Hafnia Tankers, BW Tankers USD 2.3bln Merger Soon

Denmark-based shipping company Hafnia Tankers is exploring the possibility of consolidation with BW Tankers, part of BW Group, Hafnia’s CEO Mikael Skov said.

In its half year results statement Hafnia said: “Hafnia is exploring the possibility of consolidation with BW Tankers, a company owned by BW Group, one of our shareholders.”

BW Group increased its shareholdings in Hafnia in early July when it acquired BTS Tankers Partners LLC. With the acquisition, BW Group became the beneficial owner of 43.5% of the Hafnia Group.

Last month, BW Group said it has entered into a definitive agreement to buy a 36.3% stake in Hafnia Tankers, a shipping company formed by the management team of former Tankers Inc. 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.

Estimates show the combined worth of the merged Hafnia and BW fleets would be roughly US$2.3Bn.

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.