Greek shipping executive George Souravlas has emerged at the helm of a new shipping company aiming to focus on the handysize dry bulk sector.
Load Line Marine, a Marshall Islands company with a new office in Athens, has already acquired its first bulk carrier, the 28,000dwt Alpha. The 1984-built vessel was purchased last year as Island Triangle from struggling Singapore-based operator Armada for a reported $4.4m.
For a while the ship management of Elmira Shipping & Trading, in which Mr Souravlas and brother Dimitrios have been key executives for more than a decade.
However, the ship has recently been taken over by Load Line, which is described as a completely independent venture of Mr Souravlas and partner Costis Calfoglou, and is time chartered to a Dutch charterer.
Mr Souravlas has resigned as technical director of Elmira but younger brother Dimitrios remains as Elmira's managing director.
"We are looking to expand the fleet with more handysizes – younger ones if the financing is available," he said of Load Line's plans.
"We may diversify in future, but probably not out of the dry bulk market for the foreseeable future."
Mr Souravlas said the company should not be compared with Elmira, which has managed a diverse range of vessels.
It largely diversified its dry bulk fleet a few years ago and predominantly manages heavylift ships and tankers.