Pelagic Partners is looking to expand its bulker portfolio following tanker additions last year and the most recent handy purchase. The Cyprus-based alternative investment fund said its Pelagic Yield Fund had purchased the 2011-built handysize bulk carrier UBC Hamburg.
.Multiple brokers reported the Hyundai Mipo-built 35,900 dwt vessel, which will trade in the United Bulk Carriers USA Pool, came from Germany’s Carrier 53 for around $14m.
Pelagic Partners was founded by the Hartmann and Abou Merhi families, which manage one of the biggest shipping portfolios in Cyprus. The Pelagic Yield Fund was set up in March last year and currently has assets under management worth $80m. The deal for the former Shanghai Pearl takes Pelagic Yield Fund to four vessels, with an appetite for more bulkers.
“Pelagic Partners’ aim is to increase the exposure on the bulker market in general and handysize segment in specific. Therefore, UBC Hamburg is the first out of a few more that will be purchased when the right assets are found,” the company said.
