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Maersk sells tanker business

Maersk has agreed to sell its tanker unit, Maersk Tankers, to its controlling shareholder for US$1.17m, as it seeks to prioritise business segments focused on container shipping, ports and logistics.

Family investor A.P. Moller Holding will take on 161 product tanker vessels as part of the all-cash transaction.

A.P. Moller Holding will establish an ownership consortium for Maersk Tankers’ fleet with the Mitsui & Co. and other potential partners, in which the former will be majority shareholder.

The proceeds from the transaction will be used to reduce debt, noted a statement from Maersk.

Søren Skou, CEO of Maersk, said: “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.”

The deal follows the sale of Maersk Oil to French company Total earlier this year, as part as the Danish conglomerate follows through on a restructuring plan it laid out last year.

Closer of the transaction is expected to take place in October 2017 although it is not subject to merger control approvals.

Structural solutions for the remaining companies under Maersk’s energy division, Maersk Drilling and Maersk Supply Service, remain to be defined before the end of 2018.