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Maersk Tankers adds 83 vessels with Penfield acquisition

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Maersk Tankers closed on the acquisition of US-based tanker pool operator Penfield Marine last week, expanding its crude and product tanker reach.

The combined company will use the Maersk Tankers name and brand to manage around 240 vessels after the addition of Penfield’s 83 panamax, aframax and suezmax ships. The combined fleet includes around 45 owned by affiliate companies, said Maersk. The deal makes Maersk Tankers one of the largest tanker pool operators in the market as the company continues to execute its strategy of operatoring as an asset-light service provider and commercial management company.

The transaction was closed on January 2, 2024 and the details will not be made public. 

The companies said the deal will give cargo customers access to new services across more segments and bring a range of solutions to shipowners to help them meet rising demands while delivering attractive returns.

Penfield Marine was founded in 2012 by Time Brennan and Eric Haughn and has offices in Connecticut, London, and Singapore. Its pools continued to grow last year with the addition of vessels from Wah Kwong, Eastern Pacific Shipping, and the Great Eastern Shipping Company among others. The combined company will be headquarter in Copenhagen with Brennan joining as COO and Haughn remaining in his current position.

Penfield Marine’s CEO, Tim 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 decarbonisation to our pool partners. Our complementary businesses will enable us to deliver diversified services and substantial value for our customers, pool partners and employees." 

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 optimisation and decarbonisation to a broader segment of customers and pool partners. We look forward to welcoming Penfield’s customers, partners and our new colleagues to Maersk Tankers.”