Swift Tankers changes hands

Global - Shipper AP Moller - Maersk will be the sole owner of Swift Tankers after it buys Teekay Corporation's 50% stake in the company. 

Under the agreement, AP Moller - Maersk will take over Teekay's portfolio of 13 intermediate vessels, thereby taking over Teekay's activities in the intermediates market. It will also become the sole owner of Swift Tankers.

Bruce Chan, president of Teekay Tanker services said, "We have decided to move our focus away from the intermediate segment to fully concentrate on Teekay's core activities within the larger products and crude tanker markets."

Group senior vice president of AP Moller-Maersk Kristian V. Morch said there would be no change in Swift Tanker's day-to-day operations.

Swift Tankers operates 24 intermediate (10-20,000 deadweight tonnage) product and chemical tankers, from its primary location in Copenhagen. It also has a subsidiary office in Stavanger, Norway.

When approved. the transaction will be effective 1 July 2008.