Maersk sells tanker division


Parent company takes over running of energy business, looks to new consortium

Maersk sells tanker division
Ownership of Maersk Tankers changes hands.

 

Danish shipping giant AP Moller-Maersk has sold its tanker business to its controlling shareholder A.P. Moller Holding for US$1.171 billion (A$2.16 billion).

Employing 3,100 people globally, Maersk Tankers transports refined oil products across a fleet of 161 product tanker vessels.

Retaining the name under the sale, A.P. Moller Holding will assume the entire organisation, portfolio and obligations of the tanker business.

Following a decision to separate the energy and transport arms a year ago, A.P. Moller – Maersk CEO Søren Skou says the sale is but the second move to streamline the business’ focus on its shipping exploits.

"Having determined the future ownership of Maersk Tankers, we have taken yet an important step in our strategy to free up resources and focus future growth in A.P. Moller - Maersk on container shipping, ports and logistics," Skou says.

"Maersk Tankers has served A.P. Moller - Maersk well for almost a century, building an industry leading position within the product tanker market.

"As former CEO of Maersk Tankers for more than 10 years, I recognise the importance of having an owner with a long-term market view in this industry, and this is why I am pleased that Maersk Tankers can continue to build on its strong name and position under A.P. Moller Holding."

It is understood the new owner will seek to establish an ownership consortium for the fleet with Japanese global trading company Mitsui & Co.

The first move by the Danish company came in August with the sale of Maersk Oil to French multinational oil and gas company Total S.A for US$7.45 billion – US$2.9 billion of which covers all decommissioning obligations.

Remaining to be sold or listed are Maersk Drilling and Maersk Supply Service.

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