Singapore-based tanker owner and operator Hafnia to acquire 32 fuel-efficient IMO II product/chemical tankers, says an article published in Offshore Energy.
About the purchase agreement
The company has entered into a share purchase agreement to acquire all outstanding shares in Chemical Tankers Inc (CTI) (formerly Navig8 Chemical Tankers), thereby taking over control of CTI’s fleet of 32 vessels.
CTI’s fleet
The CTI fleet consists exclusively of high specification ECO design vessels and is comprised of:
- six MR 49,000 dwt IMO II coated tankers built in Korea between 2015 and 2016,
- eighteen Handy 38,000 dwt IMO II coated tankers built in Korea between 2015 and 2016 and
- eight Intermediate 25,000 dwt IMO II Stainless Steel tankers built in Japan between 2016 and 2017.
Outstanding shares in CTI
In exchange for all outstanding shares in CTI, CTI’s shareholders will receive shares in Hafnia representing 21.5% of the outstanding shares in the combined entity.
Following the transaction, and based on the current shareholding in CTI, CTI’s major shareholder, funds managed by Oaktree Capital Management, will hold 20.4% of the shares in the combined entity.
Carry clean petroleum products and chemicals
According to Hafnia, the deal underscores its commitment to grow its platform to maximise stakeholder value. Consolidation enables Hafnia to achieve improved earnings capability through the shipping cycle. What is more, the transaction will complement Hafnia’s existing commercial activities in the Handy and MR segments whilst enabling enhanced trading flexibility through the ability to carry both clean petroleum products and chemicals, limiting ballast time by optimising triangulation and offering material cost synergies.
“The addition of the CTI fleet will help enhance our resilience in the face of volatile markets and create a more sustainable and future-proof transportation business that will include the ability to transport methanol, in addition to many other cargoes,” Mikael Skov, Hafnia CEO, commented.
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Source: Offshore Energy
