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Maersk Tankers sells ships in lease deal

Maersk Product Tankers has just entered a sale-and-leaseback agreement for four ships with a Chinese bank.

Photo: Maersk Tankers

Maersk Product Tankers is now selling four ships and leasing them back immediately.

The company entered a sale-and-leaseback agreement with the Commercial Bank of China – ICBC.

The four ships were built in 2015 and 2016 and will be chartered back to Maersk Product Tankers on ten-year bareboat contracts. The company will retain options for the vessels and will still undertake the commercial and technical management for the vessels.

"The agreement will increase financial flexibility and strengthen the financial position of Maersk Product Tankers,” says Maersk Product Tankers Chief Financial Officer Morten Mosegaard.

"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," the CFO elaborates in a statement.

The company has not disclosed the price of the agreement.

Other players in the product tanker segment, like Scorpio Tankers and Navig8, have previously utilized the same type of financing.

Maersk Product Tankers own more than 80 vessels in the product tanker industry. The company is owned by A.P. Møller Holding and Japanese Mitsui.

English Edit: Daniel Frank Christensen

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