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Hakki Deval has spent more than two decades in dry bulk shipping, from his student days at Solent University to leading Istanbul-based Devbulk as managing director and CEO. A former Turkish Navy lieutenant, two-term International Chamber of Shipping boardmember and Baltic Exchange stalwart, he brings a measured, experience-hardened perspective to markets that rarely sit still.
Ahead of next week’s Geneva Dry, the Turkish shipowner shared his thoughts with Splash on where the sector is heading – and what it will take to navigate it successfully.
On the market outlook, Deval is cautiously optimistic, particularly for the smaller segments. He expects conditions to remain reasonably “constructive” in handysize and supramax, where the supply side is working in owners’ favour. The orderbook remains historically modest, and shipyards are heavily occupied with container, LNG and naval projects. Meanwhile, geopolitics is reshaping trade routes and pushing tonne-mile demand higher as commodities travel further to reach their destinations.
“Dry bulk markets are always volatile,” he acknowledges, “but structurally we are entering a period where fleet growth is limited while trade patterns are becoming more complex. That combination should provide underlying support rather than severe pressure.”
On the perennial question of when to order newbuildings, Deval has this advice. The best time to commit, he argues, is usually when nobody else wants to – and right now the conditions do not yet favour that contrarian move. Yard prices remain elevated and propulsion technology unsettled, making expensive long-term commitments a difficult sell for any prudent owner. His preference today is for well-priced secondhand tonnage, with newbuilding orders better held in reserve for when yard prices soften and the industry achieves clearer visibility on fuel pathways and regulatory frameworks.
The best time to order ships is usually when nobody else wants to
Technologically, Deval does not anticipate dramatic hardware breakthroughs in the near term. The meaningful gains, he believes, will come from smarter operations – AI-driven voyage optimisation, predictive maintenance and digital performance monitoring already helping owners trim fuel bills and sharpen fleet efficiency. Wind-assist technologies and hull optimisation will continue to evolve, but he returns repeatedly to the unresolved fuel question. Until the industry gains clarity on scalable zero-carbon solutions and the infrastructure to support them, he expects shipowners to keep moving cautiously.
As for Geneva Dry itself, Deval’s enthusiasm is genuine. He values the event precisely because it assembles the people who actually drive the industry – owners, charterers, traders, bankers and brokers – under one roof. Ideas get tested, partnerships get started, and relationships that sustain careers get built. It is a reminder, he says, of something that no market cycle or technological shift has managed to change: “Shipping is all about knowing people.”
Join this Turkish shipowner and more than 200 other owners heading to the Hotel President Wilson next week for the world’s most important annual dry bulk gathering with last-minute Geneva Dry tickets still available here.