Greek shipowner and operator Stem Shipping Co SA has replaced the ultramax bulk carrier it lost in a Houthi attack in the Red Sea by acquiring a similar ship to maintain its fleet strength and global trading capability. The Bodouroglou family-controlled Athens-based shipowner and operator Stem Shipping Co SA has purchased the 2013-built ultramax bulk carrier 63K DWT MV Konya from Turkish shipowner and operator Ciner Shipping Industry & Trading for approximately $18.5 million, capitalizing on strengthening freight market conditions. This acquisition enables Stem Shipping Co SA to swiftly restore tonnage capacity after the loss of its ultramax bulk carrier three months earlier, reinforcing its resilience and fleet management strategy. Stem Shipping Co SA operates a diversified fleet of 10 modern ships, including 2 kamsarmax bulk carriers, 2 ultramax bulk carriers, 3 supramax bulk carriers, 2 eco feeder container ships, and 1 eco suezmax tanker. As of April 2025, the fleet has an average age of 11 years, with more than 70% consisting of eco-design ships that meet the latest efficiency and environmental standards. Established in 2016, Stem Shipping Co SA has grown into a global provider of maritime transportation services, facilitating the shipment of an estimated 2-3 million tons of dry cargo annually on short, medium, and long-haul routes. Headquartered in Athens, Greece, the privately-owned Stem Shipping Co SA continues to strengthen its international presence through a focus on operating modern and fuel-efficient ships to support global trade The seller, Turkish shipowner and operator Ciner Shipping Industry & Trading, is a prominent player in the international shipping industry and a critical part of the Istanbul-headquartered Ciner Group, one of Turkey’s largest and most diversified conglomerates with operations spanning energy, mining, glass production, chemicals, and media. Ciner Shipping Industry & Trading is widely recognized for its strong fleet presence in the dry bulk sector, particularly in supramax, ultramax, panamax, and kamsarmax segments, as well as in the tanker market. The company manages and operates modern ships engaged in transporting coal, iron ore, grain, and other dry commodities across global trade routes. Over the years, Ciner Shipping Industry & Trading has pursued an active fleet renewal strategy, balancing divestments of older ships, such as the MV Konya, with acquisitions of newbuild eco-design tonnage, ensuring compliance with International Maritime Organization environmental regulations and strengthening its competitiveness in global markets. Ciner Shipping Industry & Trading has established long-standing relationships with major charterers worldwide, and its fleet frequently trades on routes linking the Atlantic and Pacific basins, serving both emerging markets and established economies. The company’s emphasis on high-quality ship management standards and operational efficiency has cemented its reputation among international charterers. In addition, as part of the larger Ciner Group, Ciner Shipping Industry & Trading benefits from synergies with the group’s mining and commodities divisions, especially in soda ash and glass raw materials, which are shipped globally. Ciner Group is one of the world’s largest producers of soda ash, and Ciner Shipping Industry & Trading provides logistical support for the export of these commodities from Turkey to international markets. The sale of the MV Konya to Stem Shipping Co SA is in line with Ciner Shipping Industry & Trading’s strategy of optimizing its fleet profile, monetizing mid-age assets, and reinvesting into newbuild programs at leading Chinese and South Korean shipyards. Ciner Shipping Industry & Trading continues to expand its global shipping footprint while supporting Turkey’s role as a major maritime nation. This transaction reflects both the strong demand from Greek shipowners for secondhand tonnage and Ciner Shipping Industry & Trading’s commitment to maintaining a balanced, modern, and competitive fleet that supports its position as a leading Turkish-owned shipowner and operator with international reach. 8-September-2025
Istanbul-based Ciner Shipping Industry & Trading, a prominent player in the maritime sector, is transitioning its operational base to Athens. This strategic move was communicated to its Turkish staff today, who were informed that their employment contracts would be concluded with full legal compensation. The company, steered by Turgay Ciner, boasts a diverse fleet that includes 20 bulk carriers and four suezmax tankers, reflecting its robust presence in global shipping. Ciner Shipping Industry & Trading is part of the larger Ciner Group, a Turkish family-owned conglomerate with a broad portfolio that spans energy and mining, natural soda ash, glass, chemicals, and shipping sectors. This transition comes as part of Ciner Group’s strategic realignment, which also saw the divestment of its media holdings recently, signaling a focus on its core industrial and shipping businesses. The move to Athens is expected to position Ciner Shipping Industry & Trading more centrally within the European maritime logistics network, enhancing its operational efficiencies and service reach. This relocation is seen as a response to the dynamic market conditions and aims to leverage Athens’ geographic and economic stature in the maritime industry. As Ciner Shipping continues to expand and adapt, the shift to Athens marks a significant milestone in its ongoing evolution, setting the stage for future growth and development in the competitive shipping industry. 24-February-2025
Istanbul-based Ciner Shipping Industry & Trading has significantly expanded its presence in the bulk carrier market with a new $900 million investment in additional newbuildings at New Dayang Shipyard. Under the leadership of Vasileios Papakalodoukas, Ciner Shipping Industry & Trading has solidified its position as Turkey’s premier bulk carrier shipowner. This expansion includes securing further bulk carrier newbuildings, with additional agreements anticipated to be finalized soon. These investments are supported by over $1 billion in financing from Chinese financial institutions, elevating Ciner Shipping Industry & Trading’s bulker fleet to 50 vessels and increasing its total fleet value to over $1.6 billion. Specifically, Ciner Shipping Industry & Trading has contracted for four kamsarmax bulk carriers from Hengli Shipbuilding in Dalian, with deliveries scheduled to commence in March 2027. These vessels, each with a deadweight of 82K and equipped with scrubbers, are estimated to cost around $38 million per unit according to shipbrokers. With this latest order, Ciner Shipping Industry & Trading not only enhances its existing fleet of 24 ships but also adds to its substantial list of 26 bulk carrier newbuilding projects underway in China. This expansion establishes Ciner Shipping Industry & Trading as the largest dry bulk carrier shipowner in Turkey, sharing the top spot with Yasa Shipping. 23-April-2024
The industrious New Dayang Shipyard, an essential part of Sumec Group’s maritime construction activities, has recently secured further commissions for its ultramax bulk carrier projects. Among its new contracts, Huaxia Financial Leasing from Beijing has committed to eight ultramax bulk carriers of the Crown 63 Plus design at New Dayang Shipbuilding, a crucial component of the Sumec Group, which is recognized as a heavyweight in the state-owned machinery manufacturing sector. This follows closely on the heels of a notable order from Ciner Shipping Industry & Trading, a prominent Istanbul-based shipping enterprise, which has augmented its fleet with an additional four ultramax bulk carriers at New Dayang Shipyard located in Jiangsu, China. While specific financial details of Huaxia Financial Leasing’s order remain under wraps, these newly acquired vessels are presently estimated at around $34 million each according to current market valuations. This flurry of activity in March 2024 highlights New Dayang Shipyard’s growing order book, including an agreement with China Construction Bank (CCB) Financial Leasing for two bulk carriers intended for operation by Bohai Shipping (Hebei), coupled with a preliminary agreement for two more vessels. Additionally, the Monaco-based Transocean Maritime Agencies (TMA) has entered the fray with a reservation for two 64K DWT Crown 63 Plus design ultramax bulk carriers, set for delivery in 2026. Ciner Shipping Industry & Trading, under the dynamic leadership of its executive team, has been assertive in the shipping industry, capitalizing on the efficient designs offered by New Dayang Shipyard. The company’s strategic investment in the ultramax segment through New Dayang Shipyard not only underscores its commitment to expanding and modernizing its fleet but also reflects a broader trend of shipping companies investing in larger, more efficient vessels to optimize operational costs and environmental performance. Ciner Shipping Industry & Trading’s engagement with New Dayang Shipyard for these additions is a testament to the shipyard’s capability and reputation in delivering high-quality, reliable maritime assets. With Sumec Group’s maritime branch, Sumec Ocean Transportation, overseeing the transition of Dayang Shipbuilding since its acquisition in 2018, the order backlog for Crown 63 Plus ultramax bulk carriers has impressively reached 65 ships. This expansive portfolio includes contracts with a diverse international clientele from Europe, the Middle East, Japan, Taiwan, and Hong Kong, indicating the global trust and reliance on Sumec Group’s shipbuilding excellence. Ciner Shipping Industry & Trading’s recent procurement is a part of this global narrative, demonstrating the shipping industry’s evolving dynamics and the strategic moves by companies to align with future market demands and sustainability goals. 5-April-2024
Istanbul-based shipowner and operator Ciner Shipping Industry & Trading has expanded its fleet with an order for four additional ultramax bulk carriers from New Dayang Shipyard in China. The financial details of this new order have not been disclosed by Ciner Shipping Industry & Trading. However, shipbrokers estimate place the cost of each ultramax bulk carrier at approximately $33 million. In the span of the last twelve years, Ciner Shipping Industry & Trading has placed orders for a total of 15 ultramax bulk carriers with New Dayang Shipyard, a facility owned by the Sumec Group, a state-operated machinery manufacturing firm. Since acquiring Dayang Shipbuilding in 2018, Sumec Group has amassed a production schedule with a backlog of 67 ships, extending production capabilities into the fourth quarter of 2027. Led by CEO Vasileios Papakalodoukos, Ciner Shipping Industry & Trading operates within the dry bulk and tanker sectors, with its current fleet comprising 24 vessels. 3-April-2024
Istanbul-based shipowner and operator Ciner Shipping Industry & Trading has elevated its Jiangmen order book to include 10 handysize bulk carriers, demonstrating the significant expansion of the shipowner. Currently, the Ciner Shipping Industry & Trading has a remarkable total of 17 bulk carriers under construction in China, amounting to a value exceeding half a billion dollars. In 2022, Turgay Ciner-led Turkish shipowner and operator Ciner Shipping Industry & Trading ordered four (4) 40K DWT open-hatch bulk carriers from Jiangmen Nanyang Ship Engineering. However, it seems that Ciner Shipping Industry & Trading has developed an even greater appetite for growth. Ciner Shipping Industry & Trading had now commissioned an additional six (6) bulk carriers of the same kind at the same shipyard, resulting in a substantial increase in their order book to a total of 10 bulk carriers. 28-June-2023
Istanbul-based shipowner and operator Ciner Shipping Industry & Trading received $136 million in financing from SPDB Financial Leasing for four (4) ultramax newbuilding bulk carriers at New Dayang Shipbuilding, as well as for another four (4) ships already operating. CEO Vasileios Papakalodoukos-led Ciner Shipping Industry & Trading notched up yet another ship financing deal in China, strengthening the company’s already remarkable history of leasing transactions there. Ciner Shipping Industry & Trading will take the delivery of four (4) ultramax newbuilding bulk carriers at New Dayang Shipbuilding in 2024. Ciner Shipping Industry & Trading was founded in 2009 by Turgay Ciner. Istanbul-based shipowner and operator Ciner Shipping Industry & Trading charters out the company’s fleet to first-class charterers such as Cargill, RWE, Pacific Basin, SwissMarine, Western Bulk, Rio Tinto, Vale, BHP Billiton, Bunge, Arcelor Mittal, Oldendorff, Vitol, KOCH Industries, Louis Dreyfus. Currently, the Ciner Shipping Industry & Trading fleet comprises 20 bulk carriers with a combined deadweight of approximately 1,400,000 tons and 4 suezmax tankers with a combined deadweight of 635,000 tons. 26-October-2022
Istanbul-based shipowner and operator Ciner Shipping Industry & Trading ordered four (4) handysize 40K DWT bulk carrier newbuildings at Jiangmen Nanyang Ship Engineering. CEO Vasileios Papakalodoukos-led Ciner Shipping Industry & Trading will be paying around $120 million total. Ciner Shipping Industry & Trading will take the delivery of four (4) handysize 40K DWT bulk carrier newbuildings between June 2024 and September 2024. Ciner Shipping Industry & Trading was founded in 2009 by Turgay Ciner. Turkish shipowner and operator Ciner Shipping Industry & Trading aim to renew the fleet. Ciner Shipping Industry & Trading’s agreement with Jiangmen Nanyang Ship Engineering does not include any optional bulk carrier newbuildings. 10-August-2022
Istanbul-based shipowner and operator Ciner Shipping Industry & Trading ordered four (4) ultramax newbuilding bulk carriers at New Dayang Shipbuilding with three (3) options. Ciner Shipping will take the delivery of four (4) ultramax newbuilding bulk carriers in Q2 2024. Ciner Shipping’s order indicates the confidence shipowners display in a shipping supercycle post-coronavirus recovery. Rising dry bulk freight rates have sparked an increase for bulk carriers in the secondhand market, making bulk carriers increase by more than half since the start of 2021. Currently, the price tag of a 2015 built ultramax bulk carrier surpasses $30 million which was the cost of a similar new building. Istanbul-based shipowner and operator Ciner Shipping Industry & Trading is familiar with New Dayang Shipbuilding. Previously, Ciner Shipping ordered and took delivery seven (7) ultramax bulk carriers. Ciner Shipping’s four (4) ultramax newbuilding bulk carriers will be built to the IMO’s Tier III NOx standards. Ciner Shipping Industry & Trading was founded in 2009 by Turgay Ciner. 8-September-2021
Istanbul-based shipowner and operator Ciner Shipping Industry & Trading made the first move in the S&P (Sale and Purchase) market for secondhand bulk carriers. Ciner Shipping acquired 2016 built capesize bulk carrier 180K DWT MV Stella Nora and 2016 built capesize bulk carrier 180K DWT MV Stella Naomi for $44 million each. Ciner Shipping acquired capesize bulk carriers from Cara Shipping. Ciner Shipping will take the delivery of MV Stella Nora and MV Stella Naomi in October 2021. MV Stella Nora and MV Stella Naomi were built at Shanghai Waigaoqiao Shipbuilding. MV Stella Nora and MV Stella Naomi have a BWTS (Ballast Water Treatment Systems) fitted. Ciner Shipping will charter out MV Stella Nora and MV Stella Naomi to Germany-based RWE Group. Previously, Ciner Shipping chartered out 2015 built capesize bulk carrier 180K DWT MV Vittoria and 2015 built capesize bulk carrier 180K DWT MV Mehmed Fatih to Germany-based RWE Group. CEO Vasileios Papakalodoukas-led Ciner Shipping wants to profit from a red-hot dry bulk freight market. 5-September-2021
Turkish Ciner Ship Management owned 2013 built ultramax bulk carrier MV Kenya was arrested in Gujarat, India. ING Bank continues to chase shipowners for payments owed to OW Bunker. High Court of Gujarat ordered the arrest of the Ciner Ship Management ship. Ciner Ship Management owned ultramax bulk carrier MV Kenya was fixed to Danish ship operator Copenship. Copenship declared bankruptcy in 2015 and left the bunker bill unpaid to OW Bunker. 24-August-2016