Hafnia/BW Tankers Create Product Tanker Giant

The merger of BW Tankers with Hafnia Tankers is being operationalized creating one of the world’s largest owners and operators of product tankers.

The merged company owns and operates a fleet consisting of approximately 100 product tankers, four newbuildings and three product tanker pools, managed by Hafnia Management and Straits Tankers with vessels in the LR2, LR1, MR and SR segments.

BW Tankers will be the surviving legal entity, but it will change its name to Hafnia, said company sources.

"All the conditions for the Merger have been fulfilled, and the Articles of Merger have been filed with the Registrar of Corporations of the Marshall Islands authorities, meaning that the Merger is effective as of 16 January 2019. The shareholders of Hafnia will receive the consideration shares in BW Tankers on 18 January 2019, subject to the two-day settlement cycle in the VPS system (T+2)," said a press statement.

As part of the merger, all of Hafnia's assets and liabilities, contracts, rights and obligations in their entirety have been assumed by a new company called NewSub.

As a consequence of the merger, which was flagged in August 2018, Hafnia has been deleted from the Oslo Bors over-the-counter share trading (N-OTC) board.

The Merged Company is a global company with offices in Singapore, Copenhagen and Houston and presence in Mumbai.