Pelagic Partners Targets Euronext Growth Oslo with New Shipping Credit Platform
Cyprus-based shipowner and fund manager Pelagic Partners is set to make a significant move in the maritime finance sector by launching a private placement and listing its shipping credit platform, Pelagic Credit, on Euronext Growth Oslo. This initiative aims to raise fresh equity to expand a yield-focused portfolio of vessels that are backed by long-term contracted earnings. The private placement of new shares is scheduled to take place from February 10 to February 13, ahead of the anticipated listing.
Pelagic Credit was established last year as a dedicated vehicle for shipping credit and shipowning, combining asset-backed investments with long-term bareboat charter agreements. This strategic approach allows the platform to focus on predictable cash flows, steering clear of the volatility associated with spot market exposure. The initiative builds on Pelagic Partners’ extensive track record in maritime investments.
Current Fleet and Future Expansion Plans
Currently, Pelagic Credit owns three vessels, all of which are fixed on five-year bareboat charters. This fleet forms the foundation of its dividend-oriented strategy. Notably, Pelagic Credit does not operate the ships directly; instead, it leases them under long-term contracts designed to maximize revenue days while minimizing cost exposure.
Following a successful fundraising effort and subsequent listing, Pelagic Credit is evaluating a pipeline of six transactions that encompass nine additional vessels. This prospective fleet includes a multipurpose support vessel, three handysize bulk carriers, two cement carriers, one commissioning service operation vessel, and two midsize gas carriers. If all transactions are finalized, Pelagic Credit’s fleet could expand to a total of 12 vessels.
The platform is targeting a post-money equity valuation between $125 million and $150 million. The private placement is expected to generate gross proceeds of approximately $107 million to $132 million, with shares priced at the NOK equivalent of $2.03 each. Pelagic Partners, through its managed funds, has committed between $40 million and $50 million, while a cornerstone investor from a prominent shipping family has pre-committed $10 million.
Leadership and Strategic Focus
Pelagic Credit is led by Chief Executive Tobias Backer, who has a robust background in shipping finance, having previously worked with ICON Capital and Oaktree-backed Fleetscape. Backer has been instrumental in developing shipping credit strategies that deliver equity-style returns through asset-backed deals.
The platform is sponsored by Pelagic Partners, which was founded by shipowners Niels Hartmann and Atef Abou Merhi. Both founders are directly invested in Pelagic Credit, a structure that aligns management interests with those of investors and emphasizes disciplined capital allocation.
Proceeds from the upcoming offering will be utilized to finance vessel acquisitions alongside senior secured debt. Any operating cash flow generated is intended for distribution to shareholders, while proceeds from asset sales will be reinvested into similar yield-generating opportunities. Subject to the successful completion of the private placement and necessary approvals, Pelagic Credit anticipates that its shares will begin trading on Euronext Growth Oslo around February 19.
