Hafnia Limited has completed all conditions precedent to acquire 14.1 million A‑shares of TORM plc, representing 13.97 % of the Norwegian product‑tanker operator’s issued share capital. The transaction, first disclosed on September 3 2025 and formalized in a share‑purchase agreement on September 15, is now expected to close shortly.
The purchase price of $22 per share values the transaction at approximately $311.4 million. The deal follows TORM’s recent share‑capital increase of 3,380,278 new A‑shares, which was executed to exercise Restricted Share Units under the company’s incentive program and to provide the liquidity needed for the acquisition.
Hafnia, which operates a fleet of roughly 200 product and chemical tankers, will become a significant shareholder in TORM, which manages about 90 product‑tanker vessels. Both companies emphasize environmental stewardship; TORM has pledged a 40 % reduction in carbon intensity by 2025 and net‑zero CO₂ emissions by 2050, while Hafnia is pursuing similar greenhouse‑gas‑reduction targets.
The transaction is expected to deepen a strategic partnership between the two operators. Hafnia’s scale and modern fleet complement TORM’s market presence, potentially creating synergies in vessel utilization, maintenance, and shared technology platforms. Management has indicated that the partnership will not trigger a takeover bid under the UK Takeover Code, and Hafnia has not yet defined a long‑term ownership plan.
Oaktree Capital Management, the former controlling shareholder of TORM, sold the shares to Hafnia, reducing its stake and altering the company’s shareholder structure. The change may influence board dynamics and future strategic decisions, as the new ownership concentration could shift voting power and governance priorities.
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