Maersk Continues Exit from Crude Transport

Posted by Michelle Howard
Thursday, July 10, 2014
(Photo : Maersk)

Maersk Tankers, a unit of A.P. Moller-Maersk, said on Thursday it had quit four unprofitable crude oil charter contracts by buying out supertankers and selling them onwards, continuing its exit from crude oil transportation.

The company now has charters for just two supertankers, called Very Large Crude Carriers (VLCCs), although the intention is to get out of these contracts too, Maersk Tankers spokeswoman Stine Pedersen said.

Buying the vessels from their owners allows Maersk to exit the charter contracts.

The spokeswoman said Maersk had decided two years ago to cease transporting crude oil and focus instead of carrying refined products such as gasoline and diesel, and that Thursday's announcement was in line with that strategy.

"This transaction will contribute a good upside to our bottom line in 2014," Maersk Tankers Chief Executive Morten Engelstoft said in a statement.

The four VLCCs have been sold to Belgium's Euronav . Three vessels will be delivered this year with the last coming in the second quarter of 2015, Maersk said. The VLCCs are Japanese-built and on average three years old.

Maersk Tankers sold 15 VLCCs in January.

(Reporting by Shida Chayesteh and Sabina Zawadzki; editing by Tom Pfeiffer and Pravin Char)

  • Morten H. Engelstoft (Photo : Maersk)

    Morten H. Engelstoft (Photo : Maersk)

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Sjo Resigns from Polarcus Board of Directors

Polarcus Limited announced that Hege Sjo will resign from its board of directors effective February 2, 2015.   Sjo has accepted an appointment as Deputy Director

Congestion is Port of Long Beach’s Toughest Issue

Slangerup’s State of the Port address outlines goals for Energy Island, smarter supply chain   In his first-ever State of the Port address, Port of Long Beach

Chevron Scraps 2015 Share Repurchase Program

Chevron Corp halted its 2015 share repurchase program on Friday, a move to conserve cash amid tumbling oil prices.   The company's shares extended loses on the news,

Finance

Shippers Must Monitor Greek Government Changes

Moore Stephens says shipping must monitor developments in wake of Greek government change   International accountant and shipping adviser Moore Stephens says

Chevron Scraps 2015 Share Repurchase Program

Chevron Corp halted its 2015 share repurchase program on Friday, a move to conserve cash amid tumbling oil prices.   The company's shares extended loses on the news,

Marquette Transportation Reportedly for Sale

Marquette Transportation Company LLC, a U.S. towboat operator, is exploring a sale that could value it at more than $1 billion and has attracted the interest of

News

Sjo Resigns from Polarcus Board of Directors

Polarcus Limited announced that Hege Sjo will resign from its board of directors effective February 2, 2015.   Sjo has accepted an appointment as Deputy Director

Congestion is Port of Long Beach’s Toughest Issue

Slangerup’s State of the Port address outlines goals for Energy Island, smarter supply chain   In his first-ever State of the Port address, Port of Long Beach

NASSCO to Christen Third MLP, Lewis B. Puller

Shipbuilder General Dynamics National Steel & Shipbuilding Co. – NASSCO – will christen the USNS Lewis B. Puller (MLP 3 AFSB) Saturday, February 7, 2015 in San Diego.

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3181 sec (3 req/sec)