Maersk Tankers in sale and leaseback
Maersk Product Tankers has entered a sale and leaseback agreement for four MR vessels built in 2015 and 2016 with the Industrial and Commercial Bank of China. Maersk will bareboat charter-in the vessels for a period of ten years and has continuous purchase options on the vessels.
“The agreement will increase financial flexibility and strengthen the financial position of Maersk Product Tankers”, says Morten Mosegaard, Chief Financial Officer at Maersk Product Tankers.
“The sale and leaseback agreement releases significant capital, which gives us additional optionality to act if the right opportunity materialises. This will create further value for our customers, partners and owners”, says Mosegaard.
Maersk Tankers continues to undertake commercial and technical management of the vessels.
The first vessel has been delivered to ICBC with the remaining ones to be delivered in the second quarter of 2019.
Maersk Product Tankers is a leading player in the product tanker industry, owning more than 80 vessels, which are carrying refined oil products worldwide for customers. The company is owned by A.P. Møller Holding A/S and Mitsui & Co. Ltd., and has its headquarters in Copenhagen, Denmark.
Source: Maersk Tankers