Cyprus-based shipowner and fund manager Pelagic Partners has completed the acquisition of three multipurpose vessels in its first deal under the company’s newly established MareVia Credit Fund.

The three 2011-2012-built 17,500 dwt units — Condor Bilbao, Condor Magallanes, and Condor Valparaiso — are currently employed under a bareboat charter with a minimum term of five years.

The transaction marks the 31st vessel acquisition by Pelagic Partners since its founding in 2020 and represents the debut investment for its new MareVia platform, which focuses on maritime private credit opportunities.

Pelagic Partners said the new credit fund was created to meet growing capital demand within the shipping industry, while expanding the company’s role as both an owner and financial partner.

“The MareVia Credit Fund was launched to address the growing capital concern within the industry, as a result of a rapidly aging global fleet, the increasing need for more efficient and sophisticated vessels to support the industry’s decarbonization targets, combined with the ongoing retreat of traditional investment institutions from the maritime sector,” said Tobias Backer, executive director at Pelagic Capital.

The company manages a diversified portfolio across multiple shipping segments, including tankers, bulkers, gas carriers, offshore support vessels and now multipurpose ships.

“The acquisition of the three MPP vessels represents a significant development in the growth of Pelagic Partners’ portfolio and continues to cement our position as a diversified specialist within maritime investment, Backer noted, adding that the company believes that the latest move “marks the first in a long line of innovative and dynamic acquisitions for its private credit strategy.”