Pelagic Credit plc is pleased to announce completion of the acquisition of the offshore support vessel “Nautical Singapore” for a net purchase price of US$ 24.8 million. Upon delivery, the vessel has entered into a five-year bareboat charter with BCN Two Pte. Ltd., sponsored by Bertling Group. The bareboat charter contract features a floating-rate interest component and adds an estimated bareboat charter backlog (gross firm charter hire) of US$ 28.2m, assuming current SOFR swap rates.
The acquisition was completed in line with the Company’s strategy to acquire a modern and diverse fleet and to place assets on long-term charter with reputable and well-established counterparties in the industry. The transaction was funded through a combination of floating-rate debt and equity.
This transaction forms part of the indicative pipeline previously communicated in connection with the Company’s private placement of new shares in advance of the listing on Euronext Growth Oslo, and demonstrates the management team’s ability to originate and execute on identified opportunities.
This latest investment follows the company’s inaugural transaction, which saw the acquisition of three 17,500 dwt multipurpose vessels, MV Condor Bilbao, MV Condor Magallanes, and MV Condor Valparaiso. The vessels are employed under a bareboat charter arrangement with a minimum duration of five years. The transaction marked the 32nd acquisition since Pelagic Partners’ inception in 2020 and represented a significant step in expanding the firm’s dedicated maritime credit strategy.
With its second transaction now completed, Pelagic Credit continues to build momentum as a yield-oriented shipowner with long-term employment coverage. By combining sector expertise with flexible capital, the company is well positioned to support high-quality counterparties and modern tonnage, while addressing the growing capital requirements of an industry undergoing structural transformation through long-term lease solutions.
