Cyprus-based Pelagic Partners, an investment fund manager, said today that its compartment, Pelagic Yield Fund, increases its portfolio with the acquisition of a Handysize Bulk Carrier. The newly established Yield Fund sees a further upside on asset price and healthy returns over the next 2-3 years for Handysizes.
The acquisition of the vessel “UBC Hamburg”, formerly known as Shanghai Pearl, expands the portfolio of the second compartment, Pelagic Yield Fund, to four vessels.
The Handysize Bulk Carrier is a 2011-built vessel at Hyundai Mipo Dockyard in South Korea, and has a capacity of 37,000 deadweight. The vessel will be reflagged under Cyprus and will trade in the UBC Pool.
Pelagic Partners´ strategy is to increase its fleet portfolio when the right assets are found. The company´s aim is to increase the exposure on the Bulker market in general and Handysize segment in specific.
“UBC Hamburg is the first out of a few more that will be purchased when the right assets are found. Given the market fundamentals and age profile of the Handysize fleet around the world, we believe there is further upside on asset price and healthy returns over the next 2-3 years,” says the company today in its announcement.
Pelagic Yield fund is a newly established fund since March 2022 and its strategy comprises fixing half of the vessels on charter contracts to enhance cashflow visibility, and generate annual yield, while leaving sufficient exposure to the spot market and the anticipated upswing.
