Mikael Skov’s Hafnia Tankers has freed up some cash with a sale-and-leaseback deal for one of its LR1s.

Oslo-OTC listed Hafnia says the 75,000 dwt Hafnia Africa (built 2010) has been sold to a large, private Japanese shipowner.

The Danish owner will take the ship back on an initial eight-year bareboat deal with purchase options kicking in after four years.