2019 was a milestone year for Hafnia, where we successfully completed the merger between BW Tankers and Hafnia Tankers in January and listed the combined entity on the Oslo Axess in November. Along the way, Hafnia expanded its fleet by 15 vessels, reorganised its pool companies, refinanced USD 473 millions of debt, and introduced a new Vision, Purpose and Values to guide the culture of the newly merged company.
Hafnia is positioned to be a leading product tanker company, putting people and relationships first, and challenging the industry of today to deliver the industry of tomorrow. We remain focused on our commitment to deliver energy safely for our customers and to deliver value for our investors. On this score, we were pleased to achieve a respectable lost time injury rate, even as we strive for zero, and to deliver reasonable profits in a year of challenging markets.
In addition, we are working to improve the environmental footprint of our business. Energy is a critical enabler for progress and prosperity, and shipping is the most environmentally friendly way to move that energy. Yet we are mindful that carbon-based fuels have an impact on climate, and we must do our utmost to mitigate that impact.
Hafnia has joined the Getting to Zero Coalition, an alliance of more than 80 companies within the maritime, energy, infrastructure and finance sectors, supported by key governments and Inter-Governmental Organisations. The Coalition is committed to getting commercially viable deep sea zero-emission vessels into operation by 2030. Additionally, we are supporting discussions on a carbon levy for shipping, with proceeds deployed towards R&D and infrastructure to accelerate the implementation of solutions. The company is actively implementing digitalisation initiatives to improve the efficiency of our fleet through real-time data and monitoring of performance and fuel efficiency.
Looking ahead, global concerns are mounting – continued geopolitical tensions, political strife leading to violent protests in a number of countries, significant environmental disasters, and a viral epidemic starting in the new year. We must all strive to improve the state of the world around us. In that regard, affordable energy facilitates better living conditions for many around the world, especially when we can deliver it in a safe and responsible fashion. Hafnia will play its part, and we are grateful to our colleagues around the world for their dedication and hard work to achieve this.
Andreas Sohmen-Pao, Chairman