BW Tankers has completed its merger with Denmark-based shipping firm Hafnia Tankers, creating one of the world’s largest product tanker companies.

The merger was completed under the laws of the Marshall Islands and saw the creation of an entity called NewSub.

As part of the merger, shareholders of Hafnia will receive consideration against their shares in the company in the form of common shares of BW Tankers, which will be renamed as Hafnia.

In addition, Hafnia has ceased to exist in the Oslo Børs over-the-counter (N-OTC) list.

Hafnia Tankers said in a statement: “As part of the merger, all of Hafnia’s assets and liabilities, contracts, rights and obligations in their entirety have been assumed by NewSub.

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“BW Tankers will be the surviving entity of the second merger, and as such, it will ultimately assume all of Hafnia’s assets and liabilities.”

“Subsequently, NewSub will merge with BW Tankers without consideration pursuant to the simplified rules for a merger between a parent and a subsidiary (being the ‘second merger’) as soon as practicably possible following the merger.

“BW Tankers will be the surviving entity of the second merger, and as such, it will ultimately assume all of Hafnia’s assets and liabilities, contracts, rights and obligations in their entirety.”

In addition, the newly merged company will own and operate a fleet of 102 product tankers, four new buildings and three product tanker pools.

Hafnia Management and Straits Tankers will manage the vessel fleet that comprises LR2, LR1, MR and SR tankers.

The combined entity will have offices in Singapore, Copenhagen in Denmark, Houston in the US, and Mumbai in India.