BW buys Maersk VLGC fleet

The deal covers five owned vessels and five ships on time charter and is subject to approval from competition authorities.

The announcement is the latest in a line of Maersk Tanker divestments, but comes at a time when US LPG output is rising and vessel supply is well balanced. Earlier this month, VLGC rates enjoyed the largest weekly rise since 2005.

Hanne Sørensen, ceo Maersk Tankers said, "this transaction supports our strategy to focus on fewer segments."

Andreas Sohmen-Pao, ceo BW Group, added "Maersk Tankers has a fleet of high quality vessels and BW is pleased to be acquiring this fleet. With this purchase, we will be able to deliver even more flexible service to our customers, providing ready access to vessels in all regions at all times."

BW Group's fleet currently numbers 93 vessels across the tanker, gas and offshore sectors.

Maersk remains involved in the VLCC sector, and the product sector through the LR2 Pool for aframaxes, Handytankers for handy and medium sized tankers and Broström for intermediates.