This month, Turgay Ciner and his Ciner Ship Management has fattened the outfit’s bulker arm significantly. Over the weekend, brokers report that Ciner has ordered four 63,000 DWT Ultramaxes at New Dayang, with delivery in 2024. No price has been revealed for the newbuilds.

Earlier this month, it was widely reported the Turkish owner had added its first capes from the secondhand market, buying two six-year-old Dalian Shipbuilding-built vessels from Rizhao Steel’s shipping arm, Cara.

The newbuildings and secondhand deals bring Ciner’s bulker arm up to 26 young ships. Ciner has been involved in several other large financial transactions in the last 12 months, including a deal with CSSC Shipping for the sale and leaseback of two 158,000 DWT Suezmax tankers.