Pelagic Partners teams up with Borealis Maritime in PSV duo investment

Cyprus-based shipowner and shipping fund manager Pelagic Partners unveiled a new investment in two platform supply vessels (PSV).

The company revealed on Wednesday that has successfully completed an investment in two platform supply vessels (PSV) that will see it partner with private investment and asset management firm, Borealis Maritime.

The shipowner claims that the 89-metre Aurora Coey, formerly Viking Coey, and Aurora Cooper, ex-Viking Cooper, both built in 2021, “represent the best-in-class PSVs available in the market.”

Both ice-class ships are dual-fuel and capable of operating on lower carbon LNG, as well as being ammonia-ready.

The sister vessels are fitted with hybrid battery power, and Low Loss Concept (LLC) solutions that further reduce emissions, and their ICE-compliant onshore power capability means that they can use grid energy while in port.

Both vessels are currently under charter. The company didn’t disclose details about the charter but said they are “reputable international counterparties.”

This investment is believed by the company to be a strategic move in the offshore energy segment; with low offshore asset order books, married with a continued positive cycle in the sector, that is anticipated for several years to come.

Atef Abou Merhi, managing director, Pelagic Partners, said: “We are very pleased to be partnering with Borealis Maritime as we expand our offshore energy market exposure.

“The development of our portfolio in this segment is driven by an acknowledgement that offshore energy investment looks likely to remain steady over the next 5-6 years, coupled with an extremely low order book, which will likely lead to an increase in demand for PSVs.

“We have the advantage of being both a shipowner and a shipping fund, which is why it is important for us to focus our investments on acquiring the most modern vessels; equipped to evolve with the offshore marine industry, as it transitions to more sustainable practices. We’d also like to thank Fearnley Securities for the arrangement on the Aurora Coey.”