Maersk Tankers, the tanker company owned by A.P. Moller Holding, will further expand its business with the acquisition of US commercial tanker management company Penfield Marine for an undisclosed amount.
Already responsible for one of the largest tanker fleets in the world, including its affiliated companies, Maersk Tankers will bring Penfield into its existing brand to increase the number of vessels under its management to around 240.
Maersk Tankers CEO Tina Revsbech said: “Penfield Marine has over the years built a solid position and presence in the industry and is a perfect match to Maersk Tankers.
“Our combined commercial and operational expertise will allow us to grow our presence as a commercial manager and extend our service offerings within performance optimisation and decarbonisation to a broader segment of customers and pool partners.”
The combined operations under the Maersk Tankers brand, which has been a separate business from shipping giant Maersk since 2017, will operate from the company’s headquarters in Copenhagen, Denmark under Revsbech as CEO, with Penfield founders Tim Brennan joining the management team as CCO and Eric Haughn maintaining his existing role.
Brennan said: “Joining Maersk Tankers offers Penfield the opportunity to be part of an unmatched tanker pooling business with excellent long-term growth prospects.
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“It also allows us to extend Maersk Tankers’ offerings within decarbonisation to our pool partners.”
The addition of Penfield to Maersk Tankers’ business will allow the Danish company to expand its presence in oil tanker chartering and adds the US company’s pools of Panamx, Aframax and Suezmax size vessels.
Penfield Marine was founded in 2012 and has offices in Connecticut, US, London, UK, and Singapore offering shipping services including vessel charters and pools, the company was represented by US law firm Seward & Kissel LLP during the acquisition.