30 May 2007 - 09:42
  • News Code: 105917

Swedish tanker company Broström AB, Gothenburg, has acquired Petroships Group, saying it aims to build up its market share in southeast Asia.

Incorporated in Singapore in 1975, Petroships operates a fleet of nine 5,000-16,500 dwt tankers in the region and has 270 employees, including 220 onboard crewmembers and officers. Last year, the firm had net sales of some $45 million.


The extra ships will position Broström to take advantage of the new pipeline and refinery planned for northern Malaysia, which will enable ships to bypass the Malacca Strait.


Boström said Alan Chan, Petroships present majority shareholder will retain a minority stake in some of the Petroships"s companies, and will continue to be represented on the Petroships board.


Broström has had an Asian presence since 1998 from its office in Singapore, gradually building a products tanker operation based on vessels in the 40,000-50,000 dwt range. It currently operates a fleet of 11 such vessels, with a further three newbuilds to be delivered within the next year.


It also recently announced other acquisitions. On May 9, Broström and partner Erik Thun agreed to acquire the 7,100 dwt chemical and oil products tankers Marisp and Mareld from Rederi AB Vaderotank, with each partner owning a 50% stake in the two ships.


On Feb. 21, Broström entered into a long-term commercial management agreement with Reederei Claus-Peter Offen whereby the German shipowner will place eight of its 37,000 dwt newbuilds in Brostrom"s fleet. The vessels will be delivered from the Hyundai Mipo yard in South Korea during second half 2008, doubling Brostrom"s 37,000 dwt European fleet to a total of 16 vessels.



News Code 105917

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