Hafnia Ltd., a leading shipping company, has announced its strategic expansion by entering into a preliminary agreement to acquire 14.45% of TORM's shares from Oaktree Capital Management. This acquisition involves approximately 14.1 million A shares at a price of US$ 22 per share, amounting to a total purchase price of US$ 311,433,342. Hafnia views this investment as a move towards strengthening its position in the tanker industry, recognizing TORM as a well-managed company with a high-quality fleet. The completion of the share purchase is contingent upon entering a definitive agreement and meeting customary conditions, including regulatory approvals and the appointment of a new independent board chair for TORM. While Hafnia acknowledges the positive potential of industry consolidation, it has not made any firm decisions regarding future proposals or transactions.