Denmark-based A.P. Møller-Mærsk (Maersk) has entered a deal to sell its tanker business unit Maersk Tankers to A.P. Moller Holding subsidiary APMH Invest for $1.1bn in cash.

Under the agreement, A.P. Moller Holding will take over the entire organisation, portfolio, and obligations of Maersk Tankers. The company will also assume all outstanding capital commitments of the fleet renewal programme.

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Scheduled to be completed next month, the deal represents the second transaction under Maersk Tankers’ strategy to separate its oil and oil-related activities.

Maersk CEO Søren Skou said: “As former CEO of Maersk Tankers for more than ten years, I recognise the importance of having an owner with a long-term market view in this industry, and this is why I am pleased that Maersk Tankers can continue to build on its strong name and position under A.P.Moller Holding.

"A.P. Moller Holding will take over the entire organisation, portfolio, and obligations of Maersk Tankers."

“Having determined the future ownership of Maersk Tankers, we have taken yet an important step in our strategy to free up resources and focus future growth in Maersk on container shipping, ports, and logistics.”

Maersk Tankers has been a part of Maersk since 1928 and is currently engaged in the transportation of refined oil products worldwide.

With a workforce of 3,100 employees, the company operates a fleet of 161 product tanker vessels.

Image: Maersk Tangier vessel at sea. Photo: courtesy of A.P. MOLLER – MAERSK.