Built in 1983 in Brazil and christened MV Gulf Grain, she sailed as a bulk carrier under various names and flags until she was acquired in 2009 to be converted into a Powership in Turkey.

She was built by the Ishibras Shipyard of Verolme Estaleiros Reunidos do Brasil at Angra dos Reis, Brazil as a bulk carrier in October 1983.

In March 2012 the Karadeniz Energy Group (Karkey) annulled the energy purchase agreement with the Pakistan National Accountability Bureau (NAB), which covered the service of the Turkish Powerships MV KPS Kaya Bey and the later stationed MV KPS Ali Can Bey, due to non-payment and non-supply of oil.

At the end of October 2012 the Pakistani government ordered the repayment of the unused amount of the deposit from the Turkish partner before the ships can leave.

[6][7] On May 16, 2014, after being retained for two years, MV KPS Kaya Bey sailed from Karachi to Dubai for repairs and maintenance, in compliance with an intermediate decision of the International Centre for Settlement of Investment Disputes (ICSID).