Overview
Overview

GSD Denizcilik Gayrimenkul İnşaat Sanayi ve Ticaret Anonim Şirketi (previously "Tekstil Finansal Kiralama Anonim Şirketi") resolved in its Board of Directors meeting dated 25.05.2011, to change the field of operations of the company, and to make necessary amendments on the Articles of Association, due to the contracting leasing business. The resolutions regarding the change of field of activity and title was submitted to the approval of the shareholders on 24.08.2011 at an Extraordinary General Assembly meeting, once the necessary authorizations were received from Banking Regulation and Supervision Agency ("BRSA"), Capital Markets Board ("CMB"), and other relevant government authorities. The required amendments of articles of association were registered on 26.08.2011 and were published on the Trade Registry Gazette of Turkey dated 06.09.2011 and numbered 7893.

After a thorough analysis regarding the new fields of activities, the company came to the conclusion that with the gradual dissipation of the effects of the global economic crisis and resumed growth of global trade, maritime freight industry would see sustained growth. Further studies of the sub-segments of this industry, container, tanker, dry cargo freight, were carried out taking into consideration the projected vessel supply, cargo volume, freight charges, vessel prices, and state of competition. The assessments led to the conclusion that in particular dry cargo freight market was an attractive field for investments. The dry cargo fleet may be expanded in parallel to the prevailing conditions in the market. These efforts were concluded with an agreement on 10.04.2012 to have two dry cargo freighters with a capacity of 39,000 DWT constructed.

The Board of Directors of GSD Marin has resolved on the signing of a Novation Agreement and a Tripartite Agreement with regard to its implementation between GSD Marin, Hyundai Mipo Dockyard Co. Ltd., Dodo Maritime Ltd. and Cano Maritime Ltd. in order to transfer all the rights and obligations arising from the ship building agreement signed by GSD Marin 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 in Malta being wholly-owned by GSD Marin, for the ships with hull numbers 6150 and 6151 respectively and has also resolved on the submission of the above-mentioned transactions for the approval of the next general assembly which will be held and the implementation of other required transactions on 10 April 2013 and the Company’s General Assembly held on 30 May 2013 has approved the mentioned resolution of the Board of Directors dated 10 April 2013. The resolutions of the General Assembly have been registered to Istanbul Trade Registry on 7 June 2013.

The delivery of the ships have been taken on 7 May 2013 by Dodo Maritime Ltd. and Cano Maritime Ltd.,  being wholly-owned by Our Company, and they have started their dry cargo freight operations as of the mentioned date.  

At the beginning of 2013 The Board of Directors of GSD Marin has resolved on the signing of a Novation Agreement and a Tripartite Agreement on 8 April 2014 for MV Hako and 29 July 2014 for MV Zeyno with regard to its implementation between GSD Marin, Yangzhou Dayang Shipbuilding Co. Ltd., Hako Maritime Ltd. and Zeyno Maritime Ltd. in order to transfer all the rights and obligations arising from the ship building agreement signed by GSD Marin respectively on 5 February 2013 and 19 April 2013 with Hyundai Mipo Dockyard 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 being wholly-owned by GSD Marin for the ships with hull numbers DY-4032 and DY-4039 respectively.

The delivery of MV Hako have been taken on 23 June 2014 by Hako Maritime Ltd. being wholly-owned by Our Company and they have started their dry cargo freight operations as of the mentioned date.

The delivery of MV Zeyno have been taken on 29 September 2014 by Zeyno Maritime Ltd. being wholly-owned by Our Company and they have started their dry cargo freight operations as of the mentioned date.

The delivery of MV Olivia which was built in 2013 have been taken on 2 August 2016 by Neco Maritime Ltd. being wholly-owned by Our Company and they have started their dry cargo freight operations as of the mentioned date. Therewith this recent action our maritime fleet reached to 5 ships with 237.500 DWT cargo capacity, totally.