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Hafnia agrees sale and leaseback deal for 12 tankers

Following acquisition, the fleet of 12 long range one vessels will be commercially managed by Hafnia LR Pool

Hafnia will bareboat charter in the vessels for 10 years and have monthly purchase options

HAFNIA, a unit of the BW Group, has agreed a $414m sale and leaseback financing facility for use in acquiring 12 long range one product tankers from Scorpio Tankers.

ICBC Financial Leasing will provide Hafnia the funding for the acquisition of the 12 LR1 vessels which will be commercially managed by Hafnia LR Pool.

Delivery of the first vessel is expected this month, the company said in a statement.   

To maximise trading flexibility, the tanker owner and operator will bareboat charter in the vessels upon their delivery for 10 years and it will also have monthly purchase options. On expiry of each agreement, there will be a purchase obligation.

The rest of the terms and conditions of the funding facility, including financial covenants, are similar to existing financing arrangements.

Hafnia chief finance officer Perry van Echtelt said: “We look forward to the smooth completion of this financing in strong collaboration with the ICBCL team.”

On delivery, the vessels will renamed: Hafnia Excel, Hafnia Excelsior, Hafnia Expedite, Hafnia Exceed, Hafnia Experience, Hafnia Executive, Hafnia Excellence, Hafnia Express, Hafnia Pride, Hafnia Providence, Hafnia Precision and Hafnia Prestige.

Hafnia operates a fleet of 229 vessels, of which 139 are owned or chartered-in, including 10 owned long range twos; 34 owned and chartered-in LR1s; 58 owned and chartered-in medium range vessels; 29 owned handysize and eight stainless steel 25,000 dwt vessels.

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