Oslo-listed Pelagic Credit has made its first move into chemical tankers, committing $24.7m to the pre-delivery financing of two newbuildings.
The deal covers two 10,000 dwt vessels, with the funding to cover yard instalments through construction. The shipyard, owner and delivery dates have not been disclosed.
Pelagic Credit expects the pre-delivery loan to generate around $4.2m in distributable earnings from interest and fees. The financing is backed by a refund guarantee from an unnamed international financial institution.
Once delivered, the vessels will move into sale-and-leaseback financing with Pelagic Credit under terms aligned with the company’s investment strategy.
The chemical tankers have already secured long-term time charters with an energy infrastructure and fuel distribution company. The Tobias Backer-led company described the shipowner as a globally established operator with a diversified fleet, but neither counterparty was identified.
The transaction is expected to close this month and was sourced from an outside party rather than the investment pipeline outlined ahead of Pelagic Credit’s Oslo listing.
Pelagic Credit joined Euronext Growth Oslo in March following a capital raise. The company’s existing portfolio consists of three multipurpose vessels and the offshore support vessel Nautical Singapore, all employed under long-term bareboat charters.
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