Maersk Tankers has acquired Penfield Marine to create a large-scale crude and product tanker company offering pool partners and cargo customers a wider range of services. The combined company will manage around 240 vessels, including approximately 45 vessels owned by affiliated companies.
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.
Maersk Tankers CEO, Tina Revsbech, said: “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.”
Penfield Marine’s CEO, Tim Brennan said: “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.”
Penfield and Maersk Tankers operations will continue with no changes to regional presence to ensure a seamless integration for employees, pool partners and customers.
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.
About Maersk Tankers
Maersk Tankers and affiliated companies operate one of the largest tanker fleets in the world through direct ownership and commercial management solutions for shipowners. Our purpose is to pioneer shipping solutions for our customers, partners and the planet. Founded in 1928, we have a century of expertise in management of tankers, which we use to develop and deploy solutions that help shipowners boost the economic and environmental performance of their vessels. Maersk Tankers employs approximately 300 people and is headquartered in Copenhagen, Denmark. Maersk Tankers is owned by A.P. Moller Holding.
About Penfield Marine
Penfield Marine, a boutique commercial management company founded in 2012 by Tim Brennan and Eric Haughn, operates tankers around the world in its Panamax/LR1 pool, Aframax/LR2 pool, and Suezmax pool. From its offices in Connecticut, London, and Singapore, Penfield provides shipping services to a wide array of clients, which includes chartering customers (major oil companies and oil traders), pool members, and shipping investors. Penfield employs 43 people.
Source Maersk Tankers