Croatia's Alpha Adriatic is teaming up with Dutch financial advisor DC Maritime Partners to boost its tanker and bulker fleet.
The restructured former Uljkanik Plovidba told the Zagreb Stock Exchange it is forming joint venture Alpha DCM Investments to target acquisitions in the secondhand market.
Alpha will own 50% of the Marshall Islands-registered venture through a wholly-owned subsidiary, United Shipping Services One.
Netherlands-based DC Maritime Partners was set up by former DVB Bank executives in 2016 to work with shipowners on loan restructuring and capital raising.
Management division
The Dutch firm will oversee corporate governance, while Alpha will run the vessels controlled by the new company.
Both sides have been contacted for further information.
DC Maritime Partners is chaired by ex-DVB Bank chief executive Wolfgang Driese, and also features co-founder Evan Cohen, who was in charge of DVB's dry bulk business, as well as four other former DVB bank staff.
Alpha also said it is covering its 2020 loss of HRK 84.4m ($13.2m) with retained profit from earlier years.
The fleet now numbers four supramax bulkers and an MR tanker, built between 2010 and 2016.
In April, the shipowner sold another MR tanker after emerging from a bankruptcy reorganisation.
The 52,000-dwt Champion Istra (built 2012) was handed over to Norway's Ebony in Odessa, Ukraine.
Ebony, described as the lessee, exercised an option to buy the vessel under the terms of its 2015 leaseback contract.
Bankruptcy proceedings complete
In February, Alpha completed bankruptcy restructuring at the Commercial Court in Pazin.
This resulted in the release of liabilities of HRK 90m.
The court proceedings were prompted by the shipowner's banking syndicate walking out of debt restructuring talks without notice and then seizing a tanker as collateral.
Alpha had been hit by the fallout from the financial troubles at yard group Uljanik.
The company renamed itself to avoid associations with its former parent.
In March 2019, two Uljanik Plovidba executives quit the shipowner following their arrests in relation to a probe into "financial damage" at Uljanik Group.
