BW-owned Hafnia has praised the pool tie-up by rivals Norden and Diamond S Shipping, as it revealed a plan to enter a new product tanker sector.
Norden and Diamond S will operate one of the world's largest MR pools, with their new DiaNor venture set to control 90 MR2s.
In a statement, Hafnia said: "We are pleased to see continued interest in consolidating the product tanker segments since last year's merger between BW Tankers and Hafnia – the biggest fully-fledged product tanker merger to date."
"Expansion of pools through commercial alliances demonstrates that our peers also recognise the value in market consolidation," it added.
"With this week's activity in the MR segment, the industry stands more robust as it strives to rebuild the balance between supply and demand in the face of reduced oil consumption."
Demand to recover more quickly?
The company said it sees "slightly positive" market signals pointing towards a better recovery than expected by most, with airlines, businesses and critical infrastructure opening up again faster than anticipated in many parts of the world.
"Riding the wave of collaboration and consolidation, Hafnia will soon enter a new product tanker segment with industry peers, established under the name of Hafnia Specialized," it said.
The business will handle tonnage below 25,000 dwt.
It said more details will be revealed in the coming weeks.
The company has 102 of its own or chartered-in tankers, ranging from 109,000 dwt to 39,000 dwt.
Pool in the offing?
Anders Engholm, EVP of pool management at Hafnia, said the new operation could be a pool.
He told TradeWinds some vessels have been committed and Hafnia has a team ready to go.
There will be more news when the ships are released from where they are presently, he added.
The fleet will consist of tankers from existing clients and pool partners, although the company has not ruled out a move into the size itself.
Engholm said customers had been saying they were happy with the Hafnia service for their bigger tankers, so asked if something similar could be done with the smaller units.
"We are very happy that we have a good system that works and that people are willing to hand us the keys," he added.
Engholm said Hafnia would like to see more consolidation in the sector, although most of the big players now have tie-ups in place. And there has of course been speculation on a move for Ardmore Shipping by Torm.
"It's important in this ongoing crisis and a post-Covid world. Oil still needs to be transported," he added.
Hafnia operates a fleet of 180 vessels in pools including newbuildings.
It has a net asset value in excess of $1bn.
The Singapore company completed its merger with BW Tankers last year, and then listed in Oslo, raising $75m.
In the first quarter, Hafnia beat analyst expectations after rates hit record highs despite demand "destruction".
It posted net earnings of $77.1m to 31 March, against $27.9m a year ago.
