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Tanker Shipping & Trade

Tanker Shipping & Trade

Acquisitive BW Group bags 36% of Hafnia Tankers

Mon 09 Jul 2018 by Craig Jallal, tankers and markets editor

Acquisitive BW Group bags 36% of Hafnia Tankers
Carsten Mortensen (chief executive) BW Group: We see a good cultural fit between the organisations

BW Group has announced it has acquired a 36.3% stake in Hafnia Tankers, a shipping company formed by the management team of former Tankers Inc, founded by Mikael Skov.

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 Blackstone-managed funds.

Combined with recent purchases from other shareholders, BW Group will own 43.5% of Hafnia Tankers.

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

BW Tankers, the tanker operating arm of BW Group, 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 four newbuildings and the company’s common shares are traded on the Norwegian OTC market.

This is the second acquisitive move by the BW Group in the last few weeks. The BW Group LPG shipping operating company, BW LPG today announced it has increased its all-stock proposal to combine with Dorian LPG Ltd, under which Dorian shareholders would receive 2.12 BW LPG shares for each Dorian share.

BW LPG also announced its intention to nominate independent, highly qualified individuals to stand for election to Dorian’s board of directors at Dorian’s 2018 annual meeting of shareholders.

So far, Dorian has unanimously declined an unsolicited, conditional proposal from BW LPG to combine with Dorian in a stock-for-stock transaction.

Dorian LPG states that after a thorough review, conducted in consultation with its financial and legal advisors, the board of directors unanimously concluded the proposal is not in the best interests of Dorian and its shareholders.

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