Danish start-up Cornerstone Maritime is seeking more tonnage after agreeing a deal to take over its first managed tanker.

The company has been founded by Simon Toft, its managing director and a former Maersk Brokers and Wonsild man.

Toft has owned and run broker Casos Shipping for the last five years.

It said on Friday it will manage the 15,900-dwt Ierax (built 1998) commercially from 10 May.