Pelagic Partners Adds Secondhand LR Tanker

Pelagic Partners announced it has expanded its tanker fleet. The Cyprus-based investment fund said its Pelagic Yield Fund acquired the Summit Africa, a 73,500 dwt LR tanker built in 2009 at New Times Shipyard in Jingjiang, China. The vessel is currently trading within the HafniaPool.

“Given the extreme low orderbook, we project that the market will enter into negative supply growth within next 24 months. This is accompanied by a strong increase in ton mile demand due to changing geopolitical circumstances,” said Atef Abou Merhi, Pelagic Partners managing director. “We furthermore believe the changes in market fundamentals will benefit the LR segment hence our diversification from our already existing MR fleet. The LR pool at Hafnia has extreme strong management and proven track record that makes us comfortable with our investment strategy.”