Danish shipping giant AP Moller-Maersk is buying Teekay Corporation’s 50% share in Swift Tankers Management . The purchase includes taking over Teekay Corporation’s portfolio of 13 intermediate vessels – all of which are time chartered from a number of owners – and so taking over Teekay’s activities in the Intermediates market and making Moller - Maersk sole owner of Swift Tankers.
Swift Tankers operates 24 intermediate (10-20,000 DWT) product and chemical tankers, from its primary location in Copenhagen as well as a subsidiary office in Stavanger, Norway.
“In the day-to-day operations there will be no changes to our customers and we look forward to continuing to service the markets with attention on a safe and reliable performance” said Kristian Morch, Moller-Maersk group senior vice president.
Bruce Chan, president of Teekay Tanker Services, said ‘We are pleased to see that Swift Tankers has got off to a good start. We have however decided to move our focus away from the intermediate segment to fully concentrate on Teekay's core activities within the larger products and crude tanker markets’.
Subject to regulatory approvals the deal will come into effect on 1 July.
Swift Tankers operates 24 intermediate (10-20,000 DWT) product and chemical tankers, from its primary location in Copenhagen as well as a subsidiary office in Stavanger, Norway.
“In the day-to-day operations there will be no changes to our customers and we look forward to continuing to service the markets with attention on a safe and reliable performance” said Kristian Morch, Moller-Maersk group senior vice president.
Bruce Chan, president of Teekay Tanker Services, said ‘We are pleased to see that Swift Tankers has got off to a good start. We have however decided to move our focus away from the intermediate segment to fully concentrate on Teekay's core activities within the larger products and crude tanker markets’.
Subject to regulatory approvals the deal will come into effect on 1 July.