Croatian shipping firm Alpha Adriatic, former Uljanik Plovidba, has partnered with Dutch consultancy and investment company DC Maritime Partners, looking to strengthen its portfolio in the tanker and bulker sector.

The Pula-based company has signed a deal through its subsidiary United Shipping Services One for the establishment of a joint venture registered in the Marshall Islands for the purpose of investment in secondhand vessels.

Alpha Adriatic said in Zagreb Stock Exchange filing it will hold a 50% interest in the joint venture, called Alpha DCM Investments, and operate the ships, while DC Maritime Partners will be in charge of corporate management.

The company says it currently operates a fleet of four bulkers and four tankers. Last week, brokers reported Alpha Adriatic had offloaded its supramaxes, the 2013-built Punta and the 2016-built Valovine, to undisclosed buyers. The company has yet to confirm the deal and respond to inquiries from Splash.