Product Tanker Giant Is Created

Following the approval from Hafnia Tankers’ shareholders last week, BW Tankers Limited and Hafnia Tankers have completed their merger, creating one of the world’s largest owners and operators of product tankers.

The Articles of Merger have been filed with the Registrar of Corporations of the Marshall Islands authorities, meaning that the merger became effective as of January 16, 2019.

BW Tankers will be the surviving entity of the transaction and it will ultimately assume all of Hafnia’s assets and liabilities, contracts, rights and obligations in their entirety.

As informed, BW Tankers will change its company name to Hafnia Limited and the name change is expected to be completed on or about January 18, 2019.

The merged company owns and operates a fleet consisting of 102 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. The global company has offices in Singapore, Copenhagen and Houston and presence in Mumbai.

The table below, provided by vessel valuation agency VesselsValue, shows the top five ranking of product tanker players based on both the number of vessels and the value of the company in USD millions.