Oslo-listed Pelagic Credit has expanded into chemical tankers for the first time, committing $24.7m to the pre-delivery financing of two newbuild vessels, according to Splash247 Maritime. The move adds a new vessel type to the company's investment portfolio, which previously consisted solely of multipurpose and offshore support assets.
The deal covers two 10,000 dwt chemical tankers currently under construction. The funding will cover yard instalments through the build period, though the shipyard, owner and delivery dates have not been disclosed.
Deal Structure and Returns
Pelagic Credit expects the pre-delivery loan to generate around $4.2m in distributable earnings from interest and fees. The financing is backed by a refund guarantee from an unnamed international financial institution, reducing risk during construction. Once delivered, the vessels will move into sale-and-leaseback financing under terms consistent with Pelagic Credit's investment strategy.
| Deal Component | Detail |
|---|---|
| Investment Amount | $24.7m |
| Vessel Type | Chemical tanker |
| Vessel Size | 10,000 dwt each |
| Expected Earnings | $4.2m (from interest and fees) |
| Financing Phase | Pre-delivery, then sale-and-leaseback |
| Charter Type | Long-term time charter |
Charter and Counterparty
The chemical tankers have already secured long-term time charters with an energy infrastructure and fuel distribution company. The Tobias Backer-led company described the shipowner as a globally established operator with a diversified fleet. Neither the charterer nor the owner was identified by name, but the charter terms align with Pelagic Credit's focus on long-term, stable cash flows.
Strategic Context
This transaction was sourced from an outside party rather than from the investment pipeline outlined ahead of Pelagic Credit's Oslo listing. The company joined Euronext Growth Oslo in March following a capital raise. Its existing portfolio consists of three multipurpose vessels and the offshore support vessel Nautical Singapore, all employed under long-term bareboat charters.
Implications for Shippers and Operators
For chemical shippers and tanker operators, newbuilding commitments indicate continued investor confidence in the chemical tanker segment. The addition of two 10,000 dwt vessels—a size typical for regional and deep-sea chemical trade—will incrementally increase available capacity. However, because the vessels are already committed to long-term charters, spot market supply will not be directly affected. Operators should watch for similar financing moves that could signal fleet expansion and potential softening of charter rates in the longer term.
Watch List
- Delivery dates for the two newbuilds, once disclosed, will indicate when additional tonnage enters the chartered fleet.
- Pelagic Credit's next investment steps in the chemical tanker sector, as this first deal may be followed by further acquisitions.
- Trend in pre-delivery financing for chemical tankers, which could signal broader capital availability for newbuild projects.
- Charter rate movements for 10,000 dwt chemical carriers, as any increase in ordered tonnage may eventually pressure rates.
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