Devbulk

What Devbulk does

Devbulk is a privately held dry bulk shipping company headquartered in Istanbul, Turkey, operating as part of the family-owned Deval Group, whose shipping heritage spans more than 125 years. The company operates a modern handy-size bulk carrier fleet of 16 vessels with approximately 600,000 dwt of total capacity, transporting 2.5 million tonnes of dry bulk cargo across 270 ports annually. Its service portfolio comprises two integrated lines: freight services (voyage, time, and bareboat chartering for diverse commodities including fertilizer, coal, petcoke, bauxite, copper concentrates, grains, cement, iron ore, steel, aluminum, forest products, and scrap) and ship management services (full and partial technical and commercial management for third-party vessel owners, covering crewing, technical maintenance, dry docking, chartering, operations, insurance, and claims handling). Fleet assets are characterized by shallow-draft designs, cranes and grabs for self-loading/unloading, and eco-efficient engines, enabling access to ports with limited infrastructure.

The company runs a sales-led B2B motion targeting enterprise cargo owners, charterers, and third-party vessel owners, with direct chartering arrangements and individually negotiated pricing tied to cargo, route, vessel, and contract duration. Operating geographies are global, anchored by offices in Istanbul (Paşa Limanı Cad., Uskudar) and London (Eaton Gate, Belgravia). Leadership is family-led, with brothers Hakkı Deval (CEO) and Orhan Deval (COO) serving as Managing Directors since 2014, supported by a deep bench of long-tenured maritime professionals across chartering, technical, operations, HSEQ, crewing, and finance functions.

Commercially, Devbulk hedges portfolio exposure across forward contracts and spot fixtures, and supplements physical operations with a Freight Futures desk and a Power BI-based cargo volume visualization platform launched in late 2025. The company maintains an institutional partnership stack spanning financial institutions (Deutsche Bank, Garanti BBVA, JA Mitsui Leasing), major charter counterparties (Mitsubishi Corp., Mitsui & Co., Oldendorff, Pacific Basin), classification and insurance partners (UK P&I Club, Rina), and maritime intelligence platforms (RightShip, Windward, Clarksons SIN). No external institutional investment has been disclosed; the firm remains wholly under Deval family ownership through its parent Deval Group.

Name

Devbulk

Legal name

Devbulk

Website

https://devbulk.com

Company type

Private

Founded year

1895

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Devbulk is a family-owned Turkish dry bulk shipping company operating 16 handy bulk carriers (600,000 dwt) and offering voyage, time, and bareboat chartering plus third-party ship management services to global cargo owners, charterers, and vessel owners.

Ownership category

akta.pro rank

Product category

Dry Bulk Shipping Services

NAICS

Deep Sea Freight Transportation (483111), Deep Sea, Coastal, and Great Lakes Water Transportation (48311), Marine Cargo Handling (488320)

SIC

Deep Sea Foreign Transportation Of Freight (4412), Wholesale-Industrial Machinery & Equipment (5084)

akta.pro primary industry

Bulk Dry Cargo Carriers (Capesize/Panamax/Supramax/Handysize) (TLADABAC)

akta.pro secondary industries

Dry Bulk Ocean Shipping (Capesize/Panamax/Handysize) (TLADAKAA), Bulk Cargo Handling Services (Conveying, Grab/Loader Ops, Bagging) (TLAHALAI)

Keywords

• Dry bulk shipping
• Ship management services
• Chartering services
• Bulk carrier fleet
• Maritime transportation

Headquarters

HQ city

Kuzguncuk

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales, Others

Revenue model

1. Freight Services / Chartering: Revenue from chartering vessels on voyage, time, or bareboat basis to customers needing single cargo shipments or long-term shipping contracts of cargo movement. Handles diverse dry bulk cargoes including fertilizer, coal, petcoke, bauxite, copper concentrates, grains, cement, iron ore, steel, aluminum, forest products, and scrap.
2. Ship Management Services: Provides full and partial technical and commercial ship management services to third-party vessel owners, including crewing, quality management, technical maintenance, dry docking, chartering, operations, insurance, and claims handling.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Devbulk operates a modern handy bulk carrier fleet of 16 vessels (approximately 600,000 DWT total capacity) to transport dry bulk commodities globally via voyage, time, and bareboat charter arrangements. The company additionally provides full and partial ship management services (technical management, commercial management, crewing, chartering, operations, insurance, and claims handling) to third-party vessel owners. Cargoes handled include fertilizer, coal, petcoke, bauxite, copper concentrates, grains, cement, iron ore, steel, aluminum, forest products, and scrap.

Product overview

Devbulk is a dry bulk shipping company offering integrated maritime services through its core product portfolio. The company operates 16 bulk carriers with 600,000 DWT total capacity and provides freight services (chartering for voyage, time, or bareboat basis) to transport various bulk commodities globally. Devbulk's ship management services encompass technical management (crewing, maintenance, dry docking) and commercial management (chartering, operations, insurance, claims) for its owned fleet and third-party vessels. An interactive Power BI-based cargo volume visualization tool enables real-time tracking of cargo movements across global trade routes.

Differentiator

Problem solved

Functional benefit

Products and services

• Bulk Carrier Fleet Operations

Quantifiable outcome

• 0 detentions, 33 inspections per year, 0 spills, 0.66 deficiency per PSC inspection
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

18 partnerships are on record, tiered core and minor.

• Mitsubishi Corp.coreOthersMajor Japanese trading company and shipping partner.
• Mitsui & Co.coreOthersJapanese conglomerate and shipping industry partner.
• Imabari S.B.coreTechnology or IntegrationShipbuilder partner for vessel construction and technical collaboration.
• DS NordenminorOthersDanish shipping company partner.
• UltrabulkminorOthersDry bulk shipping partner.
• MURminorOthersShipping partner.
• OldendorffcoreOthersMajor dry bulk shipping company partner.
• Swire BulkminorOthersPart of Swire Group, dry bulk shipping partner.
• ClarksonscoreOthersLeading shipping services provider offering broking and research services.
• Pacific BasincoreOthersInternational shipping company partner.
• UK P&I ClubcoreOthersProtection and Indemnity insurance provider for maritime liability coverage.
• Lockton OmniminorOthersInsurance broker partner.
• IntegraminorOthersInsurance broker partner.
• ConvexminorOthersInsurance partner.
• DeloittecoreOthersAudit and financial advisory services partner.
• PwCcoreOthersAudit and financial advisory services partner.
• RightShipcoreTechnology or IntegrationMaritime environmental and sustainability intelligence platform for vessel vetting and risk assessment.
• RinaminorOthersClassification society and certification partner.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Star Bulk Carriers: One of the largest global dry bulk shipowners, operating a diversified fleet of newcastlemax, capesize, panamax, and supramax vessels. Directly comparable as a dry bulk owner-operator competing for the same charterer demand across global trade routes.
• Eagle Bulk Shipping: US-listed owner-operator focused exclusively on the supramax/handymax dry bulk segment, very close in vessel size profile to Devbulk's handy bulk fleet. Operates in identical end-markets (grains, coal, fertilizers, minor bulks).
• Golden Ocean Group: Dry bulk owner-operator with a fleet dominated by capesize and panamax vessels (newcastlemax/kamsarmax mix). Competes for the same global dry bulk cargo flows and charterer relationships.
• Diana Shipping: Dry bulk owner-operator with a fleet of capesize, kamsarmax, panamax, and ultramax vessels, also providing ship management services. Directly comparable in dual chartering-and-ship-management model and Greek-shipowner counterparties.
• Pacific Basin Shipping: Hong Kong-listed dry bulk owner-operator focused on supramax/handysize segments — very close in vessel class to Devbulk's handy bulk fleet. Strategic partner of Devbulk per the data, and overlapping in minor bulk trades (grains, fertilizers, steel).
• Oldendorff Carriers: Privately-held, family-owned (German) dry bulk operator — among the largest globally — operating a fleet of over 800 owned/chartered vessels. Direct comparable as a privately-held, family-run dry bulk operator serving the same charterer base; named as a strategic partner of Devbulk.
• Safe Bulkers: Dry bulk shipping company operating panamax, kamsarmax, post-panamax, and capesize vessels, with both voyage chartering and ship management services. Comparable in dual revenue model and global dry bulk focus.
• Genco Shipping & Trading: NYSE-listed dry bulk shipowner with a fleet of capesize, ultramax, and supramax vessels. Highly comparable in business model — owned dry bulk tonnage chartered to major cargo owners — but at meaningfully larger scale.
• Ultrabulk (and related units): Dry bulk shipping group operating handysize, supramax, and panamax tonnage. Named as a strategic partner of Devbulk; directly comparable in vessel size profile and minor-bulk focus.
• D/S Norden (DS Norden): Danish dry bulk and product tanker owner-operator with a fleet including handysize and supramax vessels. Strategic partner of Devbulk and directly comparable as a dry bulk charterer and operator in Europe-Turkey trade lanes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/devbulk
• LinkedInlinkedin.com/company/18060234
• Instagraminstagram.com/devbulk

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Devbulk