US-listed distressed asset player Tiptree Marine plans expansion

Wall Street's quietest shipowner — distressed asset play vehicle Tiptree Marine — is planning to build on its fleet of five vessels operated through affiliates SwiftBulk and SwiftTankers.

The three-year-old venture founded by Stefanos Kasselakis is better known under the SwiftBulk name and has links to Greece's AM Nomikos.

But it is bankrolled by its Nasdaq-listed US parent, specialist underwriter Tiptree Inc, which acquired it in 2018 and funded Kasselakis' initial acquisitions.

Tiptree Marine has kept quiet on the sale-and-purchase front after its initial five purchases.