A new shipowning and shipmanaging company is coming into its own in Turkey, with three bulkers under its belt barely three months after it launched operations.

Pearl Naval was set up in Istanbul in mid June, its President Burak Alkoc revealed to TradeWinds in an e-mail.

The company currently operates three handysize and supramax vessels but may also expand into tankers and containerships, depending on market circumstances.

Alkoc launched the company after leaving his previous position as managing director of Turkish peer Ayships, a post he held since 2015. Pearl Naval is linked with a new shipping fund, which Alkoc is heading on behalf of an unidentified investor.

Pearl Naval currently manages three vessels: the 33,200-dwt open-hatch carrier MS Atlantic (ex-Atlantic Tramp, built 2010), the 56,800-dwt MS Jupiter (ex-Jupiter, built 2008), and the 33,000-dwt MS Charm (ex-Jupiter Charm, built 2010). Market sources had reported that the first two vessels were sold to Ayships.

However, Alkoc clarifies that Pearl Naval is not related to Ayships.

In addition, Pearl Naval offers chartering, newbuild contracting and construction supervision services.

“We are trying to increase the number of the ships,” Alkoc said. “We are also interested containership and tankers in the near future, depending on [the] market."

The company has set its running costs at about $4,250 per day.

With earnings in excess $8,000 per day, based on recent time-charter agreements, returns are at about 12% more than break-even, including financing fees.

Alkoc graduated as a marine chief engineer from the Istanbul Technical University. He previously worked at Ciner Shipping, first as technical and newbuilding manager and later as general manager of the tanker fleet and the technical and newbuilding division.