Cyprus-based Pelagic Partners has leased the second-hand UBC Houston tanker to a major commodity trader for a period of 9 to 11 months. This tanker, built in 2015 and with a deadweight tonnage (dwt) of 39,000 tons, is contracted at a daily rate of $17,250. Pelagic Partners has not disclosed the name of the lessee.
Contract Details and Its Impacts
The UBC Houston tanker is part of the Pelagic Yield fund and operates in the UBC pool. This tanker was acquired in June 2023 as part of Pelagic Partners' expansion of its dry business activities. With this contract, the number of vessels owned by Pelagic has increased to 18 units. Currently, this deal helps Pelagic provide mid-term coverage for this tanker, while the vessel will be available again next year.
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Market Situation Analysis
Overall, ship leasing contracts in the maritime transport market are heavily dependent on the demand for goods and oil prices. With this deal, Pelagic Partners aims to strengthen its position in the dry market. In July, the company executed a sale and leaseback deal worth $47.4 million for three second-hand Hartmann tankers, reflecting the company's ongoing activities in the maritime transport market.
In this context, Pelagic Partners, as an active investor in the maritime transport market, seeks to enhance its capabilities in this sector. By leasing the UBC Houston tanker and other similar contracts, the company aims to maximize the returns on its investments. The recent contract reflects Pelagic's strategy to secure financing and increase its operational volume in the dry sector.
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