Ukrainian ship operator Varamar has come a long way since chief executive and managing director Alexander Varvarenko founded the company seven years ago.

When TradeWinds first reported about Varamar in 2011, the Odessa-based company operated a fleet of about 10 chartered-in vessels and celebrated its first commercial shipmanagement contract for a Danish multipurpose (MPP) vessel.

Today, the company has a chartered-in fleet that has tripled in size. Even though it remains focused on smaller MPP ships, it has upgraded to operating handy and panamax bulkers.