Copenhagen-headquartered Torm’s major shareholder, US-based Oaktree Capital, wants to sell off about 5 million shares in the Danish shipping company, Torm writes in a press release late Wednesday.

As part of the sale, OCM Njord Holdings will offer an option to purchase another 750,000 shares within 30 days.

The selloff will be done on market conditions, Torm writes. Meanwhile, there can be no assurance on the actual follow-through of the sale.

5 million shares amount to approximately 6 percent of Torm’s total share capital while 5.75 million shares amount to 6.9 percent.

Prior to selling, Oaktree owns roughly 65 percent on Torm’s share capital, the press release explains.

According to data from Bloomberg News, Oaktree’s ownership share totals 64.63 percent.

Citigroup, Evercore, and Jefferies have been elected as divestment advisors.

The Torm share has increased forcibly since Russia invaded Ukraine and thereby changed the trade patterns for the refined petroleum products that Torm transports.

English edit: Christian Radich Hoffman