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Maersk sells tankers unit for $1.17 bln to shareholder

A.P. Moller – Maersk said it has agreed to sell its oil tanker business for US$ 1.171 billion to its largest shareholder A.P. Moller Holding, which will set up and lead a consortium with Japan’s Mitsui and others for the tankers business.


5-3-20170920-Maersk -TangierA.P. Moller – Maersk said it has agreed to sell its oil tanker business for US$ 1.171 billion to its largest shareholder A.P. Moller Holding, which will set up and lead a consortium with Japan’s Mitsui and others for the tankers business.   

A.P. Moller Holding, a wholly-owned fund established by the founder of A.P. Moller-Maersk with approximately $20 billion under management, will take ownership of Maersk Tankers through its subsidiary APMH Invest A/S.

Proceeds from the all-cash sale of Maersk Tankers to A.P. Moller Holding will be used to reduce debt, Moller-Maersk said.

The debt-laden Danish conglomerate last year started a restructuring to focus on transport and logistics and last month sold its oil and gas business to Total in a $7.45 billion deal.

“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,” Søren Skou, CEO of A.P. Moller – Maersk said in a statement.

Maersk says its tanker business Maersk Tankers, is one of the largest product tanker companies in the world, transporting refined oil products with a fleet of 161 vessels.

“In determining the best future ownership for Maersk Tankers, it has been imperative for us to assure a financially solid owner with industry insight and a long-term view on the inherent cyclical nature of the tanker industry. This will secure that Maersk Tankers can continue to take advantage of market opportunities, as well as uphold the capabilities and the organisation on which Maersk Tankers global leading market position is built,” said Claus V. Hemmingsen, Vice CEO of A.P. Moller - Maersk and CEO of the Energy division.

A.P. Moller Holding will take over Maersk Tankers entire organisation, portfolio and obligations, Moller-Maersk said. As part of the agreement, A.P. Moller Holding will assume all outstanding capital commitments of Maersk Tankers’ fleet renewal programme, with the transaction closing expected to take place in October 2017.

The company said structural solutions for the remaining companies under the Energy division, Maersk Drilling and Maersk Supply Service, remain to be defined before the end of 2018.

 

Source: Pipeline ME