Pelagic Partners, a shipping fund manager set up four years ago by Niels Hartmann and Atef Abou Merhi, has unveiled another payout to shareholders as its value increases.
The Cyprus-based company said its Pelagic Fund I has paid out its fourth consecutive annual dividend since its inception in 2020.
No cash figures were given, but executive director Ahmad Abou Merhi told TradeWinds: “The latest dividend distribution under Pelagic Fund I yields 6.5%.”
Cumulative distributions to paid-in capital stand at just over 21%, he added.
“This is in line with our strategy of distributing strong annual cash flows to our investors,” Abou Merhi said.
To provide a complete picture of the performance of Pelagic Fund I, the dividend distributions must be taken into consideration alongside the growth of net asset value, he explained.
“Our NAV per investment unit increased by 14% over the past 12 months, bringing the cumulative appreciation to 2.3 times since commencement,” he added.
“This consistent increase is tangible evidence of our robust operational model and vigorous portfolio and risk management functions.”
Pelagic says it is not merely a passive observer in the investment landscape: “Rather, we are active participants, constantly seeking opportunities to optimise dividends.”
Last month, the company unveiled yet another acquisition that brought its maritime investments to 26 vessels across six different ship types.
Borealis partnership
It bought a stake in the 10,400-bhp platform supply vessels Cooper Viking and Coey Viking (both built 2021).
TradeWinds had previously reported that these were the last two PSVs in the managed fleet of Christen Sveaas-backed Viking Supply Ships, which sold its 30% participation in them in January, for a net gain of $17m in cash.
The remainder was owned by UK-based Borealis Maritime, which has picked Pelagic Partner as a co-investor in the ships.
Pelagic also owns MR and LR tankers, as well as LPG carriers and bulkers.
The company was set up by Atef Abou Merhi, of the family-owned shipowner Abou Merhi Group, and Hartmann Group chief executive Niels Hartmann.
Pelagic also has stakes in Norwegian PSV owner Golden Energy Offshore Services and Oslo-listed Hunter Group, which charters VLCCs and is plotting liquid CO2 carrier newbuildings.
