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Maersk Tankers sells its Handygas segment to Navigator Gas

Wednesday, Nov 21, 2012

Maersk Tankers exits its Handygas segment by selling all 11 vessels to Navigator Gas. The divestment allows Maersk Tankers to focus on fewer segments and releases capital for future investments.

Hanne B. Sørensen, CEO Maersk Tankers: "Navigator Gas presented us with a great business proposition that supports our aim to simplify and release capital for future investments. Navigator Gas is an experienced and well-renowned player and I am confident that they will deliver the same first-rate service to our customers as we have."

David J Butters, Chairman, President and CEO of Navigator: "We are pleased to be able to acquire Maersk Tankers modern fleet of handy sized vessels and based on our shared views of maintaining the highest operating standards, we are certain that we can continue to deliver excellent service to all stakeholders within our industry.

The sale affects around 300 seafarers on the Handygas vessels. It is expected that all seafarers will be transferred to other vessels in the Maersk Tankers fleet or be offered employment by Navigator Gas. Maersk Tankers is working closely with Navigator Gas to ensure a smooth transition of the vessels andto support the employees in the period of change.

Maersk Tankers will fulfill all existing contractual commitments and the vessels will be delivered individually to Navigator Gas during the period 31 January through the fourth quarter of 2013.

Maersk Tankers employ around 3,800 seafarers and 400 people ashore, of which 150 are based in Copenhagen. The company operates in the crude, product and gas segments and manages a fleet of more than 200 vessels.

The Navigator Gas fleet will be comprised of 23 modern 20,500-22,500 semi-refrigerated and fully refrigerated gas carriers after completion of the transaction and, in addition, have four semi refrigerated, ethylene-capable vessels under construction.

Source: Maersk

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