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Expansion for Maersk Tankers
17 June 2008
Buys out Teekay to end joint venture, sets up new VLGC pool
The tanker business operated by Maersk is expanding, with two major moves announced last week. Firstly, Maersk is to buy the 50% share of Swift Tankers held by Teekay, bringing to an end the pair’s joint venture just 18 months after it started. And secondly, Maersk announced it was forming a new pool for Very Large Gas Carriers (VLGCs) with Transpetrol Maritime Services and Zodiac Maritime Agencies.
The Swift Tankers deal, effective 1 July, involves the take-over of 13 intermediate 10-20,000 dwt vessels. It makes Maersk the sole owner of Swift Tankers, which has 24 intermediate product and chemical tankers. It operates from Copenhagen, Denmark, and has a subsidiary office in Stavanger, Norway.
The Teekay vessels are on time charter from various owners.
Maersk Senior Vice President Kristian V Morch says there will be no day-to-day operational change. Bruce Chan, President of Teekay Tanker Services, says the company decided to move its focus from the intermediate segment to its core activities within the larger products and crude tanker markets.
And the separate agreement to manage the VLGC pool with Transpetrol Maritime Services and Zodiac Maritime will see the pool rise to 14 modern VLGCs by 2011. Maersk currently operates eight such vessels and will control nine by 2011. Transpetrol will add two newbuildings to the pool during 2009. Zodiac manages three other newbuildings, which will enter the pool during 2010/2011.
Maersk Tankers will operate the pool as commercial manager.
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