Hafnia’s move to Singapore is complete as Andreas Sohmen-Pao continues to reshuffle his shipping holdings.
The BW Group-backed product tanker player said in a stock exchange filing on Tuesday that it received approval from courts in Bermuda to redomicile the company in Singapore effective on Tuesday.
“The court order has been filed with the Registrar of Companies in Bermuda and the company has obtained the final approval by the Singapore Accounting and Corporate Regulatory Authority,” the filing said.
Hafnia disclosed plans to redomicile itself from Bermuda to Singapore in July ahead of its annual general meeting.
It said the move was to increase its “strategic flexibility” while maintaining its business model in a jurisdiction with a well-developed legal system and high standards of governance.
The move followed Hafnia’s listing on the New York Stock Exchange in April and its petition to the Oslo Stock Exchange to allow shares to be traded in US dollars amid an effort from chairman Andreas Sohmen-Pao to shift around the companies under his BW Group umbrella.
Earlier in the year, BW LPG also redomiciled in Singapore following its own listing in New York, while BW Group offshore wind vessel owner Cadeler has looked to domicile in the UK.
Sohmen-Pao also took BW Ideol and BW Epic Kosan off the Oslo Stock Exchange.
He argued at the 2023 Pareto Energy Conference that the Oslo Stock Exchange had become less agile as the Norwegian krone has weakened relative to other major currencies, while the New York exchanges allowed for more trading liquidity.
