US private equity giant Oaktree Capital Management is set to further reduce its stake in Danish product tanker owner Torm.

A filing with the US Securities and Exchange Commission shows that Oaktree-linked OCM Njord Holdings has filed to sell 3.5m class A shares in the Nasdaq-listed company.

The proposed sale values the shares at about $103.2m. Morgan Stanley is listed as broker for the transaction.

The move follows a series of selldowns by Oaktree, which has been cutting back its long-held position in one of the world’s largest product tanker owners.

Torm said in March that OCM Njord held 23.8m shares, equal to 23.39% of the company’s share capital and voting rights.

The latest filing comes after Hafnia completed its acquisition of 14.2m Torm shares from Oaktree in December last year.

That transaction, first announced in September, saw Hafnia buy the shares at $22 each in a deal worth $311.4m, giving the BW Group-backed tanker owner a 14.45% stake in Torm.

The reduction in Oaktree’s holding also changed Torm’s governance structure. In January, Torm said Oaktree’s ownership had fallen below the one-third threshold set out in the company’s articles of association, extinguishing the position and authority of the B-director.

David Weinstein, who had served as deputy chairman and senior independent director, left the board as a result of the change.

Torm is listed in Copenhagen and New York and operates a fleet of more than 100 product tankers on a fully-delivered basis.