Türkiye’s largest shipping firm relocates to Greece, citing strategic advantages
Ciner Shipping's bulk carrier "Izmir" navigates through open waters. (Photo via cinergroup.com.tr)
Ciner Shipping, Türkiye’s largest ship management company by fleet size, is relocating its operations to Greece to capitalize on the country’s abundant human resources and regional advantages, according to the company’s Chief Executive Officer Vassilis Papakalodoukas.
In an interview with Norway-based shipping news outlet TradeWinds, Papakalodoukas detailed the company’s decision to relocate and outlined its future goals.
Citing Ciner’s rapidly growing fleet—particularly in bulk carriers through its newbuilding projects—Papakalodoukas underscored the need for a larger, highly skilled workforce. He emphasized that Greece, as a global hub for ship management, offers a deep talent pool that will help the company enhance operational efficiency and strengthen its management capabilities.
“In Greece, such resources are abundant,” he said. “We’re looking forward to increasing the quality of our service.”
Ciner has embarked on an ambitious fleet expansion program, constructing new bulk carriers at various Chinese shipyards. The company aims to grow its fleet from 21 vessels to 49.
A ‘clearer’ financial strategy
Beyond operational expansion, Ciner is also restructuring its financial framework. The company is funding its fleet growth through overseas leases from financial institutions in China, Japan, and the United States.
The newly established Athens-based entity will operate under a revamped corporate structure designed to be more focused on shipping and better aligned with financial market expectations, according to Selcuk Yesiltas, Ciner Shipping’s newly appointed chief financial officer.
“The new corporate structure will be more shipping-oriented and clearer to present to financial markets,” Yesiltas said.
On Feb. 21, Turkish media reported that the parent company Ciner Group, which is also known as Park Group, informed its employees in the shipping company that their contracts would be terminated with full legal compensation.
In December 2024, Park Group sold its entire stake in Ciner Media Group—including Haberturk, Show TV, and Bloomberg HT—for a reported $800 million, citing a strategic shift toward its core industries such as mining, energy, and shipping.
