Hafnia Exits Andromeda Joint Venture with $13.3 Million Gain
The sale covers a half share in two Hyundai Mipo-built MRs on charter to Clearlake
Product tanker owner Hafnia has cashed out of a joint venture with Monaco-based Andromeda Shipping, booking a $13.3 million profit as it continues to prune older tonnage from its fleet.
The BW Group-controlled owner sold its 50 percent interest in the two MR tankers held through H&A Shipping during the third quarter. Neither the buyer nor the transaction value was disclosed.
H&A Shipping dates back to 2021, when Hafnia and Andromeda established the 50/50 vehicle to own two MR product tankers built at Hyundai Mipo. The ships, Yellow Stars and PS Stars, have been employed on long-term charters to Clearlake.
The disposal sits within a broader pattern at Hafnia, which has been steadily working older units out of a fleet that is among the largest in the product tanker trades. Joint-venture structures of this type have been a common way for owners to hold tonnage off the main balance sheet while retaining commercial exposure, and unwinding them is a straightforward route to release capital without disturbing the core fleet.
Selling a half share rather than the ships themselves also leaves the charters undisturbed. For an owner running a fleet renewal programme, a sale and purchase transaction at the equity level is quicker to execute than a vessel sale that requires charterer consent and delivery arrangements.
The MR segment has held firm values through 2026, supported by longer voyage distances as trade patterns have shifted around the disruption in the Middle East Gulf and the Black Sea. Owners with older units on long charters have consequently found a receptive market for both ships and shareholdings.
