Pelagic Partners has snapped up another bulk carrier as it looks to expand its presence in handysize segment. The Cyprus-based alternative investment fund said its Pelagic Yield Fund had purchased the 2013-built UBC Halifax.
The 38,100 dwt vessel ex-MV Olivian and built at Shimanami Shipyard in Japan has been reflagged to Cyprus. The ship, which according to VesselsValue data has been purchased for just shy of $20m from Dutch Van Weelde Shipping, will trade with the United Bulk Carriers USA Pool.
End-March, Pelagic announced its focus on handy bulkers having purchased the 2011 Hyundai Mipo-built 35,900 dwt UBC Hamburg from Germany’s Carrier 53 for around $14m.
“The fund continues with the handysize bulk carrier purchase program as the management team sees a promising entry point given the market fundamentals, especially on the supply side and the trade outlook throughout the second half of 2023 and beyond”, Pelagic Partners founded by the Hartmann and Abou Merhi families said in a release, adding: “Choosing the right asset that will fit within the trading pattern of our pool partners is key in order to maximise and outperform the general market.”
