Maersk Tankers Closes Sale, Leaseback for MR Quartet

Danish tanker shipping company Maersk Product Tankers has entered into a sale and leaseback agreement with the Industrial and Commercial Bank of China (ICBC) for four medium range (MR) vessels.

The tankers, which have not been identified, were built in 2015 and 2016.

Maersk Tankers said it will bareboat charter-in the vessels for a period of ten years and has continuous purchase options.

In addition, the company will continue to undertake commercial and technical management of the vessels.

The first tanker has been delivered to ICBC, with the remaining ones to be delivered in the second quarter of 2019.

“The agreement will increase financial flexibility and strengthen the financial position of Maersk Product Tankers,” Morten Mosegaard, Chief Financial Officer at Maersk Product Tankers, commented.

“The sale and leaseback agreement releases significant capital, which gives us additional optionality to act if the right opportunity materialises,” Mosegaard added.

Based in Copenhagen, Maersk Product Tankers owns more than 80 vessels, which are carrying refined oil products worldwide. The company is owned by A.P. Møller Holding A/S and Mitsui & Co. Ltd.

Read more: Maersk Product Tankers Ends Challenging Year in Loss

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