Hafnia Tankers has acquired four LR1 vessels as it plans to grow its business.

This month, the Danish product tanker company expects to take delivery of the Artic Char, which came from Brodosplit, and the STX-built Kihada, Maguro, and Karei.

All four ships were completed in 2010.

"With this addition, we are strengthening our exposure towards the LR1 segment and the vessels will all be joining the Straits Tankers LR1 Pool," said Hafnia in a statement.

"The Straits Tankers LR1 Pool operates one of the world's largest LR1 fleets with more than 30 vessels in the pool. Upon delivery of these new vessels, Hafnia Tankers will operate a fleet of 29 vessels on the water (23 owned and 6 time chartered-in) with another 14 vessels under construction to be delivered in 2015 and 2016."

The acquisition is fully financed through equity commitments and credit facilities.

"We have signed credit facilities with ABN AMRO Bank NV, Singapore Branch, and Danske Bank A/S acting as joint bookrunners and mandated lead arrangers," said Hafnia.

"ABN AMRO is acting as facility agent. The credit facility is secured by mortgages on these vessels."

In 2013, Hafnia bought the 10-unit product tanker fleet of J. Lauritzen, another Danish shipping company, which sold them during a restructure.

Shares in Hafnia are traded on the over-the-counter market in Oslo, where it is currently valued at about NOK1.78bn (US$234m).