The vessels will be technically and commercially managed by Torm in a deal including a profit sharing scheme, with profits split if Oaktree generates returns above a set threshold.
The sale of the vessels, which will cause a $5m loss in the second quarter this year, was put in motion by one of Torm's creditor banks exercising an option it held under last year's restructuring agreement. Torm took the main hit for the vessels' sale in its 2012 results, recording a $74m impairment.
"I am very pleased to have concluded this agreement with a strong strategic investor in the product tanker space. We have through our strong operational platform succeeded in maintaining the vessels' association with Torm as intended," said Torm ceo Jacob Meldgaard.
Torm's fleet now stands at 60 product tankers and two dry bulk vessels. Torm lost $579m last year and and continues to predict a $100m - $150m loss for 2013.
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