Germany-based Handysize operator Hamburg Bulk Carriers (HBC) is foraying into the Supramax and Panamax segments with the award of third party management contracts for 11 ships of 53,000 to 82,000 dwt.

The company said it was put in charge of the new tonnage by institutional investors and lenders who are looking to improve the performance and earnings levels of the vessels. Neither the identity of the ships nor the previous managers were revealed.

HBC will operate the vessels on a fee basis as commercial manager not as charterer. The group, with offices in Hamburg and Singapore, holds contracts of affreightment for 3-5 million tonnes of cargo a year. However, the cargo book is not big enough to cover all the new vessels, so it will bid for additional spot business on a voyage basis, HBC's managing director Jens von Husen said.

The company's fleet of chartered and owned ships will grow to more than 30 units by the end of 2016 with the completion of a newbuilding programme for ten 43,000dwt bulkers, he said.