Team Tankers to acquire two maritime companies for $206m

1 March 2018 (Last Updated March 1st, 2018 11:11)

Global chemical tanker operator Team Tankers International has signed agreements to purchase all outstanding shares in two maritime companies, Laurin Shipping and the Anglo-Atlantic Steamship Company, as part of deal valued at approximately $206m.

Global chemical tanker operator Team Tankers International has signed agreements to purchase all outstanding shares in two maritime companies, Laurin Shipping and the Anglo-Atlantic Steamship Company, as part of deal valued at approximately $206m.

The transactions are set to increase Team Tankers’ total fleet from 37 to 52 vessels.

In addition, the company previously completed the purchase of a medium range (MR) tanker, Tosca, last month.

The latest deals are subject to terms and conditions set out in the respective agreements and are expected to be completed by 6 April.

"Laurin Shipping trades under the Laurin Maritime brand and primarily operates a fleet of 15 MR tankers with capacities ranging between 45,000dwt and 50,000dwt."

Team Tankers CEO Hans Feringa said: “We have communicated to the market the need for consolidation in the chemical tanker industry.

“As a first step towards further consolidation, we are pleased to announce this combination with Laurin Shipping and Anglo-Atlantic.

“Team Tankers will benefit greatly from Laurin Shipping’s deep relationships, years of experience and Anglo-Atlantic’s contracted cargo coverage.”

The acquisition is slated to grant Team Tankers access to Laurin Shipping’s in-house technical management expertise, which is expected to lead to improvements regarding the operational control of the company’s fleet.

Laurin Shipping trades under the Laurin Maritime brand and primarily operates a fleet of 15 MR tankers with capacities ranging between 45,000dwt and 50,000dwt.

The company was founded in 1980 in Sweden and also offers various commercial, technical and administrative services.

Anglo-Atlantic currently operates a fleet of 15 MRs, including six that are owned by the firm itself.

The company’s remaining six and three units are are placed on time charters and bareboat charters respectively.