NRP Premium Maritime Fund has paid out $12.8m to its investors.
The Oslo-based fund had a return of 2.2% in the second quarter of this year.
The performance was primarily driven by the sustained robust returns of the product tanker investments, the fund said in the second-quarter report.
“After another strong quarter, during which three more vessels were committed for sale, the fund distributed $12.8 million in dividends today — equivalent to 21% of invested capital,” NRP Asset Management said in a post on LinkedIn on Thursday.
The portfolio currently comprises six vessels, including three that have been sold with deliveries scheduled in the third quarter.
“Since inception, the fund has now returned 195% of invested capital to its investors and is not stopping any time soon. With proceeds from the sold vessels on the horizon, you can already cross Christmas presents off your worry list,” NRP said.
The fund expects to make a distribution similar to today’s late in the third or early fourth quarter once proceeds from recent sales are received.
Over the past two years, the tanker market has experienced conditions not seen since the financial crisis, prompting the fund to gradually secure profits, the report said.
Additionally, the fund has recently divested most of its dry investments, leveraging the prevailing strong market sentiment.
The fund continuously assesses sale candidates, taking an opportunistic approach when the price is right.
“Even with short-term uncertainties on the demand side, the forecasted low effective supply growth provides convincing indications that a prolonged up cycle is ahead of us for several segments,” the report said.
The fund is managed by NRP Maritime Asset Management partners Nicolai Heidenreich and Wilhelm Magelssen.
