Turkey's GSD Holding has contracted another Japanese-built bulk carrier for its expanding newbuilding programme, signing up for a 40,300 dwt handysize scheduled for delivery in 2030.

The Istanbul-listed group said its Marshall Islands-based subsidiary Lena Maritime concluded the deal with Laurel World Maritime, a subsidiary of Japanese trading house Itochu Corporation. The vessel will be constructed within the Nihon Shipyard group, with Itochu acting as guarantor. Nihon Shipyard is the joint venture between Japan's two largest shipbuilders, Imabari Shipbuilding and Japan Marine United, formed to consolidate merchant shipbuilding capacity in the country.

The agreement converts a letter of intent announced in July into a firm contract. GSD assigned the acquisition to Lena Maritime in August before disclosing the vessel's 40,300 dwt size and 2030 delivery date in its latest filing.

The wider GSD group has shown a growing preference for Japanese shipyards and trading-house-backed structures in its fleet renewal efforts, an approach commonly used by owners seeking the build quality and delivery reliability for which Japanese yards are known, with trading houses such as Itochu and Sumitomo Corporation often intermediating contracts and providing guarantees.

In February, GSD Shipping signed for another Nihon Shipyard bulker — a 64,000 dwt ultramax due in 2029. That contract was likewise arranged through Laurel World Maritime, with Itochu standing behind the transaction.

The company has also returned repeatedly to Oshima Shipbuilding, ordering one 64,200 dwt ultramax in June for 2029 delivery and following up in August with a sister vessel. Both deals were signed with Sumisho Marine and backed by Sumitomo Corporation. Oshima is a specialist bulk carrier builder based in Nagasaki Prefecture.

These vessels add to an earlier Japanese programme under which one of the group's shipping subsidiaries booked a 64,000 dwt bulker at Nihon Shipyard for delivery in 2028, while another booked a 42,350 dwt ship at Oshima for the same year. In September last year GSD added a 40,000 dwt Nihon Shipyard handysize for 2029, following shortly afterwards with another Japanese bulker.

The pace of renewal has accelerated as new vessels begin joining the fleet. In February, GSD took delivery of the 42,809 dwt Guzide, built at Oshima under a $32.76m contract signed in 2023. The company's shipping arm currently lists seven operating bulkers, ranging from handysizes to ultramaxes. The 2030 delivery slot for the latest order reflects the multi-year orderbook timelines that currently apply across major shipbuilding nations, with yards largely booked out several years ahead.

Source: Splash247