Shipowner and shipping fund manager, Pelagic Partners, has announced the successful acquisition of three multipurpose (MPP) vessels. The acquisition represents the first under Pelagic Partners’ new MareVia Credit Fund, and is the 31st acquisition since Pelagic Partners’ inception, in 2020.
The three 17,500 dwt multipurpose (MPP) vessels – MV Condor Bilbao, MV Condor Magallanes, and MV Condor Valparaiso – are currently employed under a bareboat charter arrangement with a minimum duration of five years.
Pelagic Partners’ latest private credit fund is explicitly designed to address the increasing capital needs of the maritime industry and significantly expands Pelagic Partners’ influence as a shipowner and investment manager within the maritime space.
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.”
“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. We believe that this announcement marks the first in a long line of innovative and dynamic acquisitions for Pelagic Partners’ private credit strategy”.
Pictured: Tobias Backer, Executive Director, Pelagic Capital
