Cyprus-based shipowner and fund manager Pelagic Partners is heading to Norway’s capital markets, lining up a private placement and listing for its shipping credit platform, Pelagic Credit, on Euronext Growth Oslo.
The move is aimed at raising fresh equity to grow a yield-focused portfolio of vessels backed by long-term contracted earnings. Pelagic Credit said it intends to carry out a private placement of new shares ahead of the Oslo listing, with the bookbuilding period running from February 10 to February 13.
Pelagic Credit was set up last year as a dedicated shipping credit and shipowning vehicle, combining asset-backed investing with long-term bareboat charter structures. The platform was created to target predictable cash flows rather than spot market exposure, building on Pelagic Partners’ broader maritime investment track record.
The company currently owns three vessels, all fixed on five-year bareboat charters, forming the backbone of its dividend-oriented strategy. It does not operate ships itself; instead, leasing them out under long-term contracts designed to deliver full revenue days and limited cost exposure.
Following a successful fundraise and listing, Pelagic Credit is reviewing a pipeline of six separate transactions covering nine vessels. The line-up includes one multipurpose support vessel, three handysize bulkers, two cement carriers, one commissioning service operation vessel and two midsize gas carriers. If all deals are completed, the fleet would grow to 12 vessels.
Pelagic Credit is targeting a post-money equity valuation of between $125m and $150m. The private placement is expected to raise gross proceeds of roughly $107m to $132m, priced at the NOK equivalent of $2.03 per share. Pelagic Partners, through its managed funds, has committed $40m to $50m, while a cornerstone investor from a well-known shipping family has pre-committed $10m.
The platform is led by chief executive Tobias Backer (pictured in the middle), who previously worked with ICON Capital and Oaktree-backed Fleetscape, where he helped build shipping credit strategies delivering equity-style returns through asset-backed deals.
Pelagic Credit is sponsored by Pelagic Partners, the Cyprus-based alternative investment fund manager founded by shipowners Niels Hartmann and Atef Abou Merhi. Both are directly invested in the platform, a structure the firm says aligns management with investors and keeps the focus on disciplined capital allocation.
Proceeds from the offering will be used to equity-finance vessel acquisitions alongside senior secured debt, with any operating cash flow intended to be distributed to shareholders. Asset sale proceeds are earmarked for reinvestment into similar yield-generating deals.
Subject to completing the private placement and securing the necessary approvals, Pelagic Credit expects its shares to start trading on Euronext Growth Oslo around February 19.
