In a significant move, Turkish conglomerate Ciner has decided to transfer all operations of its shipping subsidiary, Ciner Shipping, to Greece.
The decision was communicated to employees via email on Friday morning, with Turkish news outlets reporting that the group’s activities will now be managed by a newly established company in Athens, founded by Ciner Shipping’s former CEO, Vasileios Papakalodoukas.
According to reports from Turkiye Today, employees were informed that their contracts would be terminated with full legal compensation.
Mr. Papakalodoukas, who reportedly resigned from his position as CEO, has set up a management company in Greece to oversee Ciner Shipping’s fleet.
In an interview with maritime news agency TradeWinds, Mr. Papakalodoukas broke his silence on the relocation, citing Greece’s abundant human resources and regional advantages as key factors in the decision.
“Greece offers significant opportunities for growth and efficiency, making it an ideal base for our operations,” he stated.
The move comes after Ciner Group sold its entire stake in Turkish media outlets, including Haberturk and Bloomberg HT, to Turkish conglomerate Can Holding in December 2024.
The divestment appears to be part of a broader strategic shift for the group.
Ciner Shipping operates a modern fleet of 24 vessels with a total capacity of approximately 2 million metric tons, making it Turkey’s largest shipping company in terms of transport capacity.
The fleet includes 20 bulk carriers and four Suezmax crude oil tankers, with a combined capacity of 635,000 tons.
The relocation of Ciner Shipping’s operations to Greece underscores the country’s growing appeal as a hub for maritime activities.
Greece’s strategic location, skilled workforce, and established shipping infrastructure have made it a preferred destination for international maritime companies.
The establishment of the new management company in Athens is expected to create job opportunities and further strengthen Greece’s position in the global shipping industry.
The move also highlights the increasing trend of companies leveraging Greece’s maritime expertise and regional advantages to enhance their operational efficiency.
As Ciner Shipping transitions its operations to Greece, the focus will now be on integrating its fleet and personnel into the new base while maintaining its reputation as a leading player in the global shipping market.