Hafnia Limited has entered into a preliminary agreement to acquire approximately 14.1 million A shares in product tanker operator TORM plc from Oaktree Capital Management, representing about 14.45% of TORM’s issued share capital. The shares are priced at US$22 per share for a total purchase price of US$311.4 million.
“Hafnia looks forward to making this sizeable investment in TORM with the belief that TORM is a well-managed company with a high-quality fleet,” Hafnia said in its announcement. The company also noted that while it “believes generally that consolidation is positive for the tanker industry,” it “has made no decisions in this regard.”
TORM confirmed in a separate statement that it “has not been involved in the transaction and has no further information”. The company noted it would make “an additional announcement…if and when appropriate.”
The transaction remains subject to several conditions, including the parties finalizing a definitive agreement, obtaining required regulatory approvals, satisfaction of certain covenants, and the appointment of a new independent board chair of TORM.
The acquisition comes as TORM reported a second-quarter 2025 net profit of US$58.7 million, down from US$194.2 million during the same period in 2024, a decline that TORM described as “a normalization of freight rates from the exceptionally strong levels seen in the first half of 2024.” Despite this, the company recently increased its full-year 2025 guidance, projecting TCE earnings in the range of US$800-950 million and EBITDA between US$475-625 million.
Hafnia is one of the world’s leading tanker owners with approximately 200 vessels in its fleet. The company provides a fully integrated shipping platform, including technical management, commercial and chartering services, pool management, and bunker procurement. Hafnia is part of the BW Group, which has been involved in oil and gas transportation and related industries for over 80 years.
TORM, founded in 1889, is similarly positioned as a major carrier of refined oil products, with listings on Nasdaq in both Copenhagen and New York.