TORM Holder Group Sells 5M Shares at $32.50 Each

Each reporting person may be deemed the beneficial owner of 6.17% of TORM’s Class A shares, based on 102,650,777 shares outstanding as of September 24, 2026.

Rhea-AI Filing Summary

For TORM plc (TRMD), OCM NJORD Holdings S.A R.L., Oaktree Capital Management GP, LLC, and Oaktree Capital Holdings, LLC reported selling 5,000,000 Class A common shares for $32.50 per share in a block trade pursuant to Rule 144 on September 23, 2026. As of September 24, 2026, each reporting person may be deemed the beneficial owner of 6,329,874 Class A shares, representing approximately 6.17% of the class, based on 102,650,777 shares outstanding. Each reported shared voting and dispositive power over 6,329,874 shares.

Filing Explained

The amendment adds the ownership mechanics behind the reported remaining stake: all three entities report shared voting and dispositive power over the same 6,329,874 Class A shares, describing one overlapping position rather than three separate blocks.

Key Figures

Class A shares sold: 5,000,000 shares Sale price: $32.50 per share Beneficial ownership per reporting person: 6,329,874 Class A shares +2 more

5 metrics

Class A shares sold 5,000,000 shares September 23, 2026 block trade

Sale price $32.50 per share September 23, 2026 block trade

Beneficial ownership per reporting person 6,329,874 Class A shares As of September 24, 2026

Percentage of class 6.17% Beneficial ownership as of September 24, 2026

Class A shares outstanding 102,650,777 shares As of September 24, 2026

Key Terms

beneficial owner, shared voting power, shared dispositive power, block trade, +1 more

5 terms

beneficial owner financial

"may be deemed the beneficial owner of 6,329,874 Class A Shares"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

shared voting power financial

"Shared Voting Power 6,329,874.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 6,329,874.00"

block trade financial

"in a block trade pursuant to Rule 144"

A block trade is a large, privately arranged sale or purchase of a company's shares or bonds between big investors, often negotiated to avoid upsetting the public market price. Think of it like selling a truckload of goods directly to one buyer instead of unloading it on a busy street — it moves a lot of supply at once and can signal shifting demand, affect immediate liquidity, and influence short-term stock prices.

Rule 144 regulatory

"in a block trade pursuant to Rule 144"

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many TRMD shares did the reporting persons sell, and at what price?

The reporting persons sold 5,000,000 Class A shares for $32.50 per share on September 23, 2026, in a block trade pursuant to Rule 144.

How many TRMD shares did the reporting persons beneficially own after the sale?

As of September 24, 2026, each reporting person may be deemed the beneficial owner of 6,329,874 Class A shares, approximately 6.17% of the class. The percentage is based on 102,650,777 Class A shares outstanding.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/24/2026 - 06:30 PM Accepted by SEC EDGAR 09/24/2026 - 06:30 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 25)

TORM plc

(Name of Issuer)

Class A common shares, par value $0.01 per share

(Title of Class of Securities)

G89479102

(CUSIP Number)

Martin Boskovich
Oaktree Capital Management, L.P., 333 S. Grand Avenue, 28th Floor
Los Angeles, CA, 90071
(213) 830-6759

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/23/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): G89479102

1

Name of reporting person

OCM NJORD HOLDINGS S.A R.L.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,329,874.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,329,874.00

11

Aggregate amount beneficially owned by each reporting person

6,329,874.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.17 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percent of class is calculated based on 102,650,777 shares of Class A common shares, par value $0.01 per share (the "Class A Shares") outstanding as of September 24, 2026, as reported in Exhibit 99.1 to the Issuer's Form 6-K filed with the Securities and Exchange Commission on September 24, 2026 (the "Form 6-K").

SCHEDULE 13D

CUSIP Number(s): G89479102

1

Name of reporting person

OAKTREE CAPITAL MANAGEMENT GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,329,874.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,329,874.00

11

Aggregate amount beneficially owned by each reporting person

6,329,874.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.17 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percent of class is calculated based on 102,650,777 Class A Shares outstanding as of September 24, 2026, as reported in the Issuer's Form 6-K.

SCHEDULE 13D

CUSIP Number(s): G89479102

1

Name of reporting person

OAKTREE CAPITAL HOLDINGS, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,329,874.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,329,874.00

11

Aggregate amount beneficially owned by each reporting person

6,329,874.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.17 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percent of class is calculated based on 102,650,777 Class A Shares outstanding as of September 24, 2026, as reported in the Issuer's Form 6-K.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A common shares, par value $0.01 per share
(b)	Name of Issuer: TORM plc
(c)	Address of Issuer's Principal Executive Offices: 4th Floor, 120 Cannon Street, London, UNITED KINGDOM , EC4N 6AS.
Item 1 Comment: This Amendment No. 25 ("Amendment No. 25") amends and supplements the statement on Schedule 13D filed by the Reporting Persons on February 5, 2018, as amended by Amendment No. 1 thereto filed March 27, 2020, Amendment No. 2 thereto filed May 19, 2020, Amendment No. 3 thereto filed June 5, 2020, Amendment No. 4 thereto filed June 17, 2020, Amendment No. 5 thereto filed September 14, 2020, Amendment No. 6 thereto filed April 26, 2023, Amendment No. 7 thereto filed June 12, 2023, Amendment No. 8 thereto filed December 4, 2023, Amendment No. 9 thereto filed January 9, 2024, Amendment No. 10 thereto filed January 18, 2024, Amendment No. 11 thereto filed March 14, 2024, Amendment No. 12 thereto filed April 8, 2024, Amendment No. 13 thereto filed June 3, 2024, Amendment No. 14 thereto filed October 3, 2024, Amendment No. 15 thereto filed March 18, 2025, Amendment No. 16 thereto filed September 5, 2025, Amendment No. 17 thereto filed September 15, 2025, Amendment No. 18 thereto filed September 29, 2025, Amendment No. 19 thereto filed November 17, 2025, Amendment No. 20 thereto filed December 23, 2025, Amendment No. 21 thereto filed January 8, 2026, Amendment No. 22 thereto filed March 6, 2026, Amendment No. 23 thereto filed June 23, 2026, and Amendment No. 24 thereto filed September 16, 2026 (the "Original 13D," and together with Amendment No. 25, the "Schedule 13D") with respect to the Class A Shares of the Issuer. Except as specifically provided herein, this Amendment No. 25 does not modify any of the information previously reported on the Schedule 13D. Capitalized terms not otherwise defined in this Amendment No. 25 shall have the same meanings ascribed thereto in the Schedule 13D. The Issuer is a foreign private issuer as defined in Rule 3b-4 of the Act and its principal executive offices are at 4th Floor, 120 Cannon Street, London, EC4N 6AS, United Kingdom.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a)-(c) of the Schedule 13D is hereby amended and restated as follows and as set forth in subsections (b) and (c): The information set forth in rows (11) and (13) of the cover pages of this Amendment No. 25 is incorporated by reference into this Item 5(a). Ownership percentages set forth in this Schedule 13D assume 102,650,777 Class A Shares outstanding as of September 24, 2026, which is based on the Issuer's Form 6-K. As of the date hereof, each of the Reporting Persons may be deemed the beneficial owner of 6,329,874 Class A Shares, which represents approximately 6.17% of the total outstanding Class A Shares. Neither the filing of this Statement nor any of its contents shall be deemed to constitute an admission by any of the Reporting Persons that such person is the beneficial owner of any of the Class A Shares referred to herein for purposes of the Act, or for any other purpose.
(b)	The information set forth in rows (7) through (10) of the cover pages of this Amendment No. 25 is incorporated by reference into this Item 5(b).
(c)	On September 23, 2026, the Reporting Persons sold 5,000,000 Class A Shares for $32.50 per share, in a block trade pursuant to Rule 144. Except for such transaction, the Reporting Persons have not effected any other transactions in the Class A Shares since the filing of Amendment No. 24.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

OCM NJORD HOLDINGS S.A R.L.

Signature:	/s/ Martin Eckel
Name/Title:	Martin Eckel / Manager
Date:	09/24/2026

OAKTREE CAPITAL MANAGEMENT GP, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	09/24/2026

OAKTREE CAPITAL HOLDINGS, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	09/24/2026