Brookfield Corporation has taken indirect control of a 19.86% stake in Danish product tanker owner Torm, a change in ultimate ownership that follows the Canadian investment group's full acquisition of credit manager Oaktree, according to Splash247.
Splash247 reported that Torm said Oaktree no longer indirectly held any shares or voting rights in the company as of end-July. Brookfield Corporation has instead become the ultimate controlling shareholder of OCM Njord Holdings, the Luxembourg vehicle holding the Torm stake. Njord's direct position remains unchanged at 20.33m class A shares, representing 19.86% of Torm's share capital and voting rights. The change therefore took place above Njord rather than through a fresh purchase of Torm shares.
Ownership shift follows Brookfield's Oaktree buyout
Brookfield completed a roughly $3bn deal for the remaining 26% of Oaktree that the group did not already own, according to Splash247. The group first bought a controlling 62% interest in the US credit manager for about $4.8bn in 2019.
Oaktree's long selldown to Hafnia
Oaktree had steadily reduced its long-held position in Torm ahead of the takeover. Oaktree-linked Njord held 23.8m shares, or 23.39% of the tanker owner, in March before filing in June to sell a further 3.5m shares worth about $103.2m through Morgan Stanley, Splash247 reported.
| Date / event | Shares / value | Stake / detail |
|---|---|---|
| March (reported) | 23.8m shares | 23.39% of Torm |
| June filing | 3.5m shares, ~$103.2m | Planned selldown via Morgan Stanley |
| December deal | 14.2m shares, $311.4m | Sold to Hafnia at $22/share |
| End-July | 20.33m shares | 19.86% held by Njord |
The selldown followed Hafnia's purchase of 14.2m Torm shares from Oaktree for $311.4m. The $22-per-share deal, completed in December, handed the BW Group-backed product tanker owner a 14.45% position in its Danish rival. Oaktree's reduction below the one-third ownership threshold also triggered a governance change at Torm earlier this year, removing the position and authority of the company's B-director, according to Splash247.
Fleet expansion and newbuilding speculation
The shareholder change comes during another expansion phase for Torm. The Copenhagen- and New York-listed owner has lined up eight additional product tankers through resale and secondhand acquisitions, lifting the fleet to 103 ships once all deliveries are completed, Splash247 reported.
Torm has also been linked to an order at China's Zhoushan Changhong International Shipyard for six firm 50,000 dwt MR newbuildings and two options. The ships are reported at about $46m each, putting the firm portion at $276m and the full potential deal at $368m. Neither Torm nor the shipyard has confirmed the order.
Implications for shippers and operators
The ownership change took place above Njord, so no direct shareholding change occurred. For charterers and freight operators, the report's main operational data point is Torm's fleet expansion to 103 product tankers, plus the potential MR newbuilding order. Splash247's report does not cite any changes to Torm's chartering strategy or commercial operations.
The unconfirmed order at Zhoushan Changhong remains the key unresolved item for those tracking Torm's fleet growth. Once the eight resale and secondhand vessels are delivered, Torm's operating fleet will reach 103 ships, a benchmark for charterers assessing available product tanker capacity.
Watch list
- Whether Torm or Zhoushan Changhong International Shipyard confirms the reported order for six firm and two optional 50,000 dwt MR newbuildings.
- Delivery progress of the eight resale and secondhand vessels that will lift Torm's fleet to 103 ships.
- Any further stake moves by Hafnia, which holds 14.45% of Torm, or by Brookfield-controlled Njord.
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