Pelagic Partners has recently distributed its 3rd dividend pay-out under Pelagic Fund I, which was established in 2020. The dividend, reflecting a robust 6.5% cash yield and in line with our strategy, demonstrates our commitment to providing steady profits to our investors. The strong operational result, coupled with the divestment of 3 vessels, supported the payment of this solid dividend. Additionally, we have reinvested the proceeds into a cash-yielding asset.
In an exciting development, on May 30, Pelagic Fund I completed the acquisition and takeover of the LR1 Tanker named “Pelagic Tope” (IMO 9341940) from Hafnia. This acquisition was driven by favorable market fundamentals within the Product Tanker sector, marked by a clear imbalance between Ton-Miles and vessel supply. Our strategy involves engaging the vessel on medium to long-term TC (Time Charter) with a reputable counterparty, aiming to secure a steady and strong cash flow in what we acknowledge as a dynamic yet volatile market environment. It is important to note that Hafnia will continue serving as the vessel’s commercial manager.
With this recent acquisition, Pelagic Partners has successfully expanded its portfolio to 17 vessels spread over 3 compartments. We have several projects under the pipeline, which are currently being finalized as we continue to pursue promising opportunities in the maritime industry.