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Release Date:
Release ID: 811

A.P. Moller - Maersk and Teekay Shipping establish Swift Tankers

A.P. Møller - Mærsk A/S (A.P. Moller - Maersk) (CSE: MAERSK A and MAERSK B) and Teekay Shipping Corporation (Teekay) (NYSE: TK), today announced an agreement to form Swift Tankers, a Pool of Intermediate Product Tankers.

Press Release

The management company, named Swift Tankers Ltd (Swift Tankers), will provide safe and flexible solutions to customers by offering a large, homogenous fleet of double hull, ice class Product Tankers of 10,000 to 20,000 dwt.



Swift Tankers will undertake all daily commercial and operational tasks, including fixing vessels, voyage execution, post-fixture operations, and demurrage and claims procedures.



“With an initial combined fleet of more than 20 vessels, Swift Tankers will meet the immediate needs of our customers for quality tonnage that carry a broad range of cargoes from petroleum products to chemicals, and with the planned growth by both partners, we will be able to offer a uniquely flexible transportation solution” said Kristian Morch, Group Senior Vice President, A.P. Moller - Maersk.



“Swift Tankers will offer a high degree of versatility through an interchangeable and reliable fleet, matching preferred dates and positions for spot business and tailor-made volume contracts.”



Paul Wogan, President of Teekay Tanker Services, said “We are excited to be able to further grow our position in the intermediate segment with a company of the standing of A.P. Moller - Maersk, who shares our commitment to quality, commercial business values and strong customer focus.”



“The joint venture will be dedicated to strengthening service to both long standing and new customers while exploring global trading opportunities."



Swift Tankers will be managed and staffed jointly by employees from A.P. Moller - Maersk and Teekay. The Pool will be headquartered in Copenhagen, Denmark at Maersk Tankers’ existing premises supplemented by a regional office at the Teekay offices in Stavanger, Norway. It is expected that Swift Tankers will be fully operational in January 2007. The Managing Director of the Pool will be Mr. Kristian Lohmann.



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