Shares of Hafnia Ltd. (HAFN) are soaring 5.02% in intraday trading, following the company's announcement of a significant acquisition move in the tanker industry. The surge comes as Hafnia revealed its agreement to purchase a substantial stake in fellow tanker operator TORM plc (TRMD).

Hafnia disclosed that it has entered into a preliminary agreement with Oaktree Capital Management, L.P. and its affiliates, the controlling shareholder of TORM, to acquire approximately 14.1 million class A shares in TORM. The deal, valued at around $311 million, or $22 per share, represents about 14.45% of TORM's issued share capital. The transaction is subject to the execution of a definitive agreement and other customary conditions.

This strategic move has been well-received by investors, as evidenced by the sharp increase in Hafnia's stock price. The company stated that TORM is a well-managed entity with a high-quality fleet, suggesting potential synergies in the future. While Hafnia believes that consolidation is generally positive for the tanker industry, it has not made any decisions regarding its long-term position as a TORM shareholder. The market's positive reaction extends to TORM as well, with its shares also trading higher by more than 1% following the news.