Maersk Tankers Acquires Penfield Marine to Expand Tanker Services

Copenhagen-based Maersk Tankers has recently completed its acquisition of Penfield Marine, a boutique commercial management company.

The move allows Maersk Tankers to establish a larger-scale crude and product tanker company, providing a wider range of services to pool partners and cargo customers.

The newly combined company will oversee the management of approximately 240 vessels, including around 45 vessels owned by affiliated companies.

Penfield Marine, founded in 2012, operates tankers globally through its Panamax/LR1 pool, Aframax/LR2 pool, and Suezmax pool. With offices in Connecticut, London, and Singapore, Penfield Marine serves a diverse clientele consisting of chartering customers, pool members, and shipping investors, including major oil companies and oil traders.

“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 in decarbonization to our pool partners. Our complementary businesses will enable us to deliver diversified services and substantial value for our customers, pool partners, and employees,” said Tim Brennan, CEO of Penfield Marine.

The combined company will adopt the Maersk Tankers name and brand, with headquarters remaining in Copenhagen, Denmark. Tina Revsbech, Maersk Tankers’ CEO, will continue as CEO, and Tim Brennan will join the management team as CCO, while Eric Haughn will retain his current role.

“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,” said Revsbech. “We look forward to welcoming Penfield’s customers, partners and our new colleagues to Maersk Tankers.”

The transaction between the two parties was finalized on January 2, 2024. The financial details of the acquisition have not been disclosed.

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