Limassol-based Pelagic Credit has made its first investment in the chemical tanker sector through a $24.7m chemical tanker newbuild financing.
The company has entered into definitive agreements for a pre- and post-delivery financing investment in two 10,000-dwt chemical tankers, with an aggregate transaction value of $24.7m during the predelivery phase.
During construction, a $24.7m predelivery loan will fund yard progress payments through to delivery, expected to generate approximately $4.2m in distributable earnings from fees and interest.
The loan is secured by a refund guarantee, according to Pelagic Credit, from an international financial institution.
Upon delivery of each vessel, the company will enter into a sale-and-bareboat-charter-back transaction financing for the vessels at terms in line with its investment criteria, subject to customary conditions.
The company said the vessels have been fixed on a long-term time charter to an energy infrastructure and fuel distribution company and are owned – as described by Pelagic Credit – by a globally recognized shipowner and operator with a diverse fleet.
The transaction is expected to close during July 2026, subject to customary closing conditions.
C. Tobias Backer, chief executive officer of Pelagic Credit, said: “This transaction is a natural extension of our disciplined, returns-led approach to deploying capital. It marks our entry into the chemical tanker segment, pairs attractive predelivery financing economics with a sale-and-bareboat-charter-back investment on delivery, and is underpinned by a long-term charter to a highly rated counterparty and a globally respected owner.”
Pelagic Credit is a yield-oriented ship-owning company listed on Euronext Growth Oslo and headquartered in Limassol, Cyprus.
