Ciner takes its ammonia carrier investment past $1bn
The Turkish group returns to HD Hyundai for three more very large ammonia carriers
Turkish industrial conglomerate Ciner Group has returned to South Korea's HD Hyundai for three more very large ammonia carriers, taking its investment in the segment past the $1bn mark. The shipbuilder disclosed a $363m contract with an unnamed European owner for three vessels scheduled for delivery by May 2030, and market sources have linked the order for the 90,000 cu m dual-fuel ships to Ciner, which already has similar units on order at the same yard.
The deal follows the group's entry into gas shipping earlier this year with a $717m contract for six very large ammonia carriers due by the end of 2029. Ciner now has nine ammonia carriers booked in South Korea, representing a combined investment of about $1.08bn, and has emerged as one of the most active buyers of new tonnage, with an orderbook approaching 30 vessels across several segments. Alongside the gas carriers, it has more than 10 ultramax and four kamsarmax bulk carriers under construction, along with two 3,100 TEU containerships, and earlier added six smaller bulkers in China in a deal worth around $204m.
Ciner relocated its shipping operations to Greece in early 2025 as it moved to grow its fleet across dry bulk, containers and gas. The latest order comes amid a sharp rebound in contracting for large gas carriers in the first half of the year, with more than 40 newbuildings booked compared with nine in the same period a year earlier.
