The Danish transport and logistics conglomerate A.P. Moller-Maersk announced on Wednesday that it has sold its oil tanker division to the owner of the controlling stake in A.P. Moller Holding for $1.71 billion.
Last year, the Danish conglomerate launched a restructuring program aimed at focusing on logistics and transport services. In line with this program, in August, they sold their oil and gas business to the French Total for $7.45 billion.
The proceeds from the sale of the tanker fleet will be used to reduce debt. According to today’s announcement, the transaction is expected to be completed by October and should not affect A.P. Moller-Maersk’s financial guidance for this year.
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A.P. Moller Holding is a fund established by the founder of A.P. Moller Maersk and manages assets worth approximately $20 billion. The fund will take ownership of the tanker fleet through its subsidiary APMH Invest A/S.
Maersk has stated that the new owner will form an ownership consortium for the tanker fleet together with Mitsui & Co. and other potential partners, retaining the status of majority shareholder.
