Andreas Povlsen-led ship financier Breakwater Capital and its team have been fully incorporated into the shipping desk at European alternative asset manager Hayfin Capital Management.

The deal is designed to enable the merged outfit to become one of the leading providers of non-bank debt in the shipping markets.

It comes five years after the two companies forged an exclusive arrangement on maritime debt transactions.

Since October 2014, the duo has drummed up more than $2.5bn