BW Group Ups Stake in Hafnia Tankers to 43.5%

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Credit: BW Group

BW Group has entered into a definitive agreement to buy an additional 36.3% stake in Hafnia Tankers, bringing its total stake in the product tanker company to 43.5%.

BW Tankers currently owns and operates a fleet of 55 product tankers in the LR2, LR1 and MR segments.

Hafnia Tankers, which was formed in 2010 by the former top management of Tankers Inc., owns and operates a fleet of 47 product tankers in the LR1, MR and SR segments including 4 newbuildings.

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

As a group, BW operates the world’s largest gas shipping fleet (LNG and LPG combined) with a total of over 70 large gas vessels including FSRUs (floating storage and regasification units).

BW Group said the majority of Hafnia’s shares will be acquired through BTS, a collaboration between Blackstone-managed funds, Tufton Oceanic and Hartmann. The balance will be purchased directly from certain black Blackstone-managed funds, BW Group said.