Japan builds GSD’s next bulker: 40,300 dwt for 2030 delivery
Turkish owner GSD Holding signs firm contract for 40,300 dwt handysize at Nihon Shipyard, backed by Itochu Corporation.
Turkish shipping group GSD Holding has locked in its next Japanese-built bulker, signing a firm contract for a 40,300 dwt handysize that will join its fleet in 2030. The deal, placed through its Marshall Islands subsidiary Lena Maritime, marks the latest addition to a newbuilding spree that has seen the Istanbul-listed owner repeatedly turn to Japanese yards and trading houses for tonnage.
Lena Maritime inked the contract with Laurel World Maritime, a subsidiary of Japanese trading giant Itochu Corporation. Itochu is standing behind the transaction as guarantor, replicating the structure used in earlier GSD orders. The ship will be built within the Nihon Shipyard group, the same yard that is already constructing a 64,000 dwt ultramax for GSD Shipping due in 2029.
How the deal evolved from letter of intent to firm contract: bulker newbuilds
The path to the firm order began in July, when GSD first announced a letter of intent for the 40,300 dwt bulker. In August, the group formally assigned the acquisition to Lena Maritime, and the latest filing disclosed the finalised 40,300 dwt size and the 2030 delivery date. The transaction structure, buyer, builder and guarantor, mirrors the February order for the 64,000 dwt ultramax, which was also arranged through Laurel World Maritime with Itochu’s backing.
Safe Bulkers
GSD’s preference for Japanese yards is not new. In June, the company signed for a 64,200 dwt ultramax at Oshima Shipbuilding for 2029 delivery, followed in August by a sister vessel. Both deals were concluded with Sumisho Marine and guaranteed by Sumitomo Corporation. Earlier, GSD booked a 64,000 dwt bulker at Nihon Shipyard for 2029 delivery and a 42,350 dwt ship at Oshima for the same year. A 40,000 dwt Nihon Shipyard handysize ordered last September is also due in 2029.
What the new 40,300 dwt bulker means for GSD’s fleet renewal
The 40,300 dwt handysize will slot into a fleet that is already undergoing rapid renewal. In February, GSD took delivery of the 42,809 dwt Guzide, built at Oshima under a $32.76 million contract signed in 2023. The vessel is one of seven bulkers currently operated by GSD Shipping, which runs a mix of handysizes and ultramaxes.
With the 40,300 dwt bulker now firmly on order, GSD’s newbuilding tally stands at six confirmed Japanese-built vessels, all due between 2029 and 2030.
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