Singapore-based maritime service provider BW Group has signed a definitive agreement to acquire an additional 36.3% stake in Denmark-based shipping firm Hafnia Tankers for an undisclosed sum.

The majority of the shares will be acquired through BTS, a collaboration between the Blackstone-managed fund, Tufton Oceanic and Hartmann.

Upon completion of the deal, BW Group’s share in Hafnia Tankers will rise to 43.5%.

Hafnia Tankers primarily provides shipping services with a fleet of 47 short-range (SR), medium-range (MR) and long-range1 (LR1) product tankers that are designed to carry refined oil products.

The company was established by the current shareholders and management team of former Tankers and BTS.

“We see a good cultural fit between the organisations, as well as the opportunity to further integrate the fleets.”

BW Group CEO Carsten Mortensen said: “We look forward to discussions with the other shareholders about the future strategy.

“We see a good cultural fit between the organisations, as well as the opportunity to further integrate the fleets and provide even better service to customers in the product tanker markets.”

BW Group’s tankers division currently owns and operates a fleet of 55 product tankers comprising old and new LR2, LR1 and MR vessels.

In November, BW Group formed a joint venture (JV) with Mitsui to jointly control the ‘BW Integrity’ floating storage regasification unit (FSRU), which is being stationed at Port Qasim in Pakistan under a 15-year charter with PGP Consortium (PGPC).

Mitsui will buy a 49% stake in BW Integrity, while BW Group will continue to own a 51% share in the vessel.