Led by Vasileios Papakalodoukas, the Turkish shipping giant Ciner Group is expanding its order book and has placed an order for six bulk carriers with a Chinese shipyard, pushing its fleet investment past the $1 billion mark.
According to industry reports, Ciner Shipping, a shipping company under the Ciner Group, has signed a contract with New Dayang Shipbuilding for the construction of six Ultramax bulk carriers. The cost per vessel is around $34 million, bringing the total value of the order to approximately $204 million (equivalent to approximately 1.4 billion RMB). Delivery is expected to take place in batches between the fourth quarter of 2028 and the first quarter of 2029.
Ciner is a long-standing client of New Dayang Shipbuilding; the two parties have previously signed contracts for multiple Ultramax bulk carriers. According to Shanghai Imarine tech’s order book, including the six vessels recently announced, Ciner has ordered at least 14 Ultramax bulk carriers from New Dayang Shipbuilding.
The latest orders indicate that Ciner is maintaining its growth momentum,continuing to expand its fleet through newbuilding projects for Ultramax bulk carriers, which offer both broad market applicability and strong operational flexibility across multiple routes. According to market reports, Ciner has secured orders for as many as 40 new vessels in less than four years.
Ciner’s new shipbuilding projects extend beyond bulk carriers to include the container ship market as well. According to the 2025 report of Imarine, the company has signed a letter of intent with New Dayang Shipbuilding for 4+2 3,100 TEU container ships. While it remains unclear whether this order has been finalized, the move demonstrates the company’s commitment to diversifying its fleet.
It is worth noting that Ciner owned four 9,030-TEU ultra-Panamax container ships between 2015 and 2016 and has experience in container shipping. These vessels were initially chartered to Hanjin Shipping, but following the shipping company’s bankruptcy, they were sold as a block in 2021, marking Ciner’s exit from the container shipping business.
Ciner is currently strengthening a long-term fleet strategy based on ongoing newbuilding activities, a flexible fleet of bulk carriers, and the gradual development of a modern fleet capable of generating returns despite fluctuations in the shipping cycle.
Furthermore, Ciner is undergoing a comprehensive transformation and relocated its operational headquarters to Athens in 2025, a move that reflects a complete restructuring of its management and international operations, with Vasileios Papakalodoukas continuing to play a central role in the company’s shipping structure.