Türkiye’s largest shipping company moves to Greece, while tourism giant exits
A photo combination features a vessel belonging to Türkiye’s Ciner Shipping and Greece’s Astir Palace, in which Turkish conglomerate Dogus Holding sold its stake. (Collage by Türkiye Today)
As Turkish direct investments in Greece reached a record high in 2024, the Greek market continues to witness large business transformations among some of Türkiye’s largest companies.
Park Group, also known as Ciner Holding, has decided to relocate its shipping company, Ciner Shipping to Greece. The decision has been communicated to employees, and the Greek branch of the company will be operated by a firm established in Athens by Ciner Shipping CEO Vasileios Papakalodoukas, Turkish media reported.
On Friday morning, employees were reportedly informed via email that their contracts would be terminated with full legal compensation.
Additionally, it is alleged that CEO Vasileios Papakalodoukas has stepped down from his position and established a management firm in Greece, which will operate Ciner’s fleet from Athens.
Türkiye’s largest shipping company
Ciner Shipping operates a modern and diverse fleet of 24 vessels with a total deadweight tonnage (DWT) capacity of approximately 2 million metric tons (2.2 million tons), making it Türkiye’s largest shipping company in terms of carrying capacity, gross tonnage, and net tonnage. The fleet consists of 20 bulk carriers with a combined capacity of approximately 1.4 million tons and four Suezmax crude oil tankers with a total capacity of 635,000 tons.
Companies leasing Ciner vessels include U.S.-based Cargill, Germany-based RWE, Hong-Kong-based Pacific Basin, Switzerland-based SwissMarine, and Norway-based Western Bulk. Sub-charterers include British-Australian Rio Tinto, Brazil-based Vale, Australia-based BHP Billiton, Switzerland-based Bunge, Luxembourg-based ArcelorMittal, Germany-based Oldendorff, Netherlands-based Vitol, U.S.-based KOCH Industries, and France-based Louis Dreyfus.
The company’s tanker fleet serves major oil corporations such as U.K.-based BP, U.S.-based Chevron, Netherlands-based Shell, U.S.-based ExxonMobil, Spain-based Repsol, France-based Total, Netherlands-based Vitol, Singapore-based Trafigura, and Sweden-based Stena.
In December 2024, Park Group signed an agreement to sell its entire stake for $800 million in Ciner Media Group, which includes renowned media assets such as Haberturk, Show TV, and Bloomberg HT, to Can Holding.
Turkish conglomerate sells stake in Greece’s largest privatization
Meanwhile, one of Türkiye’s leading conglomerates, Dogus Holding, has sold its 33.75% stake in the Astir Palace hotel in Athens to Greek shipowner George Procopio for $150 million.
The Astir Palace tourism complex, one of Greece’s most iconic landmarks, was part of the country’s largest privatization project in 2017. A consortium, including Dogus Holding, won the bid for the property 15 years ago with an offer of €400 million ($419 million). The consortium, known as AGC, included firms from Abu Dhabi, Kuwait, and Qatar. George Procopio had also participated in the bidding process but was unsuccessful at the time.
The peninsula, home to two hotels with a total of 303 rooms, features a 1,950-meter-long coastline, two beaches, and a marina with a capacity of 120 yachts. The site also hosts a restaurant and a nightclub.
Dogus Holding also transferred a 49% stake in Galataport Istanbul in December 2024, a premier cruise port on the Bosphorus, to 5 Turkish banks as part of a $1.1 billion debt restructuring plan.
Record investment from Türkiye to Greece
Recent years have seen a significant increase in Turkish investments in Greece. According to the Turkish central bank, as of 2024, Türkiye’s direct investments in Greece reached $548 million, marking a substantial rise compared to previous years.
Ferry services between Türkiye and Greece also saw remarkable growth in 2024, while the number of passengers traveling to Greece by ferry surged by 93%, reaching 1,153,727, up from 416,000 in 2022 and 804,000 in 2023.
