Maersk Tankers and Penfield Marine to create a tanker company with unique reach
Maersk Tankers has acquired Penfield Marine to create a large-scale crude and product tanker company offering pool partners and cargo customers a wider range of services. The combined company will manage around 240 vessels, including approximately 45 vessels owned by affiliated companies.
Together, Maersk Tankers and Penfield Marine will leverage their complementary capabilities to offer a variety of solutions meeting the increasing demand on shipowners to deliver attractive returns and cut emissions. Cargo customers will get access to a broader service range to cover their transportation needs within more segments.
Penfield and Maersk Tankers’ operations will continue with no changes to regional presence to ensure a seamless integration for employees, pool partners and customers.
The combined company will operate under the Maersk Tankers name and brand and will be headquartered in Copenhagen, Denmark. Tina Revsbech will be the CEO. Tim Brennan will join the management team as CCO, while Eric Haughn will retain his current role.
The transaction closed on January 2, 2024. The price and terms of the transaction will not be disclosed.
Maersk Tankers and affiliated companies operate one of the largest tanker fleets in the world through direct ownership and commercial management solutions for shipowners. Maersk Tankers employs approximately 300 people and is headquartered in Copenhagen, Denmark.
Penfield Marine, a boutique commercial management company founded in 2012 by Tim Brennan and Eric Haughn, operates tankers around the world in its Panamax/LR1 pool, Aframax/LR2 pool, and Suezmax pool. From its offices in Connecticut, London, and Singapore, Penfield provides shipping services to a wide array of clients, which includes chartering customers (major oil companies and oil traders), pool members, and shipping investors. Penfield employs 43 people.
