Turkey’s handysize bulker specialist Devbulk has made its first expansion move in several years and may widen its footprint even further.
According to ship management sources in Istanbul, Devbulk has agreed to buy the 34,000-dwt bulker Four Emerald (built 2013) from Italy’s Premuda for $15.2m.
The vessel, which was built at Vietnam's Pha Rung Shipyard, has a ballast water treatment system (BWTS) installed and is not due for special survey until the spring of 2023.
Devbulk is to take delivery of the ship by November at the latest.
The company is led by members of the Deval family, which has a history of more than a century in the industry and is in its sixth generation of shipowning.
Led by chief executive Hakki Deval and his brother, Orhan, who serves as chief operating officer, Devbulk is independent and separate from two other Deval family companies — Deval Marine and Devmarin Shipping.
Japan connections
Devbulk has strong connections with Japan. All seven handysizes currently in its fleet were built between 2008 and 2012 at Tsuji Heavy Industries and Imabari Shipbuilding.
Three of these ships entered the company's fleet when they were newbuildings delivered by Tsjui.
A fourth bulker was bought from Yasa Shipping, another Turkish company with which the Deval clan has family ties.
A source familiar with the Devbulk’s thinking says its managers see further scope for expansion.
“Their fleet may go up to 10 ships,” the source said.
Focusing on tankers
In a separate deal, Premuda has reportedly sold the 34,000-dwt Four Diamond (built 2011), a sistership to the Four Emerald, possibly to Greek buyers.
The Four Diamond fetched about $12.8m, according to Athens-based brokers. This likely reflects the fact that the vessel is due to pass its special survey soon and has no BWTS installed.
Premuda executives did not immediately respond to a request for comment.
The Genoa-based company features 12 bulkers in its fleet, comprising nine handysizes, two eco panamaxes and one post-panamax.
Premuda either owned or managed these ships in sale-and-leaseback transactions with Japanese owners.
However, Premuda handed over the commercial management of all its bulkers to C Transport Maritime in June as part of efforts to concentrate its energies on its 20 tankers.
Other busy Turks
Turkish shipping companies specialise in smaller types of bulkers, typically employed in short-haul Mediterranean trades.
Istanbul-based players other than Devbulk have also been busy expanding in that ship type.
As TradeWinds reported last month, Canbaz Shipping bought its third handysize in five years, swooping on the 34,500-dwt Dream Island (built 2015).
Manta Denizcilik has been even more active.
The Cetinkaya family outfit emerged this summer as new owner of three handysize bulkers.
Manta is believed to have spent more than $35m on the 33,600-dwt King Cotton, 32,000-dwt Sedna Ocean and 33,700-dwt Atlantic Clover (all built 2011). They now trade as the Manta Melek, Manta Ciscek and Manta Nilgun, respectively.
