Denmark's Hafnia Tankers has completed two sale and leaseback transactions with a Sole Shipping fund.
"Hafnia Tankers has successfully completed two sale and leaseback transactions with Skaatholmen Shipping Ltd, a company owned by Sole Shipping Special Opportunities Fund II of its 2010 built LR1 tankers, Hafnia Asia and Hafnia Arctic," said a press release from the company.
The vessels have been sold to Skaatholmen Shipping with a seven-year bareboat charter back with annual purchase options from year two onwards and a purchase obligation in year seven.
The Transaction entailed a sale of the vessels at market value and a fully levered lease arrangement which gives rise to a positive liquidity effect of approx. $19 million and further adds to the already strong cash position.
The profile of the lease arrangement allows Hafnia to abide by its strict policy of maintaining a low cash-breakeven. The transaction has been consummated and the vessels have been delivered to Skaatholmen Shipping.
BW Group has recently entered into a definitive agreement to buy a 36.3% stake in Hafnia Tankers.