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HAFNIA ACQUIRES A MODERN FLEET OF 32 FUEL - EFFICIENT IMO II TANKERS Singapore , 11 November 2021 HAFNIA Member of BW Group Hafnia Limited ( " Hafnia " , the " Company " , OSE ticker code : " HAFNI " ) has entered into a share purchase agreement to acquire all outstanding shares in Chemical Tankers Inc ( " CTI " ) ( the " Transaction " ) , thereby taking over control of CTI's fleet of 32 modern and fuel - efficient IMO II product / chemical tankers ( the " CTI fleet " ) . The CTI fleet consists exclusively of high specification ECO design vessels , constructed at leading shipyards , and is comprised of the following : ● 6 x MR ( 49,000 dwt ) IMO II coated tankers built in Korea between 2015 and 2016 18 x Handy ( 38,000 dwt ) IMO II coated tankers built in Korea between 2015 and 2016 8 x Intermediate ( 25,000 dwt ) IMO II Stainless Steel tankers built in Japan between 2016 and 2017 In exchange for all outstanding shares in CTI , CTI's shareholders will receive shares in Hafnia ( the " Consideration " ) representing 21.5 % of the outstanding shares in the combined entity . The Consideration has been determined through a NAV for NAV framework , based on broker values and Q1 2021 balance sheets adjusted for other assets and liabilities within each business . Following the Transaction , and based on the current shareholding in CTI , CTI's major shareholder , funds managed by Oaktree Capital Management , L.P. ( " Oaktree " ) , will hold 20.4 % of the shares in the combined entity . Hafnia has long been an advocate of consolidation . The Transaction underscores Hafnia's commitment to grow its platform to maximise stakeholder value . Consolidation enables Hafnia to achieve improved earnings capability through the shipping cycle . Most importantly , 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 . I am grateful to Oaktree and the deal teams on both sides for their hard work towards the completion of the Transaction . " said Hafnia CEO Mikael Skov . For CTI's shareholders , the Transaction represents an opportunity to enhance its returns through access to greater economies of scale , lower cost of debt and upside exposure to a recovering product tanker market . " This merger is the culmination of a thorough strategic process . It will allow CTI shareholders to benefit from the scale and commercial capabilities of Hafnia , while enabling Hafnia to expand its platform with a sizeable and young ECO design IMO II product / chemical tanker fleet . The addition of the CTI fleet brings with it new trading capabilities which , combined with Hafnia's existing fleet and platform , will enhance the combined group earnings generation . We believe we've identified a best - in - class partner in Hafnia and are excited to embark on a promising journey alongside the BW Group and other Hafnia shareholders . " said Guillaume Bayol , Managing Director at Oaktree . The Transaction remains subject to consent or waivers from some of CTI's existing financiers , and Hafnia expects the Transaction to close before the 1st of February 2022. Following the Transaction , Hafnia will operate a fleet of 233 product and chemical tankers , making it the world's largest operator in the product and chemical tanker segment . Its owned and chartered - in fleet will grow to 133 product and chemical tankers ranging in size from 25,000 dwt to 115,000 dwt . The Transaction will