Hafnia has completed its acquisition of a minority stake in Danish tanker company Torm.

The deal, in which Hafnia has taken a stake of about 14% in Torm from Oaktree Capital Management, was first announced in September.

Following the completion of the acquisition, Oaktree now holds 26,425,056 A shares in Torm and Hafnia holds 14,156,061 A shares, Torm said in a statement on its website on Tuesday.

In September’s announcement Hafnia said it views TORM as a ‘well-managed company with a high-quality fleet’ and sees consolidation as generally positive for the tanker sector, while stressing that no further decisions have been made on its long-term position.

Torm has a wholly owned fleet of about 90 vessels of 45,000-115,000 DWT in size.