Hafnia is pleased to announce that it has signed a USD 414 million Sale and Leaseback Facility
on 28 February 2022 with ICBC Financial Leasing Co., Ltd. Proceeds from the Facility will be
used to finance the transaction. The 12 LR1 vessels will be renamed to “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” (the
“Vessels”) upon delivery and to be commercially managed by the Hafnia LR Pool.
The first vessel is expected to be delivered in early March. Upon delivery, the Company will bareboat
charter-in the Vessels for a period of 10 years and will have monthly purchase options to maximise
trading flexibility. There is a purchase obligation upon expiry of each agreement. The remaining terms
and conditions of this Facility including financial covenants are similar to existing financing
“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. We would like to extend our gratitude to the Hafnia team
for their dilligence and expertise. We are ready to go further together.” says ICBCL’s Head of Shipping
Finance Peter Zhao.
“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. We look forward to the smooth
completion of this financing in strong collaboration with the ICBCL team.” says Hafnia’s CFO Perry van
For further information, please contact:
CEO Hafnia Limited
+65 8533 8900
Hafnia is one of the world’s leading oil product tanker owners and operators. The Company provides
transportation of oil and oil products to leading national and international oil companies, major chemical
companies, as well as trading and utility companies. Hafnia commercially operates a fleet of 229 vessels,
including newbuilds. Among them, 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. The Company has a net asset value in excess of USD 1bn and is fully financed with a strong
balance sheet providing financial flexibility.
Hafnia has a solid history in chartering, operations, and technical management, and strives to offer
customers the best solution for their transportation needs. This solution-focused approach has resulted
in a strong reputation and the Company remains firmly committed to being a responsible member of
the industry and operating according to the highest ethical standards.
Hafnia is a global company with offices in Singapore, Copenhagen, Dubai and Houston and a presence
in Mumbai. The Company is part of BW Group, an international shipping group that has worked in oil
and gas transportation, floating gas infrastructure, environmental technologies, and deep-water
production for over 80 years.