Maersk Sells off Fleet of Handygas Tankers

Image (c) Maersk

Maersk’s movement away from the shipping business continued ahead today with the sale of their entire Handygas tanker fleet to Navigator Gas.  Representing about 5 percent of Maersk Tankers’ total fleet, this 11-ship sector was one of the stronger performing areas within Maersk’s tanker business, yet overall Maersk Tankers has reported a negative ROI of around 2 percent this year.

Hanne B. Sørensen, CEO Maersk Tankers: “Navigator Gas presented us with a great business proposition that supports our aim to simplify and release capital for future investments. Navigator Gas is an experienced and well-renowned player and I am confident that they will deliver the same first-rate service to our customers as we have.”

David J Butters, Chairman, President and CEO of Navigator: “We are pleased to be able to acquire Maersk Tankers modern fleet of handy sized vessels and based on our shared views of maintaining the highest operating standards, we are certain that we can continue to deliver excellent service to all stakeholders within our industry.”

The sale affects around 300 seafarers on the Handygas vessels. It is expected that all seafarers will be transferred to other vessels in the Maersk Tankers fleet or be offered employment by Navigator Gas.

Vessel deliveries will commence from 31 January 2013 through the 4th quarter of 2013 as existing contractual commitments are fulfilled.

The Navigator Gas fleet will be comprised of 23 modern 20,500-22,500 semi-refrigerated and fully-refrigerated gas carriers after completion of the transaction and, in addition, have four semi-refrigerated, ethylene-capable vessels under construction.

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