Hafnia’s TORM Investment: Timing, Size and Accounting
Investment snapshot
| Item | Detail |
|---|
| Target | TORM plc (Nasdaq: TRMD) |
| Preliminary agreement announced | September 3, 2025 |
| Binding purchase agreement | September 11, 2025 |
| Transaction completed | December 22, 2025 |
| Shares acquired | 14,156,061 Class A shares |
| Purchase price | $22.00 per share |
| Total consideration | $311.4 million |
| Ownership at completion | 13.97% of TORM’s issued share capital |
Accounting treatment
Hafnia reports the TORM stake as a non-current asset within
Other investments. It is designated as an equity investment at
fair value through other comprehensive income (FVOCI) because the holding is long-term and strategic rather than held for trading.
The stake is not equity-accounted as an associate or joint venture: Hafnia owns less than 20% and reports that it has neither significant influence, joint control, nor control over TORM.
- Fair-value changes are recorded in OCI/equity rather than net income.
- Dividends are recognized as income.
- Carrying value was $277.2 million at December 31, 2025 and approximately $395.0 million at March 31, 2026.
- Total Other investments were $408.5 million at March 31, 2026.
Sources