Torm’s decision to list in the US while bypassing a traditional initial public offering has stoked speculation merger-and-acquisition activity could be on the cards.

The world’s third-largest product tanker owner has been working towards a US listing for two years and completed the groundwork in April 2016.

Having waited patiently for the stars of the capital and freight markets to align, Torm pivoted last week and opted to float on the Nasdaq Stock Market in New York without raising fresh capital.