- Pelagic Partners secures a long-term charter for a product tanker and adds two new vessels.
- Golden Energy Offshore Services (GEOS) will manage Pelagic’s new multipurpose vessels.
- GEOS plans to expand its fleet and market activities through this partnership.
Cypriot shipping investment firm Pelagic Partners secured a long-term charter for its product tanker, Pelagic Turbot, with an international shipping company. The vessel, built in 2009, joins another Pelagic-owned ship fixed with the same partner last year, reports Seatrade Maritime.
Commitment to High-Quality Operations
“The decision to engage Pelagic Turbot in a longer-term TC with INSW highlights our commitment to providing top-tier maritime assets and operational efficiency to our partners,” Pelagic stated.
The partnership focuses on operational excellence and efficient shipping services.
Expansion with New Offshore Vessels
Pelagic announced the addition of two new multipurpose offshore vessels (MPSVs) named Energy Sphynx and Energy Savannah. Both vessels, built in 2021, were delivered last month to further expand Pelagic’s fleet.
Golden Energy Offshore Services (GEOS) will handle the commercial and technical management of the new vessels. Pelagic acknowledged GEOS for its contribution to the project’s successful delivery.
Profit-Share Agreement with GEOS
The management agreement with GEOS includes a profit-sharing element once performance exceeds specific thresholds. This aims to benefit both parties as GEOS takes on vessel operations.
Energy Sphynx will remain with its current charter, with GEOS providing crew and management. Additional opportunities are being explored for the newly delivered Energy Savannah.
GEOS Fleet and Workforce Expansion Plans
Atef Abou Merhi, GEOS board director and Pelagic’s managing director, expressed excitement over expanding GEOS’s fleet and operations. The partnership aims to boost activity in several market segments.
“This structure will: (i) create the possibility for GEOS to increase activity in various market segments; (ii) ensure long-term continuity; (iii) protect shareholders from dilution; and (iv) produce an attractive stream of low-risk income while gaining market share,” said Merhi.
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Source: Seatrade Maritime
