Pelagic Partners and B-Gas form LPG partnership

Cyprus-based H.M. Pelagic Partners has formed a joint venture with Danish gas shipping specialist company B-Gas to buy two LPG carriers.

The two gas carriers, B-Gas Mate and B-Gas Monarch, were delivered in June 2021, increasing the number of vessels in the new Pelagic Fund 1 to five. The three other vessels are a gas carrier, a handysize bulker and a car carrier.

The newly acquired vessels are semi-ref LPG carriers built in 2006 and 2007, offering capacities of 3,300 cu m each.

The recent acquisitions raise the Pelagic Fund’s total fair market value to $45m. However, the partners are still seeking further investments, which they plan to execute during Q3.

Atef Abou Merhi, one of the founding members of Pelagic Partners, said: “From an asset value perspective, the sub-5,000 cu m segment is considered rather a niche market, with newbuildings not being justified by current prices. Hence, we believe that acquiring these vessels in partnership with one of the leading players in Europe will give us a strong strategical position.”

Andrew Cox

During the 1990s, Dr Andrew Cox was the editor of UK Coal Review and was a regular writer and commentator on the international coal trade and related infrastructure developments. Post-2000, he has been a freelance writer, CPD trainer and project consultant. He focuses on developments in the energy, chemicals, shipping and port sectors.
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