Maersk Tankers acquires Penfield Marine

Maersk Tankers has acquired Southport, Conn., headquartered Penfield Marine. Founded in 2012 by Tim Brennan and Eric Haughn, Penfield describes itself as “a boutique commercial management company operating tankers around the world in Penfield’s Panamax/LR1 pool, Aframax/LR2 pool, and Suezmax pool.”

The combined company will manage around 240 vessels, including approximately 45 vessels owned by affiliated companies.

“Penfield Marine has over the years built a solid position and presence in the industry and is a perfect match to Maersk Tankers,” said Maersk Tankers CEO, Tina Revsbech. “Our combined commercial and operational expertise will allow us to grow our presence as a commercial manager and extend our service offerings within performance optimization and decarbonization to a broader segment of customers and pool partners. We look forward to welcoming Penfield’s customers, partners and our new colleagues to Maersk Tankers.”

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.

“Eric and I have found the best possible home for Penfield,” said Penfield Marine CEO Tim Brennan. “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 decarbonization to our pool partners. Our complementary businesses will enable us to deliver diversified services and substantial value for our customers, pool partners and employees.”

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

The transaction closed on January 2, 2024. The price and terms of the transaction are not being disclosed.

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