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Pelagic Partners purchase two additional vessels as fund grows

H.M. Pelagic Partners is delighted to announce the acquisition of two more LPG carriers.

B-Gas Jupiter was delivered on August 30 and B-Gas Saturn joined on September 9, increasing the number of vessels in the “Pelagic Fund 1” to seven.

The newly acquired vessels were both built in 2004 at Madenci Shipyard in Turkey and arrived following the June purchases of B-Gas Mate and B-Gas Monarch in a joint venture with Danish gas shipping specialist company B-Gas A/S.

“Pelagic Partners have further strengthened our position within the niche LPG Coasters market,” says Atef Abou Merhi, one of the Founding Members of Pelagic Partners.

“The sub-5,000 cbm segment remains relatively specialist. New builds are still not justified given current prices. We believe that acquiring these vessels helps us to maintain a strong strategic position.

“With vaccinations increasing around the world, we’re seeing Covid restrictions slowly easing. We believe these recent purchases now also give us the possibility to benefit from the upside in the forthcoming months.

“Pelagic Partners believe in having a healthy entry point. Diversifying the fleet and investing into segments that we have good expertise in is a clear and sensible long-term goal as we look to achieve robust returns for our investors.”

The recent new arrivals raise the fund’s total fair market value to 45 million USD while further projects are currently being executed.

A second fund is already in preparation and will take up operations by the end of the year.

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