Tim Brennan News

Maersk Tankers announced it has acquired U.S. pool operator Penfield Marine, creating a large-scale crude and product tanker company with around 240 vessels under its management.Maersk Tankers’ CEO, Tina Revsbech, said, “Penfield Marine has over the years built a solid position and presence in the industry and is a perfect match to Maersk Tankers. Our combined commercial and operational expertise will allow us to grow our presence as a commercial manager and extend our service…

Tanker operator Penfield Marine and Macquarie Group’s Commodities and Global Markets division announced the execution of Penfield’s first carbon-neutral voyage in a collaboration that will enable Penfield Marine to offer environmentally differentiated freight products to its customers.The structure achieves carbon-neutral freight by retiring carbon offsets sufficient to cover the carbon footprint of an entire voyage, including emissions associated with the vessel’s ballast leg, positioning the vessel to perform the voyage, the laden passage and all in port load and discharge operations.

2011 A Year of Growth for Pools. After 19 years with the company, the board of Heidmar has, with regret, accepted the resignation of its CEO, Tim Brennan. Mr Brennan will remain at the company for a mutually agreeable time in order to assist in the transition to a new management structure. He leaves a robust company with 118 employees in three offices and 124 ships in five pools serving an international client base with high quality vessels from 35 different owners. Under his leadership…

Morgan Stanley Capital Group Inc. (MSCGI), has reached a definitive agreement to acquire the Heidmar Group of companies, including Texas-based Houston Marine Services, Inc. (Heidmar). The acquisition is expected to close during MSCGI’s fiscal fourth quarter, subject to the customary closing conditions, such as regulatory and antitrust reviews. Financial terms were not disclosed. Under terms of the transaction, Per Heidenreich will continue to serve as non-executive chairman; Tim Brennan will continue as president of Heidenreich Marine Inc.; Jim Bailey will continue as president of Heidenreich Lightering Services Inc. and Houston Marine Services…