Hafnia Berlin has been introduced as the largest shareholder of Torm, while OCM Njord Holdings, owned by Oaktree, has put 9 million shares of Torm up for sale. This block will be offered at an approximate value of $318 million at Monday's closing price, and this action will reduce OCM's share from 20.33 million shares, equivalent to about 20 percent, to 11.33 million shares, equivalent to approximately 11.1 percent.
Details of the Sale and Impact on Ownership Structure
The secondary public offering will not benefit Torm, as the company will not issue any shares in this transaction and will not receive any revenue from it. However, analysts predict that this sale will reduce the pressure from Oaktree's shares on the Torm market, which could be technically positive for Torm's shares.
Hafnia Berlin had previously supported plans for mergers and strategic cooperation with Torm last September, and by purchasing approximately 14.1 million shares from Oaktree for $311.4 million, it acquired a stake of just under 14 percent in Torm. This purchase followed a gradual reduction in Oaktree's ownership, which recent analyses indicate is continuing.
Current Status of Torm and Future Predictions
Torm is currently trading at its highest level in a year and has reported a remarkable second quarter with a net profit of $338 million and $416 million in EBITDA. The company's annual forecasts have increased by $200 million. As of the end of June, Torm owned 97 vessels and continues to add tonnage. Six newly purchased MR vessels will be delivered between 2027 and 2028, and six new MR vessels have also been contracted for 2029 with an option for two additional vessels.
Torm is clearly moving towards a new ownership structure, and given Hafnia Berlin's support for mergers, this change could be a sign of larger developments in the shipping industry.
