Hafnia Buys 2 Tankers from Gestion Maritime

Maritime Activity Reports, Inc.

September 29, 2019

Image: Hafnia

Image: Hafnia

BW Group-owned product tanker owner and operator Hafnia has acquired two 2015-built medium range product tankers from Gestion Maritime.

The acquired vessels are the StenaWeco Andrea Corrado and StenaWeco Caterina Corrado, which were built by Hyundai Mipo Dockyard. Hafnia said the duo is expected to be delivered by October/November 2019.

Meanwhile, Hafnia recently entered into an agreement to sell Hafnia Atlantic, 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.

On 24 September 2019, Hafnia signed a USD 473 Million senior secured term loan and revolving credit facility to refinance its existing USD360 Million facility and USD236 Million facility, maturing in 2023 and 2022 respectively.

This refinancing was raised from ten banks from Europe and Asia, with an interest margin of 1.60%, seven-year tenor and 17-year age-adjusted profile. The security package includes 33 vessels consisting of two Long Range 1 product tankers, 17 Medium Range product tankers and 13 Handy vessels.

Hafnia Chief Financial Officer, Perry van Echtelt, says: “We appreciate the strong support from our lenders, both existing and new. This refinancing demonstrates Hafnia’s ability to tap upon highly competitive capital which will extend our maturity profile, lower our cost of debt and improve liquidity”.

Hafnia Chief Executive Officer, 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”.

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