Logistics

Turkey’s Ciner Shipping packs up and moves to Athens

February 26, 2025, 1:18 AM

A Ciner freighter at anchor near Vancouver. The shipping line operates 24 vessels

Istanbul staff to be paid off; CEO remains
Greece seen as more investor friendly
Liberal tax rules and maritime regulations

One of Turkey’s largest shipping companies is moving its headquarters to Athens, the latest in a string of Turkish businesses to take advantage of Greece’s EU membership and what they say is a more investment-friendly environment.

Ciner Shipping issued a statement on February 21 saying it was shifting its base from Istanbul. Its Turkish staff will be paid off, though the relocated business will still be headed by CEO Vasileios Papakalodoukas.

It is one of the largest maritime lines in Turkey in terms of numbers and tonnage. It operates 24 vessels – a mix of bulk carriers and Suezmax oil tankers – with a combined deadweight capacity of 2 million tonnes.

Ciner’s fleet, along with crew and services, is typically leased to bulk shipment and oil companies. Clients include Rio Tinto, BHP, ArcelorMittal, Chevron, Total and British Petroleum, according to its website.

The shipping line is part of a family-owned conglomerate, which also has a port operating arm, along with mining, energy, chemicals and glass production businesses.

Last December Ciner Group divested its media holdings for $800 million, part of what management described as a consolidation of core activities.

Greece already has a liberal regulatory and tax environment, especially for the maritime sector.

The country eased procedures for foreign investment and market entry after its economic crisis, according to Mustafa Mustafa, owner of Thessaloniki-based accountancy firm Mustafa & Partners.

“As well as being an EU member, Greece has many other added benefits, being very close to Turkey but also to the Middle East and to Arab countries,” Mustafa told AGBI.

“The Piraeus port of Athens is where all routes cross even from the Far East. This hub on its own is a great attraction and has strong business appeal.”

Ciner will be joining a lengthy list of shipping businesses registered in Greece. Lines operating out of the country account for more than 20 percent of all deadweight tonnage now afloat, ahead of China and Japan.

Investors from Turkey poured $548 million into Greece last year, according to the Turkish Central Bank.

Turkish investors are now second behind those from China in applying for Greek “golden visa” residency, obtained through buying property.

Interest in the Greek economy is growing after years of stagnation, according to Mustafa.

“For years, no investments were made, not a nail was hammered in. The Greek economy was placed into a refrigerator,” he said.

“But now, there are many opportunities that are attracting attention in Turkey, with high investor appetite,” he said.