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Pelagic Partners Teams Up with Borealis Maritime to Grow PSV Fleet

Maritime Activity Reports, Inc.

April 10, 2024

(Photo: Pelagic Partners)

(Photo: Pelagic Partners)

Shipowner and shipping fund manager Pelagic Partners announced it has teamed up with asset management firm Borealis Maritime to invest in a pair of platform supply vessels (PSV).

Built in 2021, the 89-meter Aurora Coey – formerly Viking Coey – and Aurora Cooper – ex-Viking Cooper – are both dual-fuel and capable of operating on liquefied natural gas (LNG), as well as being ammonia-ready. The ice-class sister vessels are fitted with hybrid battery power, and Low Loss Concept (LLC) solutions that further reduce emissions, and their onshore power capability means that they can use grid energy while in port.

Both vessels are currently under charter with reputable international counterparties.

Atef Abou Merhi, Managing Director, Pelagic Partners, said, “We are very pleased to be partnering with Borealis Maritime as we expand our offshore energy market exposure. The development of our portfolio in this segment is driven by an acknowledgement that offshore energy investment looks likely to remain steady over the next 5-6 years, coupled with an extremely low order book, which will likely lead to an increase in demand for PSVs. We have the advantage of being both a shipowner and a shipping fund, which is why it is important for us to focus our investments on acquiring the most modern vessels; equipped to evolve with the offshore marine industry, as it transitions to more sustainable practices. We’d also like to thank Fearnley Securities for the arrangement on the Aurora Coey.”

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