Maersk and Teekay Establish Swift Tankers

December 4, 2006

A.P. Møller - Mærsk A/S and Teekay Shipping Corporation announced an agreement to form Swift Tankers, a Pool of Intermediate Product Tankers. The management company, named Swift Tankers Ltd (Swift Tankers), will provide safe and flexible solutions to customers by offering a large, homogenous fleet of double hull, ice class Product Tankers of 10,000 to 20,000 dwt. Swift Tankers will undertake all daily commercial and operational tasks, including fixing vessels, voyage execution, post-fixture operations, and demurrage and claims procedures. Swift Tankers will be managed and staffed jointly by employees from A.P. Moller - Maersk and Teekay. The Pool will be headquartered in Copenhagen, Denmark at Maersk Tankers’ existing premises supplemented by a regional office at the Teekay offices in Stavanger, Norway. It is expected that Swift Tankers will be fully operational in January 2007. The Managing Director of the Pool will be Mr. Kristian Lohmann.

Maersk and Teekay Establish Swift Tankers

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