US hedge fund Davidson Kempner Capital has acquired John Frangos' bulker fleet in a distressed deal, TradeWinds has learned.

All four of the vessels will be managed by Frangos' sister Angeliki Frangou, head of the Navios group, via the shipmanagement business she took into private ownership in late August.

John Frangos is head of Irika Shipping, which has sold its fleet of three panamaxes and one supramax to Davidson Kempner, a distressed debt investor.