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Pelagic Partners takes delivery of product tanker
Ship owning fund Pelagic Partners, in partnership with Cypriot outfit Interorient Shipmanagement, has taken delivery of the MR2 product tanker Star Osprey
2007-built, 52,200-dwt product tanker Star Osprey is the latest acquisition by Pelagic Fund I and takes the investment portfolio into a fourth shipping segment after dry bulk carriers, car carriers and gas carriers.
Pelagic Partners managing director Atef Abou Merhi said, “With the acquisition of Star Osprey, we have positioned ourselves into the right stage in the product tanker cycle, which we are bullish towards for 2022 and beyond.”
He added, “After the peak storage volumes in 2020, the world oil reserves decreased to even below average figures. Currently, oil demand is slowly but surely reaching prepandemic levels again, and a more complex trade with new product flows has emerged, demanding higher tonne miles. It will not be long before the market returns to healthy levels.”
Additionally, at the beginning of September 2021, two further LPG carriers were acquired by Pelagic Partners together with Danish gas shipping specialist B-Gas A/S: B-Gas Saturn and B-Gas Jupiter.
This brought the total number of LPG carriers controlled by the Pelagic Fund I to five vessels.
B-Gas Saturn and B-Gas Jupiter are semi-refrigerated LPG carriers which were built in 2003 and 2004 and have capacities of 3,000 m3 each.
With the latest additions, Pelagic Fund I now comprises of eight vessels with a current value of US$60M and the fund has been completed and officially closed.
Preparations are ongoing to kick off Pelagic Fund II in January 2022. “Given the success of Fund I with a target of US$50M, we look forward to going even bigger with our new Fund II, which has a target of US$100M”, said Mr Merhi.
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