According to information from the Shipping Network, Oaktree Capital Management (Oaktree) continues to reduce its substantial stake in Torm at high levels.
Specifically, according to a document filed with the U.S. Securities and Exchange Commission (SEC) on June 22, Oaktree currently holds approximately 19.86% of Torm’s shares, or 20,329,900 shares. Torm disclosed that Oaktree sold 3,509,700 Torm shares through OCM Njord Holdings, valued at approximately $103 million, with Morgan Stanley acting as the transaction broker.
In short, in 2015, Torm, which was then in deep crisis, underwent a restructuring, making Oaktree the controlling shareholder of Torm, with a maximum shareholding ratio of 68.7%. In recent years, Oaktree has cashed out multiple times by reducing its holdings at high levels, thereby relinquishing its controlling position and becoming a minority shareholder with a stake of less than 20%.
Hafnia is watching closely
According to follow-up reports from the Shipping Network, in December 2025, after Hafnia completed the acquisition of approximately 14.45% equity in competitor Torm from Torm’s controlling shareholder Oaktree, analysts generally believe that the capital market will react positively to a potential merger between product tanker owners Torm and Hafnia.
DNB analyst Jørgen Lian stated that if Oaktree decides to further reduce its stake, “it is conceivable that a company like Hafnia would certainly be interested in buying.”
Previously, Hafnia CEO Mikael Skov also frankly stated that if a merger could create value for Hafnia’s shareholders, then the merger would make good business sense.
Hafnia stated, “Any decision by Oaktree to sell Torm shares is Oaktree’s own business, and any questions about the reasons behind it should be directed to them.”
Jørgen Lian pointed out that this can hardly be said to be a sign of a merger.
He added, “If integration takes place, I believe it will be welcomed by the capital market, as it will create a large company worth watching.”
In fact, a merger between Hafnia and Torm to create a super fleet of over 300 product tankers and chemical tankers would be one of the largest mergers and acquisitions in the history of the tanker market.
At the same time, he emphasized that given the strong performance of the tanker market in the first half of this year, holding Torm equity has already been a fairly good investment for Hafnia.
