Pelagic Partners’ shipping credit platform, Pelagic Credit, has added an offshore support vessel to its growing portfolio.

The Oslo-listed outfit said it had snapped up the 2015-built Nautical Singapore for $24.8m. The vessel has immediately been placed on a five-year bareboat charter with BCN Two, a vehicle sponsored by logistics group Bertling.

The charter includes a floating-rate interest component and adds an estimated $28.2m in bareboat backlog, based on current SOFR swap rates, Pelagic Credit said in a filing.

Pelagic Credit recently listed on Euronext Growth Oslo following a private placement aimed at funding vessel acquisitions structured as asset-backed transactions.

The company is led by Tobias Backer, previously with ICON Capital and Oaktree-backed Fleetscape, and backed by shipping investors Niels Hartmann and Atef Abou Merhi, founders of Pelagic Partners.

Prior to the latest deal, the company owned three multipurpose vessels, all fixed on five-year bareboat charters that form the core of its dividend-focused strategy.