TORM plc: Significant Shareholder Update

## TORM plc Navigates Shareholder Shift as Oaktree Divests to Hafnia

**HELLERUP, Denmark – December 23, 2025** – TORM plc, a leading force in the global refined oil product tanker market, today announced a significant shift in its shareholder structure following the completion of an acquisition by Hafnia Limited. Oaktree Capital Management, L.P. and its affiliates have successfully divested their stake in TORM plc to Hafnia, a transaction that was initially signaled in early September 2025.

The completion of this acquisition on December 22, 2025, marks a pivotal moment for TORM. Oaktree’s exit sees them holding 26,425,059 Class A shares, while Hafnia now possesses 14,156,061 Class A shares. These figures represent a notable portion of TORM’s total issued Class A share capital of 101,332,707 shares, each with a nominal value of USD 0.01.

This change in substantial shareholding triggers a formal review process by TORM’s board of directors. In accordance with Article 5 of TORM plc’s Articles of Association, the board will now determine the occurrence of the “threshold date.” This date is defined as the earliest point at which Oaktree and its affiliates no longer beneficially own at least one-third of the issued shares, excluding any treasury shares.

Upon the determination of this threshold date, specific provisions within TORM’s Articles will be deactivated. These include the cessation of effect for the B director’s office, the voting rights associated with C shares, and certain limitations on TORM plc’s operational actions as outlined in Article 137. Concurrently, the B and C shares will be redeemed and subsequently cancelled.

TORM plc anticipates that further announcements will be made to provide updates on these procedural steps as they are concluded.

**Strategic Implications and Industry Context**

The transaction between Oaktree and Hafnia underscores the dynamic nature of capital deployment and strategic consolidation within the tanker industry. For TORM, this shareholder restructuring could pave the way for enhanced operational agility and a refined strategic focus. The potential implications extend beyond mere ownership changes, touching upon corporate governance, future capital allocation, and the company’s competitive positioning within the highly cyclical product tanker segment.

The product tanker market, characterized by its sensitivity to global energy demand, geopolitical stability, and evolving environmental regulations, is currently navigating a complex landscape. Factors such as fluctuating charter rates, the ongoing need for fleet modernization to meet stringent environmental standards, and the impact of international conflicts on shipping routes are critical considerations for all industry players.

Hafnia’s increased stake in TORM may signal an intent to leverage synergies, optimize fleet operations, or pursue a more integrated approach to the product tanker market. The careful execution of the deactivation of specific share classes and governance provisions will be closely watched by market observers and investors alike. TORM’s commitment to safety, environmental responsibility, and customer service, pillars of its operations since its founding in 1889, will continue to be tested and refined amidst these strategic shifts.

The company’s dual listing on Nasdaq in Copenhagen and Nasdaq in New York provides a platform for continued engagement with the global investment community as it navigates this new chapter.

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**About TORM**

TORM stands as a prominent global carrier of refined oil products, managing a fleet of product tanker vessels with a steadfast commitment to safety, environmental stewardship, and exceptional customer service. Established in 1889, TORM conducts its business on a worldwide scale. The company’s shares are publicly traded on Nasdaq in Copenhagen and Nasdaq in New York under the ticker symbols TRMD A and TRMD, respectively. Further details are available on TORM’s corporate website.