Two of Italy’s best-known shipping families are forming a dry bulk operation in the panamax and post-panamax sector.

Tanker owner Navigazione Montanari and small bulker operator Nova Marine Carriers have hooked up to form Novamont Dry.

The joint venture — based in Monaco and which expects to start operations from the start of the new year — will be headed by Italian dry cargo veterans Costantino Mussi and Pietro Repetto.