Oslo-listed shipping investor Pelagic Credit has sealed a $47.4 million sale-and-leaseback deal for three handysize bulkers controlled by Hartmann Group, marking its first investment in the dry bulk sector.
Deal Structure and Vessel Details
According to Splash247, Pelagic Credit will acquire the 2016-built Federal Alster and the 2017-built sisters Federal Mosel and Federal Ruhr. Each vessel has a deadweight tonnage of approximately 36,600 dwt. The three ships will be chartered back to a wholly owned Hartmann Group subsidiary under firm seven-year bareboat contracts. The charterer has an option to purchase the vessels after five years and is required to buy them at the end of the charter period. Additionally, the trio is employed on long-term time charters with an unnamed leading dry bulk shipping company.
Financial Impact and Backlog Growth
As reported by Splash247, the transaction will add approximately $107.1 million to Pelagic Credit's firm gross bareboat charter backlog, which rises to $115.6 million including purchase options. The company plans to refinance the acquisition after closing through a senior secured credit facility, reducing its net capital commitment to around $10.5 million. The deal largely corresponds to Project Holly, one of the investments outlined prior to Pelagic Credit's Oslo listing, but with longer employment, a lower capital requirement, and an extension option tied to the underlying time charters.
Pelagic Credit's Market Entry and Portfolio
Pelagic Credit listed on Euronext Growth Oslo in March after raising $58 million in a private placement. Its earlier investments include three multipurpose vessels and the 2015-built offshore support vessel Nautical Singapore. The company also recently entered the chemical tanker sector with $24.7 million in pre-delivery financing for two 10,000 dwt newbuilds scheduled for delivery in 2028. Closing of the current bulk carrier leaseback is expected in the coming weeks, according to Splash247.
Implications for Shippers and Operators
For freight forwarders and logistics managers, this deal represents a financing structure that secures long-term vessel availability under Hartmann's management. While the vessels remain on long-term charters to a leading dry bulk operator, the transaction does not immediately alter spot market capacity. However, the extension option linked to the time charters could provide charterers with continued access to these handysize vessels beyond the initial seven-year period. Pelagic Credit's diversification into dry bulk and chemical tankers signals growing investor appetite in the sector, which may influence future charter rate negotiations.
Watch List
- Closing timeline: The transaction is expected to close in the coming weeks; any delays could affect Pelagic Credit's refinancing schedule.
- Extension options: The bareboat charter's extension option, linked to underlying time charters, could extend vessel employment and impact secondary charter availability.
- Chemical tanker deliveries: The two 10,000 dwt newbuilds scheduled for 2028 represent Pelagic Credit's entry into a new segment, potentially affecting supply in that niche.
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