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JV of Croatia's Alpha Adriatic takes ownership of 52,000 dwt bulk carrier

Author Annie Tsoneva
JV of Croatia's Alpha Adriatic takes ownership of 52,000 dwt bulk carrier Uljanik Plovidba's tanker Champion Istra Photo: Uljanik Plovidba

ZAGREB (Croatia), September 17 (SeeNews) - Croatian shipping company Alpha Adriatic [ZSE:ULPL] said on Friday that its joint venture company Alpha DCM Investments has assumed ownership of its newly bought bulk carrier of 52,000 dwt, the Punta.

Alpha DCM Investments took over the Punta on Thursday afternoon in the Turkish port of Samsun, Alpha Adriatic said in a filing to the Zagreb bourse.

At the same time Alpha Adriatic took the technical, commercial and crew management of the vessel, which has been commercially employed to a reputable tenant and will keep on sailing under the Croatian flag, the company added.

Alpha Adriatic announced last month it bought the Punta built in 2013 in Croatian shipyard Uljanik, and another 52,000 dwt bulk carrier, Valovine, for an undisclosed sum.

Alpha Adriatic owns 50% in the Marshall Islands-registered Alpha DCM Investments LLC which was set up in July. The shipping company did not disclose back then who is holding the remaining 50% interest but said that Alpha Adriatic group will operate the ships, which will be controlled by the JV, while Dutch consultancy and investment company DC Maritime Partners will be in charge of corporate management.

Alpha Adriatic's shares last traded on Thursday on the Zagreb bourse, closing 3.33% higher at 124 kuna ($19.5/16.5 euro).

(1 euro=7.508 Croatian kuna)