In spite of an unprecedented market lows, BW Group has established a new venture in drybulk, BW Dry Cargo, targeting vessels between 50,000 dwt and 90,000 dwt.

The company will be headed up by former Nordic Bulk Carriers ceo Christian Bonfils (pictured), described by the group as “a pioneer in the use of the Northern Sea Route and Northwest Passage when they were opened for commercial shipping.”

BW Group chief executive Carsten Mortensen said: “Christian brings with him many years of experience in the international shipping industry, and in particular dry bulk shipping. We welcome a strong leader with a keen sense of the business.”vessel

“I am delighted to be part of BW, a successful and well-respected member of the maritime industry,” said Bonfils. “I look forward to leading BW’s initiatives in a sector I am familiar with, and to working with a talented team to seize opportunities in the market”.

Earlier today, Seatrade Maritime News reported that South Korean drybulk and boxship owner Hyundai Merchant Marine (HMM) fell to a massive $525m loss in 2015. The bulker vessel-price-per-dwt currently resides at a post-2008 low of $102.52, down from highs of $441.44 per dwt in Q3 of 2010, according to the VesselsValue Bulker Index.