Dubai-headquartered Turkish shipowner Densay Shipping is accelerating its push into the tanker sector, with a series of strategic moves including newbuilding orders at China’s Wuhu Shipyard, a bareboat charter deal for a Japanese-built vessel, and the sale of older tonnage—all part of a broader fleet renewal and diversification plan aimed at moving beyond its dry bulk origins.
A prominent player in the bulk carrier sector, Densay—led by Tayfun Gunerhan—operates a fleet of around 40 bulk carriers spanning ultramax, supramax, handysize, and capesize types.
The company first entered the MR tanker market seven years ago, initially acquiring two secondhand vessels to establish a foothold. Its tanker expansion gained momentum at the end of 2024, when it placed an order for four 50,000 dwt MR newbuilds at Wuhu Shipyard. These initial vessels, powered by conventional fuel and equipped with scrubbers, are scheduled for delivery in 2026.
Most recently, Densay has activated optional units from that 2024 order, adding two more 50,000 dwt MR newbuilds at Wuhu Shipyard. Shipbroking sources confirm the newly ordered vessels will be delivered in 2027, bringing Densay’s total order book at the Chinese yard to six. Designed to carry both oil and chemical cargoes, the Wuhu newbuilds mark Densay’s first direct foray into tanker newconstruction—a key component of its strategy to modernize its fleet and diversify beyond dry bulk. Notably, no price details for the Wuhu-built vessels have been confirmed.
Complementing its Chinese newbuilding orders, Densay has also secured a bareboat charter for an MR tanker currently under construction at Japan’s Imabari Shipbuilding. This vessel is set for delivery in mid-2026.
The expansion comes against a market backdrop where major oil companies and refineries are tightening requirements for the age of vessels they contract— a trend that has reinforced Densay’s fleet renewal plans. To advance this strategy, the company has initiated the sale of older tankers. It recently sold one of its two active MR tankers, the 2010-built T Matterhorn. While one source notes the 48,000 dwt vessel fetched just over $20 million (Densay had acquired it in 2018 for approximately $17 million), another confirms a preliminary agreement for the sale has been reached.
Looking ahead, Densay has no plans to slow its tanker growth. Tayfun Gunerhan told TradeWinds, “Looking ahead, we plan to continue placing orders for tankers across different vessel sectors.” This aligns with the strategy he outlined when first disclosing the initial four MR newbuilds in 2024, where he emphasized the goal of building a “modern and large-scale fleet of clean refined oil tankers”—a fleet that could eventually include larger LR2 vessels.