Ship Owning
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Ship Owning

The analyses conducted with respect to prospective fields of activity revealed that substantial returns were available in the long run for investments in maritime freight, an industry which was particularly hard hit by the contracting volume of trade in the aftermath of the global recession of 2008. Further studies of the sub-segments of this industry, container, tanker, dry cargo freight, brought us to the conclusion that in particular dry cargo freight market was an attractive field for investments, taking into consideration the projected vessel supply, cargo volume, freight charges, vessel prices, and state of competition. Thereupon, on the basis of the material transaction authorization granted in Extraordinary General Assembly Meeting of GSD Denizcilik, Gayrimenkul İnşaat San. ve Tic. A.Ş. held on 10.04.2012, we concluded an agreement with HYUNDAI MIPO DOCKYARD CO. LTD. shipyards located in Republic of Korea, for the construction of 2 brand new 39000 DWT dry bulk carriers, to be delivered in June 2013.

GSD Denizcilik Gayrimenkul İnşaat San. ve Tic. A.Ş. has established two companies in Malta, owned 100% and titled as Cano Maritime Ltd. and Dodo Maritime Ltd. with a capital of USD 6,430.50 each on 26 March 2013. The Board of Directors of GSD Denizcilik Gayrimenkul İnşaat San. ve Tic. A.Ş. has resolved to sign a Novation Agreement between the Company, Hyundai Mipo Dockyard Co. Ltd., Dodo Maritime Ltd. and Cano Maritime Ltd. and for its implementation to sign a Tripartite Agreement in order to transfer all rights and obligations for the ships numbered 6150 and 6151 within the scope of ship building agreement signed on 10 April 2012 with Hyundai Mipo Dockyard Co. Ltd. for the construction of 2 dry bulk carrier ships with 39,000 dwt transportation capacity per ship, to Dodo Maritime Ltd. and Cano Maritime Ltd. established and owned 100% by the Company; In this context the Company has resolved to give guarantee and pledge of shares to creditors on behalf of Dodo Maritime Ltd. and Cano Maritime Ltd. for the bank loans which will be used by them, to submit these mentioned transactions for the approval of the first general assembly which will be held and to fulfil of other required transactions on 10 April 2013.

The delivery of ships, numbered 6150 and 6151, have been taken  to register on behalf of Dodo Maritime Ltd. and Cano Maritime Ltd. on 7 May 2013 in South Korea, within the scope of ship building agreement signed on 10 April 2012 by GSD Denizcilik Gayrimenkul İnşaat San. ve Tic. A.Ş. with Hyundai Mipo Dockyard Co. Ltd. for the construction of 2 dry bulk carrier ships with 39,000 dwt transportation capacity per ship, accordingly to a Novation Agreement between the Company, Hyundai Mipo Dockyard Co. Ltd., Dodo Maritime Ltd. and Cano Maritime Ltd. and for its implementation a Tripartite Agreement which will be submitted to the approval of general assembly.

GSD Denizcilik Gayrimenkul İnşaat San. ve Tic. A.Ş. is a publicly held corporation, and its shares are traded on Borsa Istanbul (BIST) (formerly named as Istanbul Stock Exchange (ISE)) since 1995.

The Board of Directors of GSD Dış Ticaret A.Ş. resolved to terminate the by-pass export activities of the Company after re-evaluating the efficiency in this area of activity due to the loss of feasibility of by-pass export activities arising from the decrease in rights and benefits provided for foreign trade intermediary companies within the scope of current legislation and to study on the evaluation of new activity areas in order to increase the profitability on 27 June 2012. GSD Dış Ticaret A.Ş.’s by-pass export activities within the scope of agreements made with manufacturers-suppliers have been terminated as of 31 December 2012; The Board of Directors of GSD Dış Ticaret A.Ş. resolved to start studies to invest in maritime sector primarily on 31 December 2012.

GSD Dış Ticaret A.Ş. has established two companies in Malta, owned 100% and titled as Hako Maritime Ltd. on 1 April 2013 and Zeyno Maritime Ltd. on 22 April 2013, with a capital of USD 6,420 and USD 6,518.50 respectively. 2 ship building agreements, including 1 optional, between GSD Dış Ticaret A.Ş. and Yangzhou Dayang Shipbuilding Co. Ltd. established in China, for the construction of 2 dry bulk carrier ships with 63,500 dwt transportation capacity per ship have come into force on 5 February 2013 and 19 April 2013.

The ship building agreement signed between GSD Dış Ticaret A.Ş. and Yangzhou Dayang Shipbuilding Co. Ltd. established in China for the construction of 2 dry bulk carrier ships with 63,500 dwt transportation capacity per ship, have come into force on 11 April 2013 and 4 June 2013. 

The General Assembly held on 29 May 2013 for the year 2012 of GSD Dış Ticaret A.Ş. has resolved to sign a Novation Agreement and a Tripartite Agreement for its implementation between the Company, Yangzhou Dayang Shipbuilding Co. Ltd., Hako Maritime Ltd. and Zeyno Maritime Ltd. in order to transfer all rights and obligations for the ships numbered 4032 and 4039 arising from the ship building agreement signed with Yangzhou Dayang Shipbuilding Co. Ltd. for the construction of 2 dry bulk carrier ships with 63,500 dwt transportation capacity per ship, to Hako Maritime Ltd. and Zeyno Maritime Ltd., established in Malta and wholly-owned by the Company.

The delivery of the ship numbered 4032, constructed within the scope of ship building agreement which came into force on 11 April 2013 and was signed for the construction of a dry bulk carrier ship with 63,500 dwt transportation capacity between GSD Holding A.Ş.’s subsidiary GSD Dış Ticaret A.Ş. and Yangzhou Dayang Shipbuilding Co., Ltd. has been taken on 23 June 2014 in China so as to get it registered under the Malta flag on behalf of Hako Maritime Ltd. in accordance with the Novation Agreement and a Tripartite Agreement for its implementation between GSD Dış Ticaret A.Ş., Yangzhou Dayang Shipbuilding Co. and Hako Maritime Ltd., established in Malta and wholly-owned by GSD Dış Ticaret A.Ş., as it has been resolved in the Ordinary General Assembly Meeting of GSD Dış Ticaret A.Ş. for the year 2013 held on 29 May 2013.

The delivery of the ship numbered 4039, constructed within the scope of ship building agreement which came into force on 4 June 2013 and was signed for the construction of a dry bulk carrier ship with 63,500 dwt transportation capacity between GSD Holding A.Ş.’s subsidiary GSD Dış Ticaret A.Ş. and Yangzhou Dayang Shipbuilding Co., Ltd. has been taken on 29 September 2014 in China so as to get it registered under the Malta flag on behalf of Zeyno Maritime Ltd. in accordance with the Novation Agreement and a Tripartite Agreement for its implementation between GSD Dış Ticaret A.Ş., Yangzhou Dayang Shipbuilding Co. and Zeyno Maritime Ltd., established in Malta and wholly-owned by GSD Dış Ticaret A.Ş., as it has been resolved in the Ordinary General Assembly Meeting of GSD Dış Ticaret A.Ş. for the year 2013 held on 29 May 2013.

The Board of Directors of GSD Denizcilik Gayrimenkul İnşaat Sanayi ve Ticaret A.Ş. and GSD Dış Ticaret A.Ş., on 9 June 2014, resolved to merge these two companies under GSD Denizcilik Gayrimenkul İnşaat Sanayi ve Ticaret A.Ş. by means of the take-over of all of the assets and liabilities GSD Dış Ticaret A.Ş. by GSD Denizcilik Gayrimenkul İnşaat Sanayi ve Ticaret A.Ş. and the dissolution of GSD Dış Ticaret A.Ş. without liquidation. The Merger Agreement  signed on 12 September 2014 for counterparties and amendment of articles of GSD Denizcilik Gayrimenkul İnşaat Sanayi ve Ticaret A.Ş. including share capital increase due to merger was discussed in the Extra Ordinary General Assembly Meetings held on 22 December 2014.

Please click for The Extra Ordinary General Assembly Meeting Minutes of GSD Denizcilik Gayrimenkul İnşaat Sanayi ve Ticaret A.Ş. held on 22 December 2014.

Please click for The Extra Ordinary General Assembly Meeting Minutes of GSD Dış Ticaret A.Ş. held on 22 December 2014.

The merger of GSD Denizcilik Gayrimenkul İnşaat Sanayi ve Ticaret A.Ş. and GSD Dış Ticaret A.Ş., both of which are the subsidiaries of GSD Holding A.Ş., under GSD Denizcilik Gayrimenkul İnşaat Sanayi ve Ticaret A.Ş. by means of the take-over of all of the assets and liabilities of GSD Dış Ticaret A.Ş., dissolving without liquidation, by GSD Denizcilik Gayrimenkul İnşaat Sanayi ve Ticaret A.Ş. is registered in trade registry on 31 December 2014.