Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) is bolstering its investment in Golden Energy Offshore Services (GEOS), a company with backing from Oaktree Capital Management. Co-founded by Atef Abou Merhi, Pelagic Partners (Pelagic Yield Fund) recently made a significant move by purchasing additional shares in Golden Energy Offshore Services (GEOS). As detailed in a stock exchange filing, the Pelagic Investment Fund RAIF, closely linked to Abou Merhi, acquired an additional 6.12 million shares in Golden Energy Offshore Services (GEOS). This purchase, executed on Tuesday, was made at a price of $0.13 per share, amounting to a total investment of nearly $770,000. This strategic investment underscores Pelagic Partners’ growing interest and confidence in Golden Energy Offshore Services (GEOS), a Norway-based owner of platform supply vessels. By increasing its stake in Golden Energy Offshore Services (GEOS), Pelagic Partners (Pelagic Yield Fund) is not only diversifying its portfolio but also strengthening its position in the maritime industry, particularly in the offshore services sector. This move reflects the ongoing shifts and investment trends within the maritime and offshore energy markets. 20-December-2023
Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) has expanded its handysize bulk carrier portfolio by acquiring the 2015 built handysize bulk carrier 38K DWT MV UBC Houston (ex MV True Love). Niels Hartmann and Atef Abou Merhi-led investment fund Pelagic Partners (Pelagic Yield Fund), established by the Hartmann and Abou Merhi families, has successfully taken delivery of this Chinese-built MV UBC Houston (ex MV True Love), which has been reflagged to Cyprus and will now operate under the United Bulk Carriers (UBC) USA Pool. With the addition of the 2015 built handysize bulk carrier 38K DWT MV UBC Houston (ex MV True Love), Pelagic Partners’ fleet has grown to a total of 18 ships since its establishment. In late March 2023, Pelagic Partners (Pelagic Yield Fund) announced its strategic focus on handy bulkers, starting with the purchase of the 2011 built handysize bulk carrier 35K DWT MV UBC Hamburg from Hamburg-based shipowner and operator Carrier 53 for approximately $14 million. Shortly after, Pelagic Partners (Pelagic Yield Fund) expanded their fleet further with the acquisition of the 2013 built handysize bulk carrier 38K DWT MV UBC Halifax for around $20 million. 26-June-2023
Niels Hartmann and Atef Abou Merhi-led Pelagic Yield Fund (PYF) acquired the 2013 built handysize bulk carrier 38K DWT MV UBC Halifax (ex MV Olivian Confidence) from The Netherlands-based Van Weelde Shipping Group. Cyprus-based Niels Hartmann and Atef Abou Merhi-led Pelagic Yield Fund (PYF) sees a favorable entry point into the handy bulk sector. Pelagic Partners, a shipping company headquartered in Cyprus, has made a strategic move into the sector by acquiring another handysize bulker for its fleet. 2013 built handysize bulk carrier 38K DWT MV UBC Halifax (ex MV Olivian Confidence) was built at Shimanami Shipyard in Japan. 28-April-2023
Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) has expanded its presence in the handysize segment by acquiring the bulk carrier 2013 built handysize bulk carrier 38K DWT MV UBC Halifax (ex MV Olivian Confidence). MV UBC Halifax (ex MV Olivian Confidence) was built at Shimanami Shipyard in Japan and has now been reflagged to Cyprus. Niels Hartmann and Atef Abou Merhi-led Pelagic Yield Fund (PYF) purchased the 2013 built handysize bulk carrier 38K DWT MV UBC Halifax (ex MV Olivian Confidence) just around $20 million from Dutch Van Weelde Shipping. 2013 built handysize bulk carrier 38K DWT MV UBC Halifax (ex MV Olivian Confidence) will trade with the United Bulk Carriers (UBC) USA Pool. In March 2023, Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) announced the company’s focus on acquiring handy bulkers and had previously purchased the 2011 built handysize bulk carrier 35K DWT MV UBC Hamburg from Hamburg-based shipowner and operator Carrier 53 for around $14 million. 2011 built handysize bulk carrier 35K DWT MV UBC Hamburg was built by Hyundai Mipo. Cyprus-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) founded by the Hartmann and Abou Merhi families, stated in a release that they continue their handysize bulk carrier purchase program based on promising market fundamentals, particularly on the supply side and trade outlook for the H2 2023 and beyond. Niels Hartmann and Atef Abou Merhi emphasize the importance of selecting assets that align with the trading patterns of their pool partners in order to maximize performance and outperform the general market. 27-April-2023
Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) is seeking to expand its bulker portfolio following the addition of tankers in 2022 and the recent acquisition of a handy-sized bulk carriers. The Cyprus-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) announced the purchase of the 2011 built handysize bulk carrier 35K DWT MV UBC Hamburg. Several shipbrokers have confirmed that 2011 built handysize bulk carrier 35K DWT MV UBC Hamburg was acquired from Hamburg-based shipowner and operator Carrier 53 for around $14 million. 2011 built handysize bulk carrier 35K DWT MV UBC Hamburg will be included in the United Bulk Carriers (UBC) USA Pool for trading purposes. Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund was established by the Hartmann and Abou Merhi families, renowned for managing one of the largest shipping portfolios in Cyprus. Launched in March of the previous year, the Pelagic Yield Fund currently manages assets worth $80 million. With the addition of the former MV Shanghai Pearl, the Pelagic Partners’ fleet now consists of four (4) ships, with a strong desire for further bulker acquisitions. The primary objective of Pelagic Partners (Pelagic Yield Fund) is to enhance their presence in the bulk carrier market, specifically targeting the handysize segment. Therefore, the purchase of 2011 built handysize bulk carrier 35K DWT MV UBC Hamburg marks the beginning of a series of forthcoming acquisitions, as the Pelagic Partners (Pelagic Yield Fund) awaits the discovery of suitable assets. 22-March-2023
Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) strengthens its team with former KPMG asset expert, Michalis Vasiliou. Pelagic Partners (Pelagic Yield Fund) expands the company’s fleet of tankers and offshore wind vessels while welcoming a seasoned finance professional on board. Cyprus-based shipping fund Pelagic Partners (Pelagic Yield Fund), has augmented the company’s core team by appointing Michalis Vasiliou, a highly experienced finance specialist, as an executive director. Pelagic Partners (Pelagic Yield Fund), which owns a fleet of tankers and offshore wind vessels, highlighted that Michalis Vasiliou, a certified accountant, served at KPMG in Cyprus between 2007 and 2022. During his tenure, Michalis Vasiliou held positions as a board member and headed the asset management services division. Furthermore, Michalis Vasiliou assumed the role of chairman for the investment funds committee at the Institute of Certified Public Accountants of Cyprus, as well as chairman for the alternative investment funds committee at the Cyprus Investment Funds Association (CIFA). 17-January-2023
Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) continues to strengthen its fleet of tankers. Pelagic Partners (Pelagic Yield Fund) announced that its Pelagic Yield Fund had acquired the 2009 built LR1 tanker 73K DWT MT Summit Africa. Several shipbrokers have reported that the Chinese-built 2009 built LR1 tanker 73K DWT MT Summit Africa, currently operates in the Hafnia Pool and was purchased from the Hartmann Group for approximately $25 million. Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) was established by the Hartmann and Abou Merhi families, who manage one of the largest shipping portfolios in Cyprus. In February 2022, Pelagic Partners (Pelagic Yield Fund) was established, following the strategy of Pelagic Fund I, which presently manages $70 million worth of assets across eight diversified ships. With the initiation of the Pelagic Yield Fund and the acquisition of product tankers, Pelagic Partners now owns a total of 11 ships. Additionally, two offshore wind farm commissioning service operation vessels (CSOVs) are currently under construction in India and are expected to be delivered in 2025. Pelagic Partners (Pelagic Yield Fund) believes that the alterations in market fundamentals will benefit the LR segment, prompting our diversification from our existing MR fleet. 15-January-2023
Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) unveils the company’s third fund while securing its inaugural contract for wind farm vessels at Cochin Shipyard. Cyprus-based shipping fund Pelagic Partners (Pelagic Yield Fund) has officially announced its involvement in CSOVs (commissioning service operation vessels) at Cochin Shipyard. Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) was established by the Hartmann and Abou Merhi families, renowned for managing one of the largest shipping portfolios in Cyprus. Niels Hartmann, the esteemed CEO of the Hartmann Group, and Atef Abou Merhi, Pelagic Partners is venturing into the realm of offshore wind with the launch of its third fund, aptly named the Pelagic Wind Fund. Under the agreement, Pelagic Partners has procured two (2) firm CSOVs (commissioning service operation vessels) and holds the option for an additional four (4) CSOVs (commissioning service operation vessels) from Cochin Shipyard, constituting an impressive deal valued at over $352 million. 7-November-2022
Saudi Arabia-based shipyard International Maritime Industries (IMI) launches heavy-hitting maritime fund to expand. Aiming to draw shiponwers and business, the biggest shipyard in the Middle East International Maritime Industries (IMI) has come out in support of a Cyprus-based maritime fund Pelagic Partners. New Saudi Arabia-based shipyard International Maritime Industries (IMI) is backed by oil giant Saudi Aramco, VLCC owner Bahri, and Hyundai Heavy Industries (HHI), said it was endorsing the freshly launched Global Maritime Fund. The Global Maritime Fund (GMF) is to be managed by Pelagic Partners, a shipping investment outfit set up in Limassol two years ago by Niels Hartmann and partner Atef Abou Merhi. 27-September-2022
Limassol-based alternative investment fund Pelagic Partners initiates the launch of the company’s second maritime investment vehicle through the acquisition of a pair of tankers. Investors hailing from Cyprus, Greece, and Turkey are eagerly seizing the opportunity to acquire MR tankers constructed approximately 15 years ago. Cyprus-based alternative investment fund Pelagic Partners established by Niels Hartmann and Atef Abou Merhi two years ago, has successfully commenced its second maritime fund operations. The inaugural vessels that have become part of the newly established Pelagic Yield Fund are the 2006 built tanker 50K DWT MT Pelagic Tarpon (ex MT Arctic Blizzard) and 2006 built tanker 50K DWT MT Pelagic Taimen (ex MT Arctic Breeze). Pelagic Partners acquired MT Pelagic Tarpon (ex MT Arctic Blizzard) and MT Pelagic Taimen (ex MT Arctic Breeze) from NSB Niederelbe Schiffahrtsgesellschaft mbH & Co. KG. 1-June-2022
Limassol-based alternative investment fund Pelagic Partners acquired LPG carriers in pursuit of increased expansion. Niels Hartmann and Atef Abou Merhi-led Pelagic Partners strike a deal to augment the company’s inconspicuous fleet with additional ships as it ventures into the realm of global growth after the Covid-19 pandemic. Cyprus-based alternative investment fund Pelagic Partners has disclosed the procurement of two (2) LPG carriers, thus elevating its diversified fleet to a total of five (5) vessels. Pelagic Partners, established in April 2020, operates as an unconventional investment fund, as stated in the registration documents filed in Limassol, its headquarters. Atef Abou Merhi is the second-generation member of the family that owns the multifaceted Lebanese hipping enterprise. 7-July-2021