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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Caterpillar Named to Dow Jones Sustainability Indices

Caterpillar Inc. has been named to the 2014 Dow Jones Sustainability Indices (DJSI), recognizing Caterpillar as a sustainability leader in the Industrial Engineering sector.

Technip Signs Contract for Refinery Units in Bahrain

Technip was awarded by The Bahrain Petroleum Company (BAPCO) a significant (1) contract on a reimbursable basis to develop the Front-End Engineering Design (FEED)

Oceanearing Exercise Charter Options on DP2 CSV

Oceanteam Shipping ASA says that Oceaneering International, Inc. has exercised both one year options on the CSV 'Bourbon Oceanteam 101' up to February 2017. The

Finance

Navy Ocean Services Contracts Awarded to Five Firms

The US Department of Defense inform that five firms are to share in a broad range of ocean engineering services contracts with a combined maximum dollar value of US$99-million.

SUNY Maritime Grads Start at Higher Salary: PayScale

What do SUNY Maritime College graduates have that Princeton, Harvard, Yale, and Columbia graduates don’t have?  Higher starting annual salaries; that’s what, answers SUNY.

CAGTC Members Win Big in TIGER VI

The U.S. Department of Transportation (USDOT) announced Friday that 72 projects will receive a total of $600 million from the sixth round of the Transportation

Energy

Caterpillar Named to Dow Jones Sustainability Indices

Caterpillar Inc. has been named to the 2014 Dow Jones Sustainability Indices (DJSI), recognizing Caterpillar as a sustainability leader in the Industrial Engineering sector.

Technip Signs Contract for Refinery Units in Bahrain

Technip was awarded by The Bahrain Petroleum Company (BAPCO) a significant (1) contract on a reimbursable basis to develop the Front-End Engineering Design (FEED)

Hurricane Energy Buoyed by Post-well Analysis Results

Hurricane Energy plc, the UK-based oil and gas company, announced having substantially completed post-well data analysis following the successful testing of

News

Port of Long Beach Sees Cargo Numbers Slip

Container cargo shipments declined by 9.1 percent in August at the Port of Long Beach, reflecting both early shipping by importers this year and the comparison

Seaspan Agreement with GCII & Blue Water

Seaspan Corporation announced today that it has entered into an agreement with Greater China Intermodal Investments LLC and Blue Water Commerce, LLC to extend

Caterpillar Named to Dow Jones Sustainability Indices

Caterpillar Inc. has been named to the 2014 Dow Jones Sustainability Indices (DJSI), recognizing Caterpillar as a sustainability leader in the Industrial Engineering sector.

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Winch
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: 0.2685 sec (4 req/sec)