Turkish industrial conglomerate Ciner Group has placed a $363 million order for three very large ammonia carriers (VLACs) with HD Korea Shipbuilding & Offshore Engineering (HD KSOE), pushing its total investment in the segment past the $1 billion mark, according to Splash247.
The contract, disclosed by HD KSOE, is for three 90,000 cubic metre vessels with LPG dual-fuel capability, scheduled for delivery by May 2030. Shipbroking and market sources have linked the unnamed European owner to Ciner Group. The vessels will be built at HD Hyundai Samho, where Ciner already has similar units on order.
Investment Growth and Fleet Expansion
This deal follows Ciner’s entry into gas shipping in May 2026 with a $717 million contract for six VLACs, due for delivery by the end of 2029. With the latest order, the Turkish group now has nine ammonia carriers booked at the South Korean yard, representing a combined investment of approximately $1.08 billion.
Ciner has emerged as one of the most active buyers of new tonnage. Its orderbook currently stands at nearly 30 vessels across several segments, including:
- 9 VLACs (ammonia carriers)
- More than 10 ultramax bulk carriers
- 4 kamsarmax bulk carriers
- 2 containerships (3,100 TEU each)
Additionally, Splash247 reported in April that Ciner had ordered six 64,000 dwt ultramax units at China’s New Dayang Shipbuilding in a deal worth around $204 million, with deliveries running from late 2028 into 2029.
Strategic Shift and Market Context
Ciner relocated its shipping operations to Greece in early 2025 as it moved to grow its fleet across dry bulk, containers, and gas shipping.
The latest order comes amid a sharp rebound in contracting for large gas carriers during the first half of 2026. According to the report, more than 40 newbuilds for large gas carriers were booked in H1 2026, compared with just 9 in the same period last year.
Orderbook Summary Table
| Vessel Type | Number on Order | Yard | Contract Value | Delivery Timeline |
|---|---|---|---|---|
| VLAC (90,000 cbm LPG dual-fuel) | 3 (latest) | HD Hyundai Samho | $363 million | By May 2030 |
| VLAC (90,000 cbm) | 6 (May 2026) | HD Hyundai Samho | $717 million | By end 2029 |
| Ultramax (64,000 dwt) | 6 | New Dayang Shipbuilding | ~$204 million | Late 2028 – 2029 |
| Ultramax (additional) | 4+ | Not specified | Not disclosed | Not disclosed |
| Kamsarmax bulk carrier | 4 | Not specified | Not disclosed | Not disclosed |
| Containership (3,100 TEU) | 2 | Not specified | Not disclosed | Not disclosed |
Implications for Operators and Shippers
Ciner’s aggressive ordering spree signals growing demand for ammonia carriers, which are crucial for transporting clean fuel ammonia—a key component in the energy transition. For freight forwarders and logistics managers, the expanding VLAC fleet could increase available capacity on ammonia trade lanes, potentially influencing freight rates for ammonia and LPG shipments. The concentration of orders at HD Hyundai Samho also highlights the yard’s specialization in gas carriers.
As deliveries stretch into 2030, shippers should monitor Ciner’s fleet deployment to anticipate new service offerings or charter opportunities. The broader rebound in gas carrier contracting—40+ newbuilds in H1 2026 vs. 9 a year earlier—suggests rising confidence in seaborne ammonia and LPG trade, which may tighten spot tonnage in the near term before new capacity arrives.
Watch List
- Delivery schedules for Ciner’s nine VLACs and potential further orders
- HD Hyundai Samho’s berth utilization and pricing for gas carrier newbuilds
- Spot freight rate movements for VLACs on key ammonia routes (e.g., Middle East to Europe/Asia)
- Ciner’s next moves in container and dry bulk sectors after its relocation to Greece
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