Sources say Cao Deambrosio and Ron Petrunoff of maritime consultancy Seamax Partners are heading up MC Seamax Shipping Opportunities Fund, which is backed by Mitsubishi Corp subsidiary MC Asset Management Holdings.

The fledgling fund, which will be based in Stamford, Connecticut, intends to exploit the recent decline in asset prices by purchasing and managing up to 35 containerships that will be leased to leading carriers if all goes according to plan.

According to an early draft of a prospectus that has been sent to potential investors in Greater New York and abroad, Mitsubishi has agreed to plough $50m into the venture in addition to a $50m debt facility while the group is raising capital.