Singapore's BW Group has continued to drive shipping consolidation as its product tanker operation Hafnia agreed an all-share deal to take over Oaktree Capital Management's Chemical Tankers Inc (CTI).
The deal marks Hafnia's entry into the specialist chemical trades by adding 32 modern, fuel-efficient IMO type-2 ships, bringing the fleet to 233 tankers and making it the world's biggest products and chemicals shipping company.
