Cyprus-based owner Pelagic Partners is eyeing growth in bulkers after snapping up a German-controlled handysize.
The company said it has acquired the 36,300-dwt open-hatch vessel UBC Hamburg (built 2011), bringing its second fund, Pelagic Yield Fund (PYF), to four ships.
The former Shanghai Pearl cost $14m from Carrier 53 of Germany last month, brokers reported.
VesselsValue assesses its value as having risen since then to $16.1m.
The Hyundai Mipo Dockyard-built bulker would have cost $21m last summer.
It is being reflagged to Cyprus and will trade in the UBC pool in the US.
Pelagic was set up three years ago by Hartmann Group chief executive Niels Hartmann and Atef Abou Merhi.
“Pelagic Partners’ aim is to increase the exposure on the bulker market in general and handysize segment in specific,” the company said.
The owner sees the new addition as the first out of “a few more” that will be bought 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 two to three years,” it added.
Tankers bought
PYF was set up in March 2022 and controls $80m assets under management.
In January, it acquired the 73,400-dwt Summit Africa, an LR1 product carrier built in China in 2009.
The vessel was trading in Hafnia’s LR1 pool.
PYF started off last year with deals to buy the 50,900-dwt MRs Pelagic Tarpon and Pelagic Taimen (both built 2006).
The idea is to fix half the vessels on charter contracts to enhance cash flow visibility and generate annual yield, while leaving sufficient exposure to the spot market and the anticipated upswing.
The original Pelagic Fund I has four LPG carriers, a car carrier and another MR tanker.
Two wind farm service operation vessels are on order at Cochin Shipyard in India.
