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.

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. Hafnia 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”. This business will handle tonnage below 25,000-dwt. We look forward to disclosing more precise information in the weeks to come.