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Continuous investment

Continuous investment
Palmali Group of Companies, the flagship of Turkish Shipping Industry affiliated its fleet a tanker named ?Azerbaijan?.

Palmali Group of Companies carry on investing with success despite the economic crisis.

Palmali Group of Companies carry on investing with success despite the economic crisis.

Palmali Group of Companies, the flagship of Turkish Shipping Industry affiliated its fleet a tanker named ?Azerbaijan?. The 105.000 DWT oil tanker Azarbaijan, which was built in Japan in 2003 is 42 meters wide and 237 meters long. Palmali navigation formerly affiliated the Aframax type tanker ?Bakü? on 19th November.

The second Aframax type tanker was affiliated to Palmali"s fleet on 1st December 2008. The large tonnage tanker was obtained at Singapore Port and was given the name ?Azerbaijan?.

Although the banks have been reluctant to grant loan to the shipping companies, the big banks find the projects of Palmali appealing.

Recently, HSH Nordbank and DVB Bank have granted a $183mn loan to Palmali Group of Companies. The credit, given to Palmali Group of Companies at a time of the economic crisis, draws the attention as a confidence indicator towards Palmali Group of Companies, which is one of world"s biggest vessel transportation companies.

On the other hand, Palmali Navigation has placed an order for 25 new ships which are to be delivered in 3 years. According to the agreement signed last year, 5 vessels that are from Novaya Armada serial are expected to be available this year and the other 5 vessels from this serial are expected to be available in 2009. The fleet of Palmali Group of Companies consists of 200 vessels.

www.TurkishMaritime.com.tr

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