Ciner takes VLAC investment past $1bn

HD Korea Shipbuilding & Offshore Engineering (HD KSOE) disclosed a $363m contract with an unnamed European owner for three vessels scheduled for delivery by May 2030.   Shipbroking and market sources have linked the order for the 90,000 cu m LPG dual-fuel ships to Ciner, which will be built at HD Hyundai Samho, where the company already has similar units on order.      The deal follows the Turkish group’s entry into gas shipping in May with a $717m contract for six VLACs, due for delivery by the end of 2029. Ciner now has nine ammonia carriers booked at the South Korean yard, representing a combined investment of about $1.08bn.

The group has emerged as one of the most active buyers of new tonnage, with its orderbook now standing at nearly 30 vessels across several segments. In addition to the nine VLACs, Ciner has more than 10 ultramax and four kamsarmax bulk carriers under construction, along with two 3,100 teu containerships.   Splash reported in April that the company had added six 64,000 dwt units at China’s New Dayang Shipbuilding in a deal worth around $204m, with deliveries running from late 2028 into 2029.   Ciner relocated its shipping operations to Greece in early 2025 as it moved to grow its fleet across dry bulk, containers and gas shipping.      The latest order comes amid a sharp rebound in contracting for large gas carriers during the first half of 2026, with more than 40 newbuilds booked, compared with nine in the same period last year.