Maersk Tankers to add 80 ships to pools after Penfield Marine deal

Denmark’s Maersk Tankers has acquired US-based pool operator Penfield Marine for an undisclosed sum to create a crude and product tanker company.

The deal confirmed on Monday will see the combined company manage around 240 vessels, including approximately 45 vessels owned by affiliated companies.

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 and financial terms were not disclosed.

The intention is Penfield and Maersk Tankers’ operations to continue with no changes to regional presence “to ensure a seamless integration for employees, pool partners and customers.”

Penfield Marine, a commercial management company founded in 2012 by Tim Brennan and Eric Haughn, operates around 80 tankers in its panamax/LR1 pool, aframax/LR2 pool, and suezmax pool, in accordance with the data from the company’s website.

Penfield has offices in Connecticut, London, and Singapore.

Tina Revsbech, chief executive of Maersk Tankers, 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.”

Tim Brennan, chief executive of Penfield Marine, pointed out: “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,” Brennan added.