The reviews from analysts are in, and many believe Hafnia's bid to acquire Ardmore Shipping undervalued its product tanker rival.

But some see the $270m offer as an opening gambit in what could be a beneficial merger negotiation.

As TradeWinds reported on Monday, BW Group-backed Hafnia made public its three-week-old bid to buy Anthony Gurnee-led Ardmore and consolidate the two companies fleets.