Torm chief executive Jacob Meldgaard has cashed in his shares in strong markets, but still has a “significant interest” in the company’s performance.

A filing revealed that he sold 510,610 A-shares in Torm for a total of about DKK 110m ($16.1m) between 10 and 14 November.

A spokesman for the Oaktree Capital Management-controlled company explained that, given the total of more than 84m Torm shares outstanding, it was not a “significant percentage holding”.