Handygas segment of Maersk Tankers sold to Navigator Gas

By Cruise

Maersk Tankers exits of the Handygas segment by selling all eleven ships to Navigator Gas. The divestment gives the chance Maersk Tankers to concentrate on fewer segments and releases capital
for future investments.
The CEO of Maersk Tankers, Hanne B. Sørensen said:
"Navigator Gas presented us with a great business claim which supports our target to simplify and release capital for future investments. Navigator Gas is an experienced and well-renowned competitor and I am very confident that they are going to deliver the same 1st-rate service to our clients as we have."
The President and CEO of Navigator, David J Butters, Chairman, stated:
"We are very glad to be able to acquire Maersk Tankers modern fleet of handy sized ships and based on our shared views of supporting the highest operating standards, we are sure that we can keep delivering perfect service to all stakeholders within our industry."
The sale influence around 300 seamen on the Handygas ships. It is expected that all seamen are going to be shifted to other ships in the Maersk Tankers fleet or be offered employment by Navigator Gas. Maersk Tankers is working closely with Navigator Gas to assure a smooth transition of the ships and to secure the employees in the period of change.
Maersk Tankers is going to fulfill all existing contractual commitments and the ships are going to be delivered individually to Navigator Gas during the period of 31th of January through the fourth quarter of 2013.
Maersk Tankers employ around 3,800 seamen and 400 people ashore, of which 150 people are based in Copenhagen. The company is operating in the crude, product and gas segments and manages a fleet of more than 200 ships.
The Navigator Gas fleet is going to be comprised of 23 modern 20,500-22,500 semi-refrigerated and fully refrigerated gas carrier vessels after completion of the transaction and, in addition, have 4 semi refrigerated, ethylene-capable ships under construction.