Turkish long steel producer Izmir Demir Çelik Sanayi A.Ş. (Izdemir) has announced the purchase of a Handymax bulkcarrier at a cost of $22.5 million.
In a letter filed to Istanbul Stock Exchange (IMKB), the company said that its board of directors decided on April 15 to buy the Handymax "M/V Nordflex" of 52,344 dwt for a price of $22.5 million, regarding which it has signed a trade agreement with Denmark-based shipping company Dampskisselskabet Norden A/S.
In the letter, Izdemir said it would pay cash 20 percent of the cost within two business days, and pay the remainder on the delivery date May through June. Izdemir will cover the fund in question from its equities.
On the other hand, Izdemir, which halted production for one week on April 2 due to the market conditions, has restarted production on schedule. The company said currently it has received orders that suffice up to May.
Izdemir recently announced a net profit of TRY 131.5 million ($84 million) for 2008.