GSD Holding Expands Bulker Newbuilding Programme with Latest Japanese Order

Turkish firm GSD Holding has further expanded its newbuilding programme with the addition of another Japanese-built bulker, as reported by Splash 247. The latest order is for a 40,300 dwt handysize vessel, scheduled for delivery in 2030.

According to Splash 247, the Istanbul-listed group's Marshall Islands-based subsidiary, Lena Maritime, formalised the agreement. The deal was signed with Laurel World Maritime, a subsidiary of the Japanese trading house Itochu Corporation. The new vessel will be constructed within the Nihon Shipyard group, with Itochu providing a guarantee for the transaction.

This firm contract stems from a letter of intent that was initially announced in July. GSD subsequently assigned the acquisition to Lena Maritime in August before disclosing the ship's specific deadweight tonnage and delivery year in the most recent filing.

Continued Focus on Japanese Partnerships

The wider GSD group has shown a consistent preference for Japanese shipyards and structures backed by trading houses for its fleet renewal strategy. This latest order follows a series of similar agreements.

Splash 247 highlights that GSD Shipping signed for another Nihon Shipyard bulker in February; a 64,000 dwt ultramax set for delivery in 2029. That contract was also facilitated through Laurel World Maritime, with Itochu supporting the transaction. The company has also engaged repeatedly with Oshima Shipbuilding. In June, GSD secured one 64,200 dwt ultramax for 2029 delivery, which was followed by an order for a sister vessel in August. Both of these deals were signed with Sumisho Marine and backed by Sumitomo Corporation.

These recent acquisitions build upon an earlier Japanese programme. One of GSD's shipping subsidiaries had previously booked a 64,000 dwt bulker at Nihon Shipyard, due in 2028. Additionally, another subsidiary has a 42,350 dwt vessel booked at Oshima for the same year. Last September, GSD also added a 40,000 dwt Nihon Shipyard handysize for 2029, followed by an order for another Japanese bulker shortly thereafter.

Fleet Renewal and Deliveries

The pace of GSD's fleet renewal has reportedly accelerated as new vessels begin to enter service. In February, GSD took delivery of the 42,809 dwt Guzide. This vessel was built at Oshima under a contract signed in 2023, valued at $32.76 million. The company's shipping division currently operates a fleet of seven bulkers, encompassing both handysize and ultramax categories.