Team Tankers to acquire Laurin Shipping and Anglo-Atlantic

FEBRUARY 28, 2017 — Marking a step towards consolidation in the chemical tanker market, Oslo-listed Team Tankers International Ltd reports that it has entered into share purchase agreements to acquire all outstanding shares in each of Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd.

In combination with associated ship purchases, the total estimated enterprise value of the series of transactions is approximately $206 million. Upon completion of the transactions, Team Tankers will grow its fleet from 37 to 52 vessels.

With the acquisition of Laurin Shipping, trading under the Laurin Maritime brand, Team Tankers adds a leading medium range tanker (“MR”) operator with commercial and technical expertise to its chemical tanker platform. The acquisition of Anglo-Atlantic secures what Team Tankers calls “a critical mass of sophisticated MRs and a broad portfolio of contracts of affreightment which, combined with Team Tanker’s deep-sea chemical transportation expertise, will create a leading player in the long-haul transportation of chemical and clean petroleum product cargoes.”

Team Tankers’ Chief Executive Officer, Hans Feringa, commented: “We have communicated to the market the need for consolidation in the chemical tanker industry. As a first step towards further consolidation, we are pleased to announce this combination with Laurin Shipping and Anglo-Atlantic. Team Tankers will benefit greatly from Laurin Shipping’s deep relationships, years of experience and Anglo-Atlantic’s contracted cargo coverage. We believe that the current level of asset prices in the shipping cycle provides a favorable point of entry for this investment “

MORE