Cypriot shipowner and shipping fund manager, Pelagic Partners, said its new investment platform, Pelagic Credit, headquartered in Limassol, has been listed and began trading on the Oslo Stock Exchange.
The company described the move as an expansion of its ownership-led, disciplined maritime investment platform.
The new investment platform, according to Pelagic Partners, is a yield-orientated shipowning company aimed at generating cash flows supported by long-term contracted employment of maritime assets.
It is also intended to provide structured financing solutions to the maritime industry, supported by an initial capital raise of $75m, anchored by Pelagic Partners.
“Pelagic Credit represents a unique product within public markets that is designed to bridge the current capital funding gap within the maritime industry, to support the demand for structured leasing transactions,” said Pelagic Credit’s chief executive officer Tobias Backer.
Last week, Pelagic Credit Plc announced the completion of the acquisition of the offshore support vessel Nautical Singapore for a net purchase price of $24.8m.
Upon delivery, the vessel has entered into a five-year bareboat charter with BCN Two Pte. Ltd., sponsored by Bertling Group.
The bareboat charter contract features a floating-rate interest component and adds an estimated bareboat charter backlog (gross firm charter hire) of $28.2m, assuming current SOFR swap rates, Pelagic Credit said in a filing.
Prior to the latest deal, Pelagic Credit owned three vessels, all on five-year fixed rate bareboat charters, supporting its dividend-oriented investment strategy.
