BW takes 43.5% stake in Hafnia Tankers

BW takes 43.5% stake in Hafnia Tankers

One of shipping’s greatest consolidators, BW Group, has made Hafnia Tankers its latest target. BW has entered into a definitive agreement to buy a 36.3% stake in Hafnia Tankers. The majority of the shares will be acquired through BTS, a collaboration between Blackstone-managed funds, Tufton Oceanic and Hartmann, and the balance purchased directly from certain Blackstone-managed funds. Combined with recent purchases from other shareholders, BW Group will own 43.5% of Hafnia Tankers.

Carsten Mortensen, CEO of BW Group commented, “BW Group is pleased to acquire this shareholding in Hafnia Tankers with its strong operational platform and quality fleet. We look forward to discussions with the other shareholders about the future strategy. We see a good cultural fit between the organisations, as well as the opportunity to further integrate the fleets and provide even better service to customers in the product tanker markets.”

BW Tankers currently owns and operates a fleet of 55 product tankers in the LR2, LR1 and MR segments including newbuildings. Hafnia Tankers owns and operates a fleet of 47 product tankers in the LR1, MR and SR segments including 4 newbuildings and the company’s common shares are traded on the Norwegian OTC market.

Across many shipowning sectors BW has sought mergers in recent years – in VLCCs with DHT, in LPG an ongoing pursuit of Dorian LPG.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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