Pelagic Credit: $47.4m sale-and-leaseback investment for bulker trio with 7-yr bareboat charter

Limassol-based Pelagic Credit has entered into definitive agreements for a sale-and-leaseback investment comprising three handysize bulk carriers, with an aggregate transaction value of $47.4m.

The investment, which represents Pelagic Credit’s first transaction in the dry bulk sector, comes with a seven-year firm bareboat charter.

“The transaction is structured as a sale-and-bareboat financing whereby the company will acquire the vessels and immediately charter them back to a wholly owned subsidiary of the Hartmann Group under a come-hell-or-high-water bareboat charter for a firm period of seven years,” Pelagic Credit said in a release.

The charter includes an option for the charterer to purchase the vessels after five years and a purchase obligation at maturity.

The vessels are further employed by the Hartmann Group under long-term time charters with a leading dry bulk shipping company.

The transaction is expected to increase the company’s total contracted gross bareboat charter backlog by approximately $107.1m (firm) and