Cyprus-based shipowner and shipping fund manager Pelagic Partners has completed the acquisition of three multipurpose vessels under the MareVia Fund.
The company has revealed the first vessel acquisitions for its newly launched credit platform MareVia Credit Fund.
The three 17,500-dwt multipurpose units (MPP) – Condor Bilbao, Condor Magallanes, and Condor Valparaiso – are currently employed under a bareboat charter arrangement with a minimum duration of five years.
The transaction marks the 31st acquisition since Pelagic Partners’ inception in 2020 and represents the first acquisition for its new MareVia Credit Fund.
Pelagic Partners said the latest private credit fund was created to address the increasing capital needs of the maritime industry, while expanding the company’s role as both an owner and investment manager.
Tobias Backer, executive director at Pelagic Capital, said: “The acquisition of the three MPP vessels represents a significant development in the growth of Pelagic Partners’ portfolio and continues to cement our position as a diversified specialist within maritime investment.”
He added: “The MareVia Credit Fund was launched to address the growing capital concern within the industry, as a result of a rapidly aging global fleet, the increasing need for more efficient and sophisticated vessels to support the industry’s decarbonization targets, combined with the ongoing retreat of traditional investment institutions from the maritime sector.”
