Devbulk, an Istanbul-based fan of geared handysize tonnage, has expanded its fleet for a second time in three months with the acquisition of a ship from a low-profile player based in Switzerland.

Maestro Shipping, a company set up by Jorgen Dannesboe in 2005, has agreed to part with the 36,900-dwt Maestro Pearl (built 2015), according to market sources.

The ship changed hands in a private deal for $22.5m,