There are changes afoot in the ownership structure of the Danish product tanker specialist Torm. OCM Njord Holdings, an Oaktree company, intends to sell 9 million Torm shares.
This is likely to make Hafnia the company’s largest known individual shareholder. According to Torm, OCM Njord Holdings has launched a public secondary placement for 9 million Class A shares. Prior to the transaction, the company – which is indirectly controlled by funds managed by the US investor Oaktree Capital Management – holds around 20 per cent of Torm’s shares.
In addition, the lead underwriter, J.P. Morgan, is to be granted a 30-day option to acquire up to a further 1.35 million shares. Torm itself is not issuing any new shares as part of the transaction and will not receive any proceeds from the sale.
Should the placement be fully implemented, OCM Njord’s stake would be significantly reduced. This would make Hafnia the largest shareholder in Torm. The tanker operator, which is part of the BW Group, had acquired around 14.1 million Torm shares from Oaktree at the end of 2025. Following subsequent capital increases at Torm, this stake now stands at just under 14 per cent.
When the acquisition was first announced, Hafnia had already stated its intention to explore strategic opportunities between the two product tanker companies. However, no further transaction or merger has been announced to date.
The further reduction in Oaktree’s stake is therefore likely to reignite speculation about a possible consolidation in the product tanker market. However, there are as yet no concrete indications of an imminent takeover or merger.
