Maersk gets out of VLGC market

maersk VLGCMAY 29, 2013 — In a joint press release, Maersk Tankers and the BW Group announced today  that Maersk Tankers is exiting the VLGC (Very Large Gas Carrier) segment by selling its five owned VLGCs to the BW Group, which will take over the five existing time charter commitments.

The sale is subject to approval by competition authorities. The parties have agreed not to disclose the terms and conditions of the sale.

"This transaction supports our strategy to focus on fewer segments," said Hanne B. Sørensen, CEO Maersk Tankers. " I am confident that BW will deliver the same first-rate service to our customers as we have."

"Maersk Tankers has a fleet of high quality vessels and BW is pleased to be acquiring this fleet," said Andreas Sohmen-Pao, CEO BW Group. "With this purchase, we will be able to deliver even more flexible service to our customers, providing ready access to vessels in all regions at all times."

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