Oslo-listed product tanker unit of BW Group, Hafnia, has raised $100m in a private placement of new common shares.
The private placement was directed towards Norwegian investors and international institutional investors, with the net proceeds to be used to optimise the company’s debt structure and strengthen the balance sheet as a result of the recent growth, as well as for other general corporate purposes, such as working capital for the new fleet.
“The recent transactions, which saw us add 44 modern tankers to our fleet, consolidated our position as the world’s leading product and chemical tanker shipping company. The fact that leading institutional investors were willing to receive Hafnia shares as payment, only demonstrates Hafnia’s firm foothold in the market. We have now turned to the market to optimise our capital structure in the wake of these significant transactions,” Mikael Skov, Hafnia CEO explained.
Hafnia commercially operates a fleet of 247 vessels, including newbuilds, of which 149 are owned or chartered-in. The company reported a net profit of $21.3m for Q1 2022, with earnings per share of $0.05.