ISTANBUL, June 10, 2026 — Türkiye’s leading business groups are intensifying competition in the global shipping market, with Koç Holding, Ciner Group, and Bayegan collectively placing energy-carrying vessel orders worth approximately $2 billion at Asian shipyards. The investments reflect growing demand for liquefied petroleum gas (LPG), ammonia, and natural gas transportation amid rising concerns over global energy security.
The latest move came from Bayegan-owned energy trading company BGN, which signed a contract with South Korean shipbuilder HD Hyundai for two additional dual-fuel gas carriers, each with a capacity of 93,000 cubic meters. The order expands BGN’s large gas carrier fleet to 19 vessels.
Bayegan’s Investment Approaches $700 Million
Bayegan had already ordered four Very Large Gas Carriers (VLGCs) from HD Hyundai in March. Those vessels, each with a capacity of 90,000 cubic meters, were valued at approximately $458 million. With the two newly ordered ships, the company’s total VLGC investment is expected to approach $700 million.
Company officials said the new vessels are part of a long-term fleet expansion strategy aimed at strengthening the company’s position in global energy transportation markets.
Koç Holding Expands Aygaz Fleet
In March, Aygaz, the energy subsidiary of Koç Holding, announced an agreement with HD Hyundai for two next-generation dual-fuel LPG carriers in the Panamax segment. Each vessel will have a capacity of around 90,000 cubic meters.
The ships are scheduled for delivery in late 2028 and mid-2029, respectively. Industry sources estimate the total value of the order at approximately $240 million.
Ciner Places Largest Order
The largest commitment among the three groups has come from Ciner Group, which has entered the LPG and ammonia transportation markets with a major fleet expansion program.
After initiating plans to acquire four VLGC vessels earlier this year, the group reportedly followed with an order for six Very Large Ammonia Carriers (VLACs). The combined 10-vessel package placed with HD Hyundai is estimated to be worth approximately $1.2 billion, making it one of the largest recent shipping investments by a Turkish company.
Energy Security Driving Demand
Industry observers link the surge in vessel orders to geopolitical disruptions affecting global energy markets, including the ongoing effects of the Russia–Ukraine conflict and heightened tensions in the Middle East. Concerns over supply security and transportation capacity have accelerated investment in specialized energy carriers worldwide.
The wave of orders signals Türkiye’s ambition to strengthen its position in global energy logistics and maritime transportation. As Turkish companies expand their fleets with advanced dual-fuel vessels, they are increasingly positioning themselves as major players in the international shipping industry.
Key Figures
| Company | Vessel Type | Number of Vessels | Estimated Value |
|---|---|---|---|
| Bayegan (BGN) | VLGC | 6 | ~$700 million |
| Koç Holding (Aygaz) | LPG Carriers | 2 | ~$240 million |
| Ciner Group | VLGC + VLAC | 10 | ~$1.2 billion |
| Total | — | 18 | ~$2 billion |
Source: Patronlar Dünyası/ Prepared by: İlayda Gök