Marine Link
Wednesday, April 24, 2024

Maersk Tankers Acquires Penfield Marine

Maritime Activity Reports, Inc.

January 8, 2024

(Photo: Maersk Tankers)

(Photo: Maersk Tankers)

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 offerings within performance optimization and decarbonization to a broader segment of customers and pool partners.”

Penfield and Maersk Tankers’ operations will continue with no changes to regional presence. The combined company will operate under the Maersk Tankers name and brand and will be headquartered in Copenhagen, Denmark. Tina Revsbech will be the CEO. Penfield Marine’s CEO Tim Brennan will join the management team as CCO, while Penfield COO Eric Haughn will retain his current role.

Brennan said, "Eric and I have found the best possible home for Penfield. Joining Maersk Tankers offers Penfield the opportunity to be part of an unmatched tanker pooling business with excellent long-term growth prospects. It also allows us to extend Maersk Tankers’ offerings within decarbonization to our pool partners. Our complementary businesses will enable us to deliver diversified services and substantial value for our customers, pool partners and employees."

The transaction closed on January 2, 2024. The price and terms of the deal were not disclosed.

Subscribe for
Maritime Reporter E-News

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week