Turkish group Ciner is said to be entering the LPG carrier market with a newbuilding move in South Korea, amid rapid expansion in recent years
Shipbrokers and market sources link Ciner – whose shipping division relocated to Athens last year – to advanced discussions with HD Hyundai over an order for four very large gas carriers (VLGCs).
The company has been approached for comment.
Best known as a dry bulk specialist with one of Turkey’s largest fleets, the order would mark Ciner’s entry into the LPG carrier segment.
In the second half of 2025, the group also expanded into the container vessel market, placing an order for two 3,100-TEU units at China’s New Dayang Shipbuilding.
Ciner maintains an extensive bulk carrier orderbook across Chinese shipyards, ranging from Handysize to Kamsarmax vessels.
Founded in 1978, the wider group is active in mining, energy, glass, chemicals, tourism, and other sectors, according to information on its website.
Ciner took the decision to relocate its shipping operations to Greece in early 2025, as its fleet was expanding and it sought to benefit from one of the world’s largest maritime hubs to support this growth.
Hot newbuilding market
The VLGC sector has seen strong momentum in recent weeks, with new orders emerging primarily in South Korea, where HD Hyundai has been a key beneficiary.
Energy trader BGN placed an order for four vessels in mid-April, following contracts by fellow Turkish player Aygaz and Greece-based Oceangold Tankers.
Meanwhile, JP Morgan-backed interests have reportedly selected Samsung Heavy Industries, while Greek major Thenamaris has entered the very large ammonia carrier segment with an order at China’s Jiangnan Shipyard.
HD Hyundai has secured contracts for 15 LPG/ammonia carriers so far this year.
Recent deals suggest that the cost of a VLGC at South Korean yards currently stands at around US$113M-$117M.
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Source: Riviera
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