NEW YORK, Jan 7, 2026, 12:46 EST — Regular session
- Shares up about 6.7% after TORM confirmed an ownership “threshold date” tied to Oaktree’s stake
- Board reshaped as Deputy Chairman David Weinstein exits, while special voting rights start to unwind
- Focus shifts to Feb. 26 annual report and the timetable for scrapping B and C shares
TORM plc shares jumped 6.7% to $21.85 in midday U.S. trade on Wednesday. The product tanker owner said Oaktree Capital Management and its affiliates have fallen below a one-third ownership threshold, triggering a governance reset. 1
That matters now because the “threshold date” strips out a set of limits written into TORM’s articles of association when Oaktree held a larger stake, leaving the board with wider room to act on certain decisions. The change follows Hafnia’s purchase of shares from Oaktree, which the company had flagged in a December statement. 2
Oaktree’s drop below one-third also ends the role of the “B-Director” — a board seat linked to a separate share class — and shuts off the super-voting power carried by a lone C-share with 350 million votes, the company said. Once the redemption process finishes, the company will be left with a simpler one-share, one-vote structure. 3
Deputy Chairman and Senior Independent Director David Weinstein will leave the board with immediate effect, TORM said, but will stay on as a special adviser. “It has been a great privilege serving TORM through numerous transformative events and business cycles,” Weinstein said. 4
The company said the C-share voting right ceased at the threshold date and voting rights now consist of 101,332,707 A-shares and one B-share, each with one vote. After the redemption and cancellation of the remaining B and C shares, TORM’s share capital will be 101,332,707 A-shares, it added. 5
Hafnia, another tanker owner, said on Dec. 22 it completed the acquisition of about 14.1 million TORM A-shares, representing 13.97% of TORM’s issued share capital, and pointed investors to a Schedule 13D outlining its plans. Hafnia also flagged the possibility of exploring a business combination with TORM, while stressing there was no assurance any talks would lead to a transaction. 6
The move in TORM came alongside gains across listed tanker names on Wednesday, with Scorpio Tankers up 5.2%, Frontline up 8.3% and DHT Holdings up 6.9%.
But the governance clean-up does not change what ultimately drives TORM’s cash flow — freight rates and costs — both of which can swing quickly. A Reuters poll this week forecast Brent averaging $61.27 a barrel in 2026 and warned supply could outstrip demand; “supply is expected to exceed demand, keeping prices under pressure through the year,” said Bridget Payne, head of energy forecasting at Oxford Economics. 7
