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Pelagic Partners enters the product segment

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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