Singapore's Hafnia expects to increase vessel earnings and save on expenses following completion of its takeover of Chemical Tankers Inc (CTI).

The all-share deal was announced on Thursday, with the BW Group-controlled product tanker owner adding 32 eco chemical carriers to the fleet in an agreement with CTI's major shareholder, Oaktree Capital Management.

Hafnia executives told analysts on a conference call that $1,000 per day can be added to time charter equivalent earnings for the CTI vessels.