Indian iron ore trader Nexus Minmet is moving into the period chartering business aiming to hire seven or eight vessels for one to five years.

A shipping offshoot, Nexus Bulk Operators, plans to be in business by mid-September according to the Times of India.

The company appears to have major ambitions declaring it wants to develop into a leading shipping conglomerate active in the tanker trades and offshore markets in addition to carrying various dry bulk commodities in addition to iron ore.

But