Maersk, Teekay to establish product tankers joint venture

Maersk, Teekay to establish product tankers joint venture A.P. Moller-Maersk and Teekay Shipping Corp. have agreed to start a joint venture company to manage a pool of intermediate product tankers.
   Swift Tankers Ltd. will be managed and staffed jointly by employees from both companies and headquartered in Maersk Tankers' premises in Copenhagen, Denmark, with a regional office at the Teekay offices in Stavanger, Norway.
   The managed pool will comprise large, homogenous fleet of double-hull, ice-class product tankers of 10,000 to 20,000 deadweight tons.
   'With an initial combined fleet of more than 20 vessels, Swift Tankers will meet the immediate needs of our customers for quality tonnage that carry a broad range of cargoes from petroleum products to chemicals, and with the planned growth by both partners, we will be able to offer a uniquely flexible transportation solution,' said Kristian Morch, A.P. Moller-Maersk's group senior vice president.
   'Swift Tankers will offer a high degree of versatility through an interchangeable and reliable fleet, matching preferred dates and positions for spot business and tailor-made volume contracts,' Morch added.
   Paul Wogan, president of Teekay Tanker Services, said, 'The joint venture will be dedicated to strengthening service to both long standing and new customers while exploring global trading opportunities.'
   Swift Tankers is expected to be fully operational in January with Kristian Lohmann named as managing director.