Mehmet Turgut Yılmaz-led Istanbul-based shipowner and operator GSD Denizcilik (GSD Marin) has placed another order in Japan for a modern ultramax bulk carrier, signing a contract with Nihon Shipyard for a 64K DWT ultramax bulk carrier newbuilding scheduled for delivery in 2029. The Istanbul Stock Exchange-listed GSD Holding’s shipping subsidiary GSD Denizcilik (GSD Marin) already has a similar ultramax bulk carrier newbuild on order at Nihon Shipyard, which is a joint venture between Imabari Shipbuilding and Japan Marine United, with delivery set for 2028. The most recent ultramax bulk carrier newbuild purchase was agreed at the end of August 2025 through GSD Denizcilik’s (GSD Marin’s) Malta-based arm Cano Maritime, in partnership with Japanese trading house Itochu Corporation, which acted as guarantor on behalf of Laurel World Maritime S.A., Istanbul-based shipowner and operator GSD Denizcilik (GSD Marin) stated in a filing without disclosing the contract value. GSD Denizcilik (GSD Marin) is responsible for managing and operating the shipping fleet of the group, which currently comprises nine bulk carriers across the handy and ultramax bulk carrier segments. GSD Denizcilik (GSD Marin) has built a reputation in the Turkish and international shipping industry as a professional and strategically focused shipowner and operator. It plays a key role within GSD Holding, serving as the group’s dedicated shipping arm and pursuing growth opportunities in line with global trade and shipping cycles. The company has emphasized a strategy of diversification and modernization, positioning itself to maintain a competitive fleet profile in both the handy and ultramax bulk carrier sectors. GSD Denizcilik (GSD Marin) manages chartering activities, technical management, and operational oversight in-house, ensuring cost efficiency and strong commercial performance. Its fleet is chartered out on both short- and long-term contracts, allowing the group to balance exposure to market volatility while maintaining steady revenue streams. Over the years, GSD Denizcilik (GSD Marin) has steadily expanded its international footprint through partnerships with established global players, such as Japanese shipyards and trading groups, reinforcing its reputation as a disciplined and reliable counterparty. GSD Shipping B.V., a Netherlands-based entity that is 100% owned by GSD Holding, supports this strategy by focusing on ship investment opportunities aligned with macroeconomic expectations. By analyzing both short- and long-term market trends, GSD Shipping B.V. identifies and executes investments in new tonnage. The ships owned by GSD Shipping B.V. are directly managed, marketed, and operated through GSD Denizcilik (GSD Marin), reflecting the central role of GSD Denizcilik (GSD Marin) as the operational backbone of the group’s shipping activities. With its strong financial support from GSD Holding, disciplined investment approach, and growing global partnerships, GSD Denizcilik (GSD Marin) is positioning itself as a key Turkish shipowner with ambitions to expand further in both bulk carrier and tanker markets in the years ahead. 9-September-2025
Mehmet Turgut Yılmaz-led Istanbul-based shipowner and operator GSD Denizcilik (GSD Marin) is preparing to branch out into the tanker market as part of its long-term growth strategy. Istanbul-based shipowner and operator GSD Denizcilik (GSD Marin), a subsidiary of the diversified Turkish conglomerate GSD Group, is positioning itself to benefit from what it believes will be a continued global economic recovery that could create favorable conditions for the shipping industry. CEO Akgun Turer-led GSD Denizcilik (GSD Marin) is considering allocating capital for the acquisition of new tankers to strengthen and diversify its fleet profile. Currently, GSD Denizcilik (GSD Marin) operates 5 bulk carriers, all of which are chartered out at an average rate of around \$11,000 per ship. The management of GSD Denizcilik (GSD Marin) is confident that combining bulk carriers with tankers in its portfolio will help balance operational profitability, mitigate exposure to individual market cycles, and ensure more resilient earnings. GSD Denizcilik (GSD Marin) plays an important role within the GSD Group’s shipping division and has steadily built a reputation in the Turkish and international shipping markets for its disciplined approach to investment, prudent risk management, and efficient fleet operations. GSD Denizcilik (GSD Marin) focuses on optimizing fleet performance through professional management, transparent chartering practices, and a forward-looking strategy that considers both short-term market dynamics and long-term macroeconomic trends. The parent GSD Group is a diversified holding with interests spanning finance, shipping, and other sectors. In 2015, GSD Group sold 76% of Turkish lender Tekstilbank to Chinese banking giant ICBC (Industrial Commercial Bank of China) for approximately $250 million, a landmark transaction that highlighted GSD Group’s ability to capitalize on strategic opportunities. The shipping arm, GSD Denizcilik (GSD Marin), continues to represent a vital component of GSD Group’s global footprint and is now signaling its intent to enter the tanker market, which would complement its existing bulk carrier operations and further cement its standing as a diversified shipowner and operator with ambitions to expand on an international scale. 20-February-2018
Yangzhou Dayang Shipbuilding, one of the subsidiaries of Sinopacific Shipbuilding, has entered into a one-plus-one contract with Mehmet Turgut Yılmaz-led Istanbul-based shipowner and operator GSD Denizcilik (GSD Marin) for the construction of a 63K DWT ultramax bulk carrier. The vessel, based on the Crown 63 design of Sinopacific, is scheduled for delivery in May 2014, while the optional second bulk carrier, if the option is exercised, will be delivered in September 2014. GSD Denizcilik (GSD Marin) is one of the core subsidiaries of the Istanbul Stock Exchange-listed GSD Holding and serves as the dedicated shipping arm of the group. Headquartered in Istanbul, GSD Denizcilik (GSD Marin) has been strategically expanding its presence in the global shipping industry with a fleet that focuses on dry bulk segments, including handy bulk carriers, supramax bulk carriers, and ultramax bulk carriers. The company is led by Mehmet Turgut Yılmaz and managed by CEO Akgun Turer, who have both emphasized disciplined fleet investment, operational efficiency, and a forward-looking growth strategy. GSD Denizcilik (GSD Marin) manages all aspects of the group’s shipping operations, including commercial management, technical management, chartering, and marketing, thereby ensuring centralized control and operational consistency. Over the years, GSD Denizcilik (GSD Marin) has positioned itself as a key Turkish shipowner and operator with ambitions to compete on an international scale. The company has consistently pursued fleet renewal and expansion by partnering with renowned global shipyards, such as Nihon Shipyard in Japan and Yangzhou Dayang Shipbuilding in China. These strategic partnerships not only give GSD Denizcilik (GSD Marin) access to technologically advanced and fuel-efficient ship designs but also highlight its reputation as a trusted counterparty for top-tier shipbuilders and global trading houses. The company’s decision to order ultramax bulk carriers reflects its commitment to investing in modern tonnage that can meet the evolving demands of global trade and stricter environmental regulations. GSD Denizcilik (GSD Marin) operates under the umbrella of GSD Group, which is a diversified Turkish conglomerate with interests in finance, shipping, and infrastructure. Within this structure, GSD Denizcilik (GSD Marin) plays a crucial role as the operational hub for maritime investments. The group also owns GSD Shipping B.V., a Netherlands-based entity whose capital is 100% held by GSD Holding and which focuses on strategic ship acquisitions aligned with macroeconomic expectations. All ships acquired under GSD Shipping B.V. are managed, marketed, and operated by GSD Denizcilik (GSD Marin), further reinforcing its role as the central operator of the group’s shipping assets. GSD Denizcilik’s (GSD Marin’s) fleet is employed in both spot and period charter markets, generating stable revenue streams while maintaining flexibility to benefit from market upswings. By combining handy bulk carriers with larger ultramax bulk carriers, GSD Denizcilik (GSD Marin) has created a diversified portfolio that allows it to serve a wide range of cargo requirements, from regional trades to long-haul international routes. Its commercial strategy emphasizes strong relationships with leading commodity traders, industrial producers, and charterers, ensuring consistent utilization of its ships. GSD Denizcilik (GSD Marin) also stands out for its focus on sustainability and compliance with international shipping standards. The company has been investing in eco-friendly ship designs and advanced operational practices that reduce fuel consumption and emissions. By aligning its fleet strategy with International Maritime Organization (IMO) regulations and global decarbonization goals, GSD Denizcilik (GSD Marin) is positioning itself as a responsible and future-ready shipowner in an industry increasingly shaped by environmental considerations. In addition to its shipping operations, GSD Denizcilik (GSD Marin) benefits from the financial strength and diverse resources of its parent group. GSD Holding is known for its significant footprint in finance, most notably through its past ownership of Tekstilbank, which was sold in 2015 to Chinese financial giant ICBC (Industrial and Commercial Bank of China) for approximately \$250 million. This transaction not only strengthened the group’s financial position but also enabled GSD Denizcilik (GSD Marin) to pursue further fleet expansion opportunities with greater flexibility. Today, GSD Denizcilik (GSD Marin) is widely regarded as one of the prominent Turkish shipowners operating internationally. With its expanding fleet, strong global partnerships, and a clear strategy of diversification into both bulk carriers and tankers, GSD Denizcilik (GSD Marin) is poised to continue growing in scale and influence. The contract with Yangzhou Dayang Shipbuilding reflects not only the company’s immediate fleet renewal strategy but also its long-term ambition to solidify its role as a competitive, resilient, and forward-thinking shipowner and operator in the global shipping industry. 8-April-2013