A.P. Moller-Maersk buys out partner in tanker venture

A.P. Moller-Maersk buys out partner in tanker venture A.P. Moller – Maersk has agreed to acquire Teekay’s 50 percent share in Swift Tankers Management and become the sole owner of Swift Tankers.
   The deal includes taking over Teekay’s portfolio of 13 intermediate vessels — all of which are time chartered from a number of owners — and thereby taking over Teekay's activities in the intermediates market.
   Swift Tankers operates 24 intermediate product and chemical tankers with capacities of 10,000 to 20,000 deadweight tons, from its primary location in Copenhagen as well as a subsidiary office in Stavanger, Norway.
   “In the day-to-day operations there will be no changes to our customers and we look forward to continuing to service the markets with attention on a safe and reliable performance,” said Kristian V. Morch, group senior vice president, A. P. Moller – Maersk.
   The transaction, which is subject to regulatory approvals, will be effective July 1.