Former Norvic Shipping executives Mudit Paliwal and Henrik Jeremiassen are preparing to raise the curtain on a rival dry bulk operating company, Hellerup-based Delta Corp Europe.
TradeWinds understands they intend to take along key former colleagues from Norvic management for the asset-light venture.
The news comes amid market rumours that AJ Rahman-controlled Norvic is up for sale, which the New York-based Canadian shipping man firmly denied as it lays out a bid to grow beyond dry bulk operating through outside investment.
Jeremiassen confirmed the Delta Corp project but declined to divulge details before an official debut.
"I would really prefer to talk about this ... after some deals fall into place," he said, but confirmed that he will be working with Paliwal in the new project.
Norvic's Dubai-based chief executive Peter Borup was unwilling to be drawn on his former colleagues' start-up.
"I've heard the same rumours that you have, but I don't want to comment on what other companies are doing," he said.
"I wish Mudit all the good luck," said Norvic's New York-based chairman AJ Rahman. "I think the market is big enough to have more than one operator."
TradeWinds understands the Delta Corp intends to pursue an asset-light operating strategy.
Paliwal confirmed by email that Delta is "up and about with a global team of 20 strong", mentioning several names from Norvic's management roster, including Pacific commercial director Andrew Benjamin, head of Atlantic supramax chartering Endre Buljo and Pacific operations head Captain Sumanta Das.
He declined to comment on his former company's business. "I can just wish them the best in whatever they do," Paliwal wrote.
LinkedIn profiles list Paliwal as chief executive and Jeremiassen as executive vice president of Delta Corp. Denmark's central business register lists Dubai-based Delta Corp Holdings Ltd as 100% owner of Delta Corp Europe ApS.
Until Borup took the reins at Norvic last year as group chief executive, Paliwal was chief operating officer and president, while Jeremiassen was managing director for Denmark.
Paliwal came to Norvic as a veteran of Hong Kong's Caravel Group, where he was managing director for shipping. Panamax specialist Jeremiassen held leading positions at Ultrabulk and Thoresen Thai Agencies.
Both left Norvic last year after Borup was recruited from J Lauritzen, where he was managing director.
