Singapore’s Hafnia has agreed a sale-and-leaseback deal with China’s ICBC Financial Leasing Co for 12 LR1 tankers recently acquired from Scorpio Tankers.
The Chinese leasing company is paying $414m for the 12 ships all built in 2016 except for one 2015-built vessel, in a deal completed in late February.
The Mikael Skov-led shipowner said it will bareboat charter-in the vessels for a period of 10 years. Financial terms of the charters were not disclosed.
Hafnia said it will have monthly purchase options to “maximise trading flexibility” and is obliged to repurchase the ships upon expiry of each agreement.
The Oslo-listed shipowner announced the blockbuster acquisition of 12 LR1 product tankers from Scorpio Tankers for an en bloc price of $414m in late January 2022.
The 12 LR1 vessels will be 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.
Analysts said Hafnia cemented its leadership position within the LR1 sector following the Scorpio Tankers transaction with 73 vessels now under commercial management, representing 19% of the world fleet.
“We are very pleased to have been involved in this landmark project and to have cooperated with Hafnia, the world’s leading product tanker company,” said ICBCL’s head of shipping finance Peter Zhao.
Hafnia chief financial officer Perry van Echtelt added: “We truly appreciate the commitment ICBCL has demonstrated to Hafnia by closing this financing at unprecedented speed to be able to take timely delivery of the vessels.”
Hafnia, which says it has a net asset value in excess of $1bn, commercially operates a fleet of 229 vessels, including newbuilds.
The fleet comprises 139 are owned or chartered-in, including 10 owned LR2s, 34 owned and chartered-in LR1s, 58 owned and chartered-in MRs and 29 owned handy and eight stainless steel 25K vessels.
