Ciner Holding is preparing to expand its fleet with LPG carriers. Ciner Shipping, the group's maritime arm, is in advanced talks with South Korea's HD Hyundai Heavy Industries for four VLGC (Very Large Gas Carrier) LPG carriers. Each ship is priced at approximately $120 million, putting the total contract at around $500 million. If the deal is finalized, Ciner will enter LPG transportation for the first time — its fleet has historically been dominated by dry-bulk and crude tankers.
The move strengthens a clear recent trend in Turkish shipping. In April, BGN, owned by the Bayegan family, signed a contract with HD Hyundai Heavy Industries for four VLGCs with 90,000 m³ capacity each, valued at roughly $458 million, with delivery scheduled for November 2029. Koç Holding's energy unit Aygaz placed a similarly sized VLGC order with Korean yards in the same window. In a span of three months, Turkish-flag VLGC orderbook commitments have crossed $1.5 billion.
The drivers behind this surge mix geopolitics and energy supply dynamics. Russia's invasion of Ukraine, US-Israel-Iran tensions and the closure of the Strait of Hormuz have created the most disrupted period for global energy supply in the 21st century. From Europe to Asia, markets are pivoting to LPG as a safer and more flexible energy source, lifting VLGC tonnage demand and filling Korean shipyards' 2029-2030 delivery slots. Last year Ciner ordered two 3,100 TEU container vessels from New Dayang Shipbuilding, stepping into the container segment; LPG is the next addition to its energy-themed portfolio.
From a supply chain perspective, Ciner Shipping is already Türkiye's largest shipping group by tonnage — its fleet includes 20 dry-bulk ships and four Suezmax tankers, with total carrying capacity above 2 million DWT. Run by Greek CEO Vassil Papakalodoukas, the operation moved its ship management and operational center to Athens in February 2025. Adding VLGCs will diversify the group's energy-themed tonnage and slot Ciner alongside Bayegan and Aygaz on Türkiye's new LPG-shipping axis, increasing the global visibility of the Turkish-flag VLGC fleet over the medium term.
Key Takeaways:
1. Ciner Shipping is in advanced talks with HD Hyundai Heavy Industries for four VLGC LPG carriers — roughly $120 million each, ~$500 million total.
2. If finalized, this would mark Ciner's first move into LPG transportation; the existing fleet is concentrated in dry-bulk and Suezmax tankers.
3. BGN (Bayegan family) signed a $458 million 4-VLGC contract with HD Hyundai in April (delivery November 2029); Aygaz placed a similarly sized order in the same window.
4. Closure of the Strait of Hormuz and Russia-Ukraine tensions are pushing demand for VLGC tonnage; Korean shipyards are filling 2029-2030 slots.
5. Ciner Shipping is Türkiye's largest fleet by tonnage (20 bulkers + 4 Suezmax, >2M DWT); it relocated ship management to Athens in February 2025 under Greek CEO Vassil Papakalodoukas.
