〆DEVBULK is considering placing new orders with Japanese shipyards. They have long-standing relationships with Japanese maritime stakeholders, and their website supports Japanese.
Turkey is home to 40-50 leading shipowners. Recently, there has been an increased focus on entering the scrapyard business and collaborating with Japanese financial institutions. “We aim to expand our fleet by ordering new vessels from Japanese shipyards,” said Mr. Hakki Deval, Managing Director of DEVBULK, and Fleet Manager Mr. A. Koray Temir, who discussed the company’s current status. (Interviewer: Hirofumi Yamamoto)
1)Please tell us about DEVBULK (founding year, number of employees, number of offices, etc.).
Hakki: Devbulk was founded in 1895 by Capt. Hasan Deval under the name of Deval Shipping. Currently, 2 brothers Hakki Deval and Orhan Deval are 6th generation running the business from Istanbul and London offices under the new brand name “Devbulk”. The Company presently employs 30 professionals at shore and 270 seafarers on board.
2)I understand that DEVBULK currently owns and operates 12 bulk carriers. Please tell us how DEVBULK has expanded its fleet size to this point (e.g., through purchases, bareboat charters, etc.).
Hakki: Devbulk specializes in handy-size bulk carriers with open hatch box-shaped cargo holds with an average age of about 9 years old. We mostly operate all vessels in the spot market. All vessels are owned by Devbulk which has adopted a policy of financing no more than the vessel’s scrap value. The Company only uses traditional bank ship finance not BBCHP due to its strong balance sheet and USD. 150M paid capital.
3)I’ve heard that DEVBULK has built a long-standing trust with Japanese maritime stakeholders. What does DEVBULK expect from the Japanese market going forward?
Hakki: As a traditional shipowner, our most important aspect is trust. Since we know that the Japanese maritime community also attaches great importance to trust, we always trying to give priority to our Japanese friends in our commercial activities. Because of this reason, our awareness increased in the Japanese market after we concluded many deals with Japanese maritime stakeholders.
In the near future we are planning to give new building orders in Japanese shipyards and charter some tonnages from Japanese ship Owners for a long period.
4)Please share DEVBULK’s future business strategy (e.g., fleet size goals, increasing the number of vessels operated as an operator).
Hakki: For the time being our goal is to reach 14 owned large handy bulk carrier vessels ( 5000 sea days) with an average age of 8 years old by the end of 2024.
5) If you would have an added comment, you mention it.
Hakki: We are very close with Mitsubishi Corporation, Mitsui & Co. Ithochu, Marubeni, Higaki Family therefore, Imabari Group, and many other Tokyo and Imabari Shipowners. We have now come to an agreement for a finance deal with JA Mitsui Leasing Co. for the financing of our Bulk Carrier. This deal will be the first Japanese Turkish traditional ship finance deal. We are also working very closely and about to finalize a similar deal with Marubeni.