A new Gulf-based owner has been building up a midsize bulker fleet with a stealthy series of bargain purchases of veteran Japanese-built tonnage over the past year — but the buying may be on hold for now.

Clients of Fujairah-based Oceanic Ship Management have emerged as the buyer of the Mitsui Tamano-built, 77,700-dwt Glory Pegasus (renamed Gloria, built 1998).

An official of the United Arab Emirates company says Oceanic is only the technical manager of that ship and of two similar vessels acquired over the past year.