Christos Matarangas, the former co-managing director of a tanker pool shut down by the Schoeller family earlier this year, is returning to the market with a new company.

Matarangas, who left United Product Tankers (UPT) before the German clan pulled the plug on it a few months ago, is now the managing director of Zafira Shipping & Trading.

The new company will operate out of Athens, Limassol and Dubai.