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Maersk Product Tankers completes sale and leaseback agreement with ICBC

Logistic News - Published on Mon, 20 May 2019

Image Source: Safety4Sea
Maersk Product Tankers, a leading player in the product tanker industry, owning more than 80 vessels, which are carrying refined oil products worldwide for customers, has entered a sale and leaseback agreement for four MR vessels built in 2015 and 2016 with the Industrial and Commercial Bank of China. Mr Morten Mosegaard, Chief Financial Officer at Maersk Product Tankers, said that “The agreement will increase financial flexibility and strengthen the financial position of 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.”

However, Maersk Product Tankers will bareboat charter-in the vessels for a period of ten years and has continuous purchase options on the vessels. Maersk Tankers continues to undertake commercial and technical management of the vessels.

Meanwhile, the first vessel has been delivered to ICBC with the remaining ones to be delivered in the second quarter of 2019.

About Maersk Product Tankers

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 :

Posted By : Rabi Wangkhem on Mon, 20 May 2019
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