
“On the supply side, stronger crude production and OPEC+ plans for increased output should support the product tanker market by driving higher refinery throughput”.
Hafnia added, “The supply outlook remains constructive. Fleet growth in Q3 was minimal despite ongoing newbuild deliveries, with the orderbook-to-fleet ratio declining to about 18 percent as of November 2025. Limited growth was driven by continued vessel sanctions and the shift of LR2s into dirty trading, which tightened supply in the clean product segment. Ship supply crossing over from the crude sector has also fallen sharply in Q4, supported by a robust crude market, further restricting available tonnage”.
To contact the author, email jov.onsat@rigzone.com
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