A part of Watch Media

ShippingWatchFriday3 February 2023

  • Search
  • Log in
  • Carriers
  • Logistics
  • Regulation
  • Suppliers
  • Search
  • Log in
  • Latest
  • Search
  • Log in
  • Carriers
  • Logistics
  • Regulation
  • Suppliers
  • Offshore
  • Ports
25/08/2015at 15:38

Torm welcomes new chairman of few words

The representative of Torm's new primary stakeholder, Oaktree Capital Management, is a man of few words. He took over as new chairman of Torm on Tuesday. However, US equity funds are not known as extrovert owners.
BY OLE ANDERSEN

The new primary stakeholder in Torm, US-based equity fund Oaktree Capital Management, at an Extraordinary General Assembly on Tuesday appointed its chosen chairman along with two additional board members on the carrier's board of directors. The tanker carrier is now starting over with new owners and a new capital base following seven years plagued by financial difficulties, as departing chairman Flemming Ipsen noted in his final remarks as chairman of Torm.

Try a free 40-day trial subscription to ShippingWatch

On the other hand, it was a man of few words - Oaktree representative and new chairman of Torm, Christopher Helmut Boehringer - who briefly thanked the departing board of directors for its efforts in the protracted, difficult and complicated process of restructuring the carrier - a process that gives Oaktree control of Torm with a 62 percent stake. US-based DW Partner holds a six percent stake in Torm, while the remaining stakeholders all own less than five percent.

Introducing Oaktree's strong man on the Torm board

With Oaktree Capital Management as controlling stakeholder in the Danish-based product tanker carrier, Torm becomes the latest in a long line of shipping companies in which the equity fund has invested during the shipping industry's global downturn alongside the financial crisis.

The introduction of a private equity fund as new and dominant owner can also often lead to changes in a company's public profile that might not correspond to what one is used to. US-based equity funds, including Oaktree, are not known for being particularly open to the public or the press. And at the general assembly on Tuesday, numerous representatives from the latter category tried to get comments from Boehringer. But in vain.

A complete overview of Oaktree's shipping investments is not available, but the fund is commonly considered one of the biggest investors among private equity and hedge funds. Most recently, news media Alphabulk calculated Oaktree's shipping investments to around USD 3 billion.

In the tanker sector, Oaktree has invested in carriers Genmar, Navig8 and now Torm, while the fund's investments in dry bulk counts companies such as Eagle Bulk, Excel Maritime, Genco, Oceanbulk and Starbulk, and the list also includes German heavy lift carrier Beluga (Hansa Heavylift) and container shipping through German Rickmers.

Oaktree has also acquired shipping loans from Commerzbank and Lloyds Bank.

Torm resurrected as well-padded tanker carrier

Torm in USD 100 million operating profit for 1st half of 2015

The new Torm projects USD 140 million profit in 2015

Torm replaces entire board of directors 

Related articles:

  • Torm resurrected as well-padded tanker carrier

    For subscribers

  • Torm in USD 100 million operating profit for 1st half of 2015

    For subscribers

  • The new Torm projects USD 140 million profit in 2015

    For subscribers

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

!
Newsletter terms

Front page now

Foto: Staff/Reuters/Ritzau Scanpix
Logistics

DSV sees one advantage of downturn: It will be cheaper to buy competitors

Acquisitions are decisive for growth at logistics group DSV, and with prospects of declining freight volumes, the prices of acquisitions will fall. DSV will use this to its advantage, according to CEO Jens Bjørn Andersen.
  • DSV books a much improved 2022 result – but a new reality now awaits
  • DSV aims to grow further via acquisitions with market consolidation still very far away

For subscribers

Hans Lind Dollerup er ny managing director for Dan-Bunkerings europæiske forretning. Selskabet har også hyret en ny kommerciel direktør i Europa. | Foto: Dan-Bunkering
Suppliers

Dan-Bunkering hires new management for Europe

For subscribers

Foto: Rebecca Naden/Reuters/Ritzau Scanpix
Tanker

Euronav retains substantial dividend due to merger strife

For subscribers

Foto: A.p. Møller – Mærsk, Verity/pr
Logistics

Maersk deploys drones in US inventories

For subscribers

Foto: Zhang Ke/AP/Ritzau Scanpix
Offshore

There aren't enough ships to install giant wind turbines across Asia

For subscribers

Genrebillede. | Foto: Lee Jae Won/Reuters/Ritzau Scanpix
Logistics

Expeditors hit by claim from robot company after extensive cyberattack

For subscribers

Further reading

Foto: A.p. Møller – Mærsk, Verity/pr
Logistics

Maersk deploys drones in US inventories

The Danish shipping giant is testing the use of drones at the company’s US inventories in an attempt to improve warehouse inventory systems.

For subscribers

Foto: Staff/Reuters/Ritzau Scanpix
Logistics

DSV sees one advantage of downturn: It will be cheaper to buy competitors

Acquisitions are decisive for growth at logistics group DSV, and with prospects of declining freight volumes, the prices of acquisitions will fall. DSV will use this to its advantage, according to CEO Jens Bjørn Andersen.

For subscribers

Genrebillede. | Foto: Lee Jae Won/Reuters/Ritzau Scanpix
Logistics

Expeditors hit by claim from robot company after extensive cyberattack

US-based Expeditors is facing claim from a customer citing business difficulties resulting from the freight forwarder’s paralysis caused by a cyberattack a year ago.

For subscribers

Latest news

  • Maersk deploys drones in US inventories – 2 Feb
  • Expeditors hit by claim from robot company after extensive cyberattack – 2 Feb
  • DSV sees one advantage of downturn: It will be cheaper to buy competitors – 2 Feb
  • Euronav retains substantial dividend due to merger strife – 2 Feb
  • Dan-Bunkering hires new management for Europe – 2 Feb
  • Mærsk Center for Zero Carbon hires new executive from port company – 2 Feb
  • Stolt-Nielsen expects good times ahead for chemical tanker after new profit – 2 Feb
  • There aren't enough ships to install giant wind turbines across Asia – 2 Feb
  • Creditors in crisis-stricken Dof request bankruptcy proceedings – 2 Feb
  • DSV books a much improved 2022 result – but a new reality now awaits – 2 Feb
See all

Jobs

  • Junior Finance Business Partner - offshore wind industry

  • Fleet Manager

  • Senior Lead, Human Sustainability at Sea

  • Foundation Package Manager - Offshore wind industry

  • Chartering Manager for Lauritzen Bulkers A/S

  • Copenhagen Shipping Company is hiring a skilled cargo broker

  • Financial Controller for International Shipping Company

  • Senior Financial Controller

Jobs

  • Junior Finance Business Partner - offshore wind industry

  • Fleet Manager

  • Senior Lead, Human Sustainability at Sea

  • Foundation Package Manager - Offshore wind industry

  • Chartering Manager for Lauritzen Bulkers A/S

  • Copenhagen Shipping Company is hiring a skilled cargo broker

  • Financial Controller for International Shipping Company

  • Senior Financial Controller

See all jobs

Colophon

ShippingWatch
Search

Sections

  • Carriers
  • Logistics
  • Regulation
  • Suppliers
  • Offshore
  • Ports
  • Sitemap
  • RSS feeds

Editor

Tomas Kristiansen

tk@shippingwatch.dk

Tel.: +45 3330 8360

Editor-in-chief

Anders Heering

Publisher

JP/Politiken Media Group Ltd

Advertising

annoncering@infowatch.dk

Tel.: +45 7077 7445

Advertising

Job Advertising

job@infowatch.dk

Tel.: +45 7077 7445

Jobs

Subscription

Try ShippingWatch or get an offer for a subscription meeting the exact needs of you or your company.

shippingwatch@infowatch.dk

Tel.: +45 7077 7445

Learn more about subscriptions here

Address

ShippingWatch

Rådhuspladsen 37

1785 Copenhagen K, Denmark

Tel.: +45 3330 8360

Guidelines

  • Privacy Policy

Copyright © ShippingWatch — All rights reserved

Microsoft is in the process of discontinuing Internet Explorer – and so are we.
For a better experience, we recommend using one of the following browsers.

Kind regards,
ShippingWatch

Google ChromeMozilla FirefoxMicrosoft Edge