Hafnia becoming the world’s largest operator of tankers

Hafnia, a subsidiary of BW Group, will become the world’s largest operator of refined oil/chemical tankers by acquiring the Chemical Tankers Inc (CTI) of Oaktree Capital Management and its fleet.

Hafnia and CTI have signed a share purchase agreement, and BW Group will acquire all the outstanding shares of CTI. CTI shareholders will get Hafnia’s shares, accounting for 21.5% of the combined company’s shares, of which Oaktree holds 20.4%. The transaction is expected to be completed before February 1, 2022.

After the transaction is complete, Hafnia will add 6 49,000 DWT MR, 18 38,000 DWT Handysize, and 8 25,000 DWT oil tankers. Hafnia believes that the acquisition is a strong complement to its activities in the field of MR and handy tankers.

Hafnia CEO Mikael Skov said: “The addition of the CTI fleet will help us strengthen our resilience in the face of turbulent markets and create a more sustainable and future-oriented transportation business, which includes the transportation of methanol and many others. Cargo capacity.”

The world’s largest oil product/ chemical tankers operator

This will make Hafnia the world’s largest oil product/ chemical tanker operator, with a fleet of 223 ships, and its own and leased fleet will increase to 133 product oil/ chemical tankers.

Guillaume Bayol, Managing Director of Oaktree, pointed out: “CTI shareholders can benefit from Hafnia’s scale and commercial capabilities. Hafnia can also expand its platform through a large and young environmentally-designed IMO II product/chemical tanker fleet. CTI The addition of the fleet brings new trading capabilities, combined with Hafnia’s existing fleet and platform, will increase the profitability of the combined group.”

Source eworldship