Large TORM plc (TRMD) holder Oaktree trims position in new 13D/A

Rhea-AI Filing Summary

Oaktree-affiliated entities filed Amendment No. 22 to update their large ownership stake in TORM plc. The filing shows they beneficially own 23,839,575 Class A shares, representing 23.39% of the company’s outstanding Class A shares, based on 101,930,641 shares outstanding as of March 6, 2026.

The amendment also discloses that on March 4, 2026, the reporting persons sold 2,585,484 Class A shares at $29.611 per share in a single Rule 144 block trade. All voting and dispositive power over the reported shares is shared among the Oaktree-related reporting entities.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 22)

TORM plc

(Name of Issuer)

Class A common shares, par value $0.01 per share

(Title of Class of Securities)

Richard Ting
Oaktree Capital Management, L.P., 333 S. Grand Avenue, 28th Floor
Los Angeles, CA, 90071
(213) 830-6300

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

03/04/2026

(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).

SCHEDULE 13D

CUSIP Number(s):

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 23,839,575.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 23,839,575.00

11

Aggregate amount beneficially owned by each reporting person

23,839,575.00

12

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

13

Percent of class represented by amount in Row (11)

23.39 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percent of class is calculated based on 101,930,641 shares of Class A common shares, par value $0.01 per share (the "Class A Shares") outstanding as of March 6, 2026, as reported in Exhibit 99.1 to the Issuer's Form 6-K filed with the Securities and Exchange Commission on March 6, 2026 (the "Form 6-K").

SCHEDULE 13D

CUSIP Number(s):

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 23,839,575.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 23,839,575.00

11

Aggregate amount beneficially owned by each reporting person

23,839,575.00

12

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

13

Percent of class represented by amount in Row (11)

23.39 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percent of class is calculated based on 101,930,641 Class A Shares outstanding as of March 6, 2026, as reported in the Issuer's Form 6-K.

SCHEDULE 13D

CUSIP Number(s):

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 23,839,575.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 23,839,575.00

11

Aggregate amount beneficially owned by each reporting person

23,839,575.00

12

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

13

Percent of class represented by amount in Row (11)

23.39 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percent of class is calculated based on 101,930,641 Class A Shares outstanding as of March 6, 2026, as reported in the Issuer's Form 6-K.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

OAKTREE CAPITAL GROUP HOLDINGS 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 23,839,575.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 23,839,575.00

11

Aggregate amount beneficially owned by each reporting person

23,839,575.00

12

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

13

Percent of class represented by amount in Row (11)

23.39 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percent of class is calculated based on 101,930,641 Class A Shares outstanding as of March 6, 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. 22 ("Amendment No. 22") 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, and Amendment No. 21 thereto filed January 8, 2026 (the "Original 13D," and together with Amendment No. 22, the "Schedule 13D") with respect to the Class A Shares of the Issuer. Except as specifically provided herein, this Amendment No. 22 does not modify any of the information previously reported on the Schedule 13D. Capitalized terms not otherwise defined in this Amendment No. 22 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) of the Schedule 13D is hereby amended and restated as follows: The information set forth in rows (11) and (13) of the cover pages of this Schedule 13D is incorporated by reference into this Item 5. Ownership percentages set forth in this Schedule 13D assume 101,930,641 Class A Shares outstanding as of March 6, 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 23,839,575 Class A Shares, which represents approximately 23.39% 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)	Item 5(b) of the Schedule 13D is hereby amended and restated as follows: The information set forth in rows (7) through (10) of the cover pages of this Schedule 13D is incorporated by reference into this Item 5.
(c)	On March 4, 2026, the Reporting Persons sold 2,585,484 Class A Shares for $29.611 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. 21.
(d)	Not applicable.
(e)	Not applicable.

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:	03/06/2026

OAKTREE CAPITAL MANAGEMENT GP, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Senior Vice President
Date:	03/06/2026

OAKTREE CAPITAL HOLDINGS, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Senior Vice President
Date:	03/06/2026

OAKTREE CAPITAL GROUP HOLDINGS GP, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren/ Senior Vice President
Date:	03/06/2026

FAQ

What does Oaktree’s latest Schedule 13D/A for TORM (TRMD) report?

The amendment reports updated ownership details for Oaktree-related entities in TORM plc. It states they beneficially own 23,839,575 Class A shares, or 23.39% of the company’s outstanding Class A shares, based on 101,930,641 shares outstanding as of March 6, 2026.

How many TORM (TRMD) shares do the Oaktree entities beneficially own?

The reporting persons collectively beneficially own 23,839,575 TORM Class A shares. This stake represents 23.39% of the total outstanding Class A shares, calculated using 101,930,641 shares outstanding as of March 6, 2026, as referenced from TORM’s Form 6-K.

What percentage of TORM (TRMD) does Oaktree’s group currently hold?

Oaktree-affiliated reporting persons hold approximately 23.39% of TORM’s Class A shares. This percentage is based on their beneficial ownership of 23,839,575 Class A shares relative to 101,930,641 Class A shares outstanding as of March 6, 2026, according to TORM’s Form 6-K.

Did Oaktree sell any TORM (TRMD) shares in the latest reporting period?

Yes. On March 4, 2026, the reporting persons sold 2,585,484 TORM Class A shares. The sale occurred at a price of $29.611 per share in a single block trade executed pursuant to Rule 144, and is the only transaction disclosed since Amendment No. 21.

How are voting and dispositive powers over TORM (TRMD) shares structured for Oaktree?

The filing states that each reporting person has shared, rather than sole, voting and dispositive power over 23,839,575 Class A shares. Sole voting and sole dispositive power are each listed as zero, indicating decisions over these shares are exercised jointly among the Oaktree-related entities.

How was the ownership percentage for Oaktree’s TORM (TRMD) stake calculated?

The 23.39% stake is calculated using 23,839,575 Class A shares beneficially owned divided by 101,930,641 Class A shares outstanding. The outstanding share count comes from TORM’s Form 6-K dated March 6, 2026, which the amendment explicitly cites as the basis for the calculation.