The Singapore-based company already manages 200 ships. The operation represents a new step towards consolidation in the medium-sized tanker sector
Singapore – The shipping company Hafnia, based in Singapore and partly owned by the BW group, has reached an agreement to purchase a 14.45% stake in the Danish rival Torm from the fund Oaktree Capital Management, for a value of approximately $311.4 million. The agreed price is $22 per share and concerns type A shares listed in Copenhagen and New York.
After the transaction, Oaktree’s stake in Torm will drop from 41% to 26.5%. Hafnia emphasized that this is not a public tender offer or a merger, but the operation confirms the trend of consolidation in the tanker sector.
Hafnia, led by Mikael Skov (former CEO of Torm), manages over 200 ships, while Torm, under the leadership of Jacob Meldgaard, operates about 90. Both companies have strong operational ties to Copenhagen. According to Seb analysts, the purchase price reflects a price / net asset value (NAV) ratio of approximately 0.94x. A possible merger could occur on a NAV-per-NAV basis, creating a giant with almost 300 ships and an estimated NAV of $5.7 billion, with Oaktree’s stake dropping to 10%.
