Maersk Tankers Expands Capabilities through Acquisition of Penfield Marine : Creating a Leading Crude and Product Tanker Company
In a strategic move, Maersk Tankers has successfully acquired Penfield Marine, marking the establishment of a significant player in the crude and product tanker industry. This collaboration aims to provide pool partners and cargo customers with an extended array of services. The amalgamated entity will oversee the management of approximately 240 vessels, including around 45 vessels owned by affiliated companies.
The synergy between Maersk Tankers and Penfield Marine will capitalize on their complementary strengths to address the rising pressure on shipowners for both attractive returns and emission reduction. This strategic alliance will enable cargo customers to access a broader spectrum of services, catering to their transportation needs across various segments.
Tina Revsbech, CEO of Maersk Tankers, expressed enthusiasm about the merger, stating, “Penfield Marine has built a solid position in the industry over the years and is a perfect match for Maersk Tankers. Our combined commercial and operational expertise will facilitate the growth of our presence as a commercial manager, expanding our service offerings in performance optimization and decarbonization for a wider customer and pool partner base. We eagerly anticipate welcoming Penfield’s customers, partners, and new colleagues to Maersk Tankers.”
Tim Brennan, CEO of Penfield Marine, echoed this sentiment, stating, “Joining Maersk Tankers provides Penfield the opportunity to be part of an unparalleled tanker pooling business with excellent long-term growth prospects. It also allows us to extend Maersk Tankers’ offerings within decarbonization to our pool partners. Our complementary businesses will enable us to deliver diversified services and substantial value for our customers, pool partners, and employees.”
The seamless integration of operations is a key focus, with no alterations to regional presence planned. This approach ensures a smooth transition for employees, pool partners, and customers. The consolidated company will operate under the Maersk Tankers name and brand, with its headquarters based in Copenhagen, Denmark. Tina Revsbech will continue as the CEO, while Tim Brennan will join the management team as Chief Commercial Officer (CCO), and Eric Haughn will retain his current role.
The transaction, completed on January 2, 2024, has not disclosed the price and terms. Maersk Tankers and affiliated companies operate one of the largest tanker fleets in the world through direct ownership and commercial management solutions for shipowners. Our purpose is to pioneer shipping solutions for our customers, partners and the planet. Founded in 1928, we have a century of expertise in management of tankers, which we use to develop and deploy solutions that help shipowners boost the economic and environmental performance of their vessels. Maersk Tankers employs approximately 300 people and is headquartered in Copenhagen, Denmark. Maersk Tankers is owned by A.P. Moller Holding.
About Maersk Tankers: Maersk Tankers and its affiliated companies operate one of the world’s largest tanker fleets, providing direct ownership and commercial management solutions for shipowners. Established in 1928, the company boasts a century of expertise in tanker management, utilizing this experience to develop and implement solutions that enhance the economic and environmental performance of vessels. With approximately 300 employees, Maersk Tankers is headquartered in Copenhagen, Denmark, and is owned by A.P. Moller Holding. More information can be found at www.maersktankers.com.
About Penfield Marine: Founded in 2012 by Tim Brennan and Eric Haughn, Penfield Marine is a boutique commercial management company operating tankers globally in its Panamax/LR1 pool, Aframax/LR2 pool, and Suezmax pool. Headquartered in Connecticut, with additional offices in London and Singapore, Penfield provides shipping services to a diverse clientele, including chartering customers such as major oil companies and oil traders, pool members, and shipping investors. Employing 43 individuals, Penfield is dedicated to delivering comprehensive shipping solutions. Further information on Penfield is available at www.penfieldmarine.com