Hafnia has been rebuffed in its attempt to merge with Ardmore Shipping in a deal potentially worth about $272.2m.
The BW Group-backed product tanker owner said that it had sent a letter to the Irish company's board of directors on 19 June proposing an all-stock transaction, but was turned down.
"We are disappointed by Ardmore’s response and continue to believe that our proposal is in the best interests of Ardmore shareholders," Hafnia said in a statement.
