The move that keeps Maersk Tankers ownership with the Moller family and it will continue trading under the Maersk Tankers name with the seven-pointed star brand logo.
“Maersk Tankers has over the last century built a great company. With this acquisition, AP Moller Holding aspires to remain an engaged owner and contributor to Maersk Tankers’ future development as an industry leading platform for own and third-party vessels,” said Robert Uggla, ceo AP Moller Holding.
“The transaction also enables AP Moller - Maersk to progress further in becoming a more focused and agile transport and logistics company.”
AP Moller Holding is paying $1.17bn plus an agreed market upside payment should the product tanker market and vessel values significantly improve before end 2019. Maersk Tankers has a fleet of 161 product tankers, 80 of which it owns, and employs 3,100 people.
With AP Moller Holding’s acquisition of Maersk Tankers it is setting up and ownership consortium for the company’s fleet with Japanese trading house Mitsui & Co and other potential partners. The consortium will be controlled by AP Moller Holding.
“I am pleased to welcome Mitsui & Co as a strategic partner. Mitsui & Co, with a turnover of around $40bn, has a highly capable organization across several industries, which hold relevance to our businesses. They have compelling corporate values and industry insights, which complement AP Moller Holding well, as an owner of the Maersk Tankers fleet,” Uggla said.
Last year AP Moller – Maersk announced a restructuring of its activities where it would focus on transport and logistics, with its energy related businesses split into a separate division. Maersk said it would seek solutions for those businesses – Maersk Oil, Maersk Tankers, Maersk Drilling and Maersk Supply Services - by end 2018.
The acquisition of Maersk Tankers by AP Moller Holdings marks the second of these solutions, following the agreement to sell Maersk Oil in a deal worth $7.45bn to Total.
“In determining the best future ownership for Maersk Tankers, it has been imperative for us to assure a financially solid owner with industry insight and a long-term view on the inherent cyclical nature of the tanker industry. This will secure that Maersk Tankers can continue to take advantage of market opportunities, as well as uphold the capabilities and the organisation on which Maersk Tankers global leading market position is built,” said Claus V. Hemmingsen, vice ceo of AP Moller - Maersk and ceo of the Energy division.
With AP Moller Holdings taking over Maersk Tankers the company will be removed from public and investor scrutiny at a time when tanker markets are in a downturn.
AP Moller Holding also owns the family’s holdings Maersk activities and Danske Bank and plans to develop and invest in new businesses.
The transaction to acquire Maersk Tankers is expected to be completed in a few weeks, while the Mitsui & Co deal is subject to merger filing with approval expected in early 2018.
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