Nova Marine Carriers and Aug Bolten said on Monday they joined forces to expand their footprint in handysize bulkers.

“This year’s upswing in the bulk market fuelled [the] opportunity to establish an asset joint venture,” said Gerhard Binden, major shareholder of Aug Bolten.

The new entity will be based in Germany and focus on asset management, ship management, as well as on commercial and pool operations.

Nova Marine, a company with a managed fleet of about 80 ships, said its cooperation with Aug Bolten allows it to expand and develop its capabilities further.

“We are excited about this new joint venture,” said Nova Marine chief executive Vincenzo Romeo. “In recent years, Nova has invested heavily in the handysize sector and this deal signifies another important milestone in our development.”

Aug Bolten is based in Hamburg and Nova Marine in Lugano, Switzerland. Both companies, however, have connections to Greece.

The Romeo family has close ties to the Diamantopoulos clan, which controls Piraeus-based Halkidon Shipping.

Aug Bolten has a subsidiary in Piraeus, called Lydia Mar, founded in 1983. Lydia Mar will play a role in Aug Bolten's tie-up with Nova Marine as the two companies plan to offer joint technical and crew management services through Lydia Mar.

Aug Bolten is one of the oldest German shipping companies, with a history of more than 200 years in the business. The company is already active as a pool manager through the Sea Stallion pool, which currently lists four handysize vessels on its website.