Santiago-based bulker operator Nachipa is gearing up for a big fleet expansion as it looks to capture a larger slice of the European market.

The low-profile Chilean company has been moving to a cargo-first approach in recent years, reducing its owned tonnage in pursuit of an "asset-light" model with a more modern chartered-in fleet, while expanding global operations.

Nachipa has just opened its first European office in the German city of Hamburg and is also plotting an Asian base.