Hafnia acquires a pair of MR product tankers from Gestion Maritime

Hafnia Ltd (member of BW Group) says it has entered into an agreement with Gestion Maritime to acquire two Medium Range product tankers, StenaWeco Andrea Corrado and StenaWeco Caterina Corrado. The vessels were built at Hyundai Mipo Dockyard in 2015, and are expected to be delivered October/November 2019.  Sale of Hafnia AtlanticOn  30  August  2019,  Hafnia  entered  into  an  agreement  to  sell  Hafnia  Atlantic  (IMO  9278519),  a 2004-built  Liberia-flagged  Medium  Range  product  tanker.  

The  sale  is  in  line  with  the  Company’s broader fleet renewal strategy.Hafnia Atlantic was delivered to her new owner on 11 September 2019. Signing of USD 473 Million Senior Secured Term Loan and Revolving Credit FacilityOn 24 September 2019, Hafnia signed a USD473 Million senior secured term loan and revolving credit facility to refinance its existing USD360 Million facility and USD236 Million facility, maturing in 2023and 2022respectively. This refinancing was raised from tenbanksfrom Europe and Asia, with an interestmargin of 1.60%, seven-yeartenor  and  17-year  age-adjusted  profile.Thesecurity  package includes 33  vessels consisting of two Long Range 1 product tankers, 17 Medium Range product tankers and 13 Handy vessels.

Hafnia Chief FinancialOfficer, Perry van Echtelt, says: “We appreciatethe strong support from our lenders, both existing and new. This refinancing demonstrates Hafnia’s abilityto tap upon highly competitive  capital  which  will extend  our  maturity  profile, lower  our  cost  of  debt  and improve liquidity”.Hafnia Chief ExecutiveOfficer,Mikael Skov,says“We are reaping the benefits of scale and heritage as a result of the merger. Vessel acquisition keeps our fleet modern and young, and refinancing of our  revolving  credit  facility  enhances  our  financial  flexibility.  Together,  these  efforts further strengthen our competitive edge”.

Hafnia Ltd is the result of a merger between Hafnia Tankers and BW Tankers and now operates as an international shipping company. Hafnia offers seaborne transportation of petroleum products worldwide and is owner and operator of fleet of tankers.