Maersk Sells 14 Product Tankers

Maersk Product Tankers said Tuesday it has entered an agreement with China Development Bank Financial Leasing Co., Ltd (CDBL) for the sale of 14 product tankers at a total value of $422 million.

Under the terms of the deal, nine of the vessels will be bareboat chartered back to Maersk Product Tankers. All 14 ships will be delivered to CDBL during the coming months and remain under the commercial and technical management of Maersk Tankers.

“The sale that we are announcing today is an important step in our strategy of continually adjusting Maersk Product Tankers’ fleet composition and size to generate attractive financial returns for our owners,” said Claus Gronborg, Chief Investment Officer at Maersk Tankers. “We will harness Maersk Tankers’ digital, commercial and technical expertise to deliver attractive financial returns to CDBL while lowering the vessels’ CO2 footprint.”

Maersk Tankers is today managing more than 220 vessels, and the company said it is looking to grow further.