Maersk Flips Four More to Euronav While Exiting Crude Sector

Maersk Hakata
Maersk Hakata, image courtesy Maersk Tankers

Frustrated with unprofitability, Maersk Tankers announced today they are buying their six remaining bareboat chartered crude tankers and immediately selling four them to Euronav.  This deal is an addition to the 15 Euronav bought from Maersk in early January.

Morten H. Engelstoft, CEO of Maersk Tankers notes in an emailed statement today, “We have decided to pursue an exit of these unprofitable charters by purchasing the vessels from their current owners with the intention to subsequently resell them at an appropriate time.  The transaction will contribute to a good upside to our bottom line in 2014 and continues our strategy to become a pure product tanker company.”

The four vessels were built in Japan with an average age of 3 years.  Three of the vessels will be delivered to Euronav in 2014 and the last will be delivered in 2Q 2015.