Maersk Tankers acquires Penfield Marine to create large-scale tanker company
Danish tanker company Maersk Tankers has acquired US pool operator Penfield Marine to create a large-scale crude and product tanker company offering a wider range of services.
The combined company will manage around 240 vessels, including approximately 45 vessels owned by affiliated companies.
Founded in 2012 by Tim Brennan and Eric Haughn, Penfield is a boutique commercial management company operating tankers around the world in their Panamax/LR1 and Aframax/LR2 pools. The company has offices in Southport, Connecticut and London, England.
Together, Maersk Tankers and Penfield Marine will leverage their complementary capabilities to offer a variety of solutions meeting the increasing demand on shipowners to deliver attractive returns and cut emissions. Cargo customers will get access to a broader service range to cover their transportation needs within more segments.
“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,” Tina Revsbech, Maersk Tankers’ CEO, commented.
“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,” Tim Brennan, Penfield Marine’s CEO, said.
Penfield and Maersk Tankers’ operations will continue with no changes to regional presence to ensure a ‘seamless integration’ for employees, pool partners and customers, according to Maersk Tankers.
The combined company will operate under the Maersk Tankers name and brand and will be headquartered in Copenhagen, Denmark. Tina Revsbech will be the CEO. Tim Brennan will join the management team as CCO, while Eric Haughn will retain his current role.
The transaction closed on January 2, 2024. The price and terms of the transaction have not been disclosed.
In related news, Maersk Tankers revealed last month a mega order for up to ten very large ammonia carriers (VLACs). The ships will be built at Hyundai Samho Heavy Industries (HSHI) shipyard in South Korea.