Cyprus-based Pelagic Partners, a manager of Shipowning Funds, said its compartment Pelagic Fund I, continues to expand with another vessel.

Today it completed the acquisition and takeover of the LR1 tanker “Pelagic Tope” from Hafnia. This acquisition was driven by favorable market fundamentals within the product tanker sector, marked by a clear imbalance between ton-miles and vessel supply.

With this recent acquisition, Pelagic Partners has expanded its fleet portfolio to 17 vessels spread over 3 compartments. It has also several projects under the pipeline, which are currently being finalized as the company continues to pursue “promising opportunities” in the maritime industry, as characteristically mentioned today.

Now the next step is engaging the vessel on medium to long-term TC (time charter) with a counterparty, aiming to secure a “steady and strong cash flow”, as it is expected. It is important to note that Hafnia will continue serving as the vessel’s commercial manager.

“This strategic move is rooted in the favourable market fundamentals within the Product Tanker sector, presenting an opportunity for long-term stability in a dynamic market environment,” Pelagic said.