Destination: Becancour, Canada
From: Jorf Lasfar, Morocco

https://splash247.com/navig8-chemical-tankers-set-for-name-change/
August 9, 2021
Navig8 Chemical Tankers is changing its name to Chemical Tankers Inc. (CTI). The company has scheduled a meeting with its shareholders on August 20 to approve the name change.
The change will be implemented with a view to better reflect the company’s standing as an independent owner and manager of chemical tankers and follows the recent sale of Navig8’s stake in CTI to funds managed by Oaktree Capital Management, who now control around 95% of the company’s outstanding common shares.

https://splash247.com/hafnia-swoops-for-oaktrees-chemical-tanker-fleet/
November 11, 2021
Oaktree Capital Management, which only took control of its chemical tanker joint venture with Navig8 in August, has moved quickly to sell off the fleet with Andreas Sohmen-Pao-controlled Hafnia today announcing the acquisition of Chemical Tankers Inc (CTI).

Oaktree had bought out Navig8’s stake in the joint venture this summer rebranding it from Navig8 Chemical Tankers to CTI. Months later, the private equity concern has found a buyer for the 32-ship fleet in the form of acquisitive Hafnia.

The CTI fleet consists of six 49,000 dwt MRs, eighteen 38,000 dwt handies and eight 25,000 dwt stainless steel tankers.

In exchange for all outstanding shares in CTI, CTI’s shareholders will receive shares in Hafnia representing 21.5% of the outstanding shares in the combined entity, a popular modus operandi for how Sohmen-Pao, chairman of BW Group, has expanded his shipping and offshore empire in recent years.

Hafnia, like parent BW, has long been an advocate of consolidation. “Consolidation enables Hafnia to achieve improved earnings capability through the shipping cycle,” the company said in a release to the Oslo Bors today.

“The addition of the CTI fleet will help enhance our resilience in the face of volatile markets and create a more sustainable and future-proof transportation business that will include the ability to transport methanol, in addition to many other cargoes,” said Hafnia CEO Mikael Skov.

Following the transaction, likely to be concluded by February, Hafnia will operate a fleet of 233 product and chemical tankers, making it the world’s largest operator in the product and chemical tanker segment. Its owned and chartered-in fleet will grow to 133 product and chemical tankers ranging in size from 25,000 dwt to 115,000 dwt.