Cypriot alternative investment fund Pelagic Partners has moved into the product tanker sector to go alongside its existing investments in dry bulk, LPG and car carriers.
The fund in partnership with compatriot Interorient Shipmanagement has just taken delivery of the MR2 product tanker Star Osprey. The vessel, built in 2007, will join the Norient Product Pool. No price has been revealed for the vessel.
“With the acquisition of Star Osprey, we believe to have positioned ourselves into the right stage in the product tanker cycle, which we are bullish towards for 2022 and beyond,” said Atef Abou Merhi, managing director of Pelagic Partners. “After the peak storage volumes in 2020, the world oil reserves decreased to even below average figures.
Currently, oil demand is slowly but surely reaching pre-pandemic levels again, and a more complex trade with new product flows has emerged, demanding higher ton miles. It will not be long before the market returns to healthy levels.”
Last month, two further LPG carriers were acquired by Pelagic Partners together with Danish gas shipping specialist B-Gas.
Pelagic has now closed its first fund and is opening its second one.