Brostrom extends fleet with Turkish link-up
(24 January 2005 / Lloyd's)

Dunya deal sees product tanker operator targets axpansion of business in Asia, writes Tony Gray

Leading Swedish product tanker and chemical operator Brostrom has entered into a pact with Dunya Shipping of Turkey which will add up to 10 vessels to its commercial fleet.
The long-term co-operation agreement cements a relationship that initially involved Brostrom commercially managing a single vessel for its Turkish partner.
Istanbul company Dunya Shipping operates a fleet of only three 47,000 dwt oil product tankers built between 2000 and 2001 -Golkoy, Gonen and Ganmur.
But Dunya also has eight similar-sized product tankers on order at the STX and Hyundai Mipo shipyards in South Korea.
The first three vessels are due to be delivered in 2006, with a further four scheduled to be handed over the following year.
The final vessel will follow the year after that.
The Gonen has been part of Brostrom's commercial fleet since 2003 and the Ganmur will enter service after completion of an existing charter in September, 2006.
The newbuildings will follow when they are delivered, starting in the second half of next year.
All 10 vessels will be operated in Brostrom's global fleet by associated company Iver Ships, which has offices in Sandefjord and Singapore.
In particular, Brostrom is targeting the expansion of business in Asia with the Dunya tonnage.
Brostrom chief executive Lennart Simonsson said the company was pleased to see its "partnership concept develop through the addition of another top quality shipowner's vessels to our fleet."
He added: "Furthermore, with the additional vessels we will be able to meet the increasing demand for transport services in Asia, further strengthening our market position in this particular segment."
Dunya Shipping's owner Suay Umut added: "With the company's long-term commitment to the product tanker trade we have realized the advantages of joining forces with Brostrom and thereby becoming part of a commercial fleet with a size large enough to offer the oil and chemical industry competitive logistics."
Mr Umut founded Dunya Shipping in 1985.
The company started life as an owner of product tankers and has since owned and managed 20 vessels of different types and sizes.
Dunya recently made some handsome profits in the sale and purchase market.
Last year, for example, the company was reported to have garnered a profit of $45m from the resale of three aframax tanker newbuilding contracts.
Brostrom's total porduct tanker fleet today comprises 63 vessels.
In November, Brostrom disclosed plans to buy out the part owners of some of its vessels by issuing shares worth more than SKr600m ($78m). It said it also intended further acquisitions with the aim of consolidating in its market segments.