The run-up to changes in the product tanker market has been long. Many have talked about it, wished and hoped for a consolidation after Scorpio Tankers in May 2017 acquired Navig8. But despite this desire, there has been an underlying fear in the market of making the first move.
But following BW Group's decision to increase its stake in Hafnia Tankers, things are starting to move and the balance has shifted in product tanker. With the purchase, the major Singapore-based shipping group now owns 43.5 percent of the shares in the Danish product tanker shipping company – and this development is good news, says Hafnia Tankers CEO Mikael Skov.
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