GSD Marin Expands Fleet to 15 Vessels
GSD Marin, one of Turkey’s few publicly listed maritime companies, has signed a newbuild agreement with Japan’s Nihon Shipyard, marking another step in its fleet expansion strategy.
The Istanbul-based company announced a contract with Imabari Shipbuilding’s Nihon Shipyard for the construction of a 64,000 dwt bulk carrier, scheduled for delivery in 2029. This new order follows a similar agreement made in the summer of 2024 for a vessel to be completed by 2028, suggesting a recurring partnership between the two sides.
While GSD has not disclosed the price or technical specifications of the new vessel, the order reinforces the company’s commitment to Japanese-built tonnage and its growth trajectory in the ultramax and handysize segments. Of the 10 vessels currently managed by GSD, six were built in Japan.
With this latest expansion, GSD Marin’s fleet will grow to 15 ships. According to its most recent financial report, this figure includes not only the two ultramax vessels contracted with Nihon, but also three additional bulk carriers expected to be delivered between 2026 and 2028. Although GSD has not released details about these three ships, maritime database records indicate they are 42,000 dwt handysize vessels under construction at Oshima Shipbuilding.
GSD Marin is a subsidiary of GSD Holding, chaired by Turgut Yılmaz, brother of former Turkish Prime Minister Mesut Yılmaz. The company’s General Manager is Hakan Yılmaz.
Founded in 2011 following the restructuring of group company Tekstil Leasing, GSD Marin marked GSD Holding’s strategic shift from financial leasing to maritime operations.
The company has also shown a willingness to grow through secondhand acquisitions. In June 2024, its affiliate GSD Shipping acquired the 2015-built 37,800 dwt handysize vessel Taikoo Brilliance, renamed Deniz. The vessel was reportedly sold earlier that year by Japan’s Eifuku Kisen for approximately $21 million.
