Maersk Tankers has agreed to sell 14 product tankers to China Development Bank Financial Leasing (CDB Leasing), TradeWinds has learnt.

The Danish tanker giant’s Singapore arm will receive a total of $422m for the ships, the Hong Kong-listed leasing company said in a regulatory filing.

CDB Leasing said a deposit of 10% will be paid within three banking days after the date of the vessel purchase agreement, and the remaining 90% paid once it takes delivery of the ships.

The identity of the vessels were not disclosed.

Under the terms of the deal, nine of the vessels will be bareboat chartered back to Maersk Product Tankers, the shipowner confirmed to TradeWinds.

All 14 vessels will remain under the commercial and technical management of Maersk Tankers.

“The sale is an important step in our strategy of continually adjusting Maersk Product Tankers’ fleet composition and size to generate attractive financial returns for our owners,” says Claus Gronborg, chief investment officer at Maersk Tankers.

“We are pleased that CDBL has entrusted Maersk Tankers to undertake the management of the vessels and we will harness our digital, commercial and technical expertise to deliver attractive financial returns to CDBL."

Business development strategy

CDB Leasing said the transaction will increase its market share in the product tanker market and is consistent with its business development strategy.

Bulkers account for more than 75% of CDB Leasing’s 90-strong fleet, with containerships making up a further 14%. It also has three LNG carriers, two dredgers and a cruiseship in its fleet.

Its most recent deals have all involved bulkers including a protracted sale-and-purchase deal involving Japan’s Nisshin Shipping for three kamsarmax units.

Last month Oldendorff Carriers agreed a sale and bareboat charter back deal with CDB Leasing for six Chinese and Japanese built ultramax bulkers.

The Hong Kong-listed leasing company agreed to pay $137.1m for the six 60,000-dwt bulkers, it confirmed in a regulatory filing.

Last week Maersk Tankers entered a commercial agreement that will see it take over the running of four product tankers owned by Ocean Tankers-linked Xihe Holdings.

Maersk Tankers currently operates around 220 vessels, one of the largest fleets in the product tanker industry.