Pelagic charters another LR1 to International Seaways

Cypriot shipping investment firm Pelagic Partners has secured a long-term charter for its product tanker Pelagic Turbot with international Seaways.

The 2009-built LR1 joins 2008-built Pelagic Tope at International Seaways. The older vessel was fixed in July last year for 24 months. 

“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. This partnership enables both companies to leverage their strengths, ensuring efficiency and excellence in shipping operations,” Pelagic said.

The company also announced the deliveries of 2021-built multipurpose offshore vessels (MPSVs) Energy Sphynx and Energy Savannah last month. Golden Energy Offshore Services (GEOS)  will oversee the commercial and technical management of the ships, said Pelagic, crediting GEOS for its role in bringing the project to completion. 

GEOS said the management deal was a multiple-year agreement and included a profit share above a certain performance threshold.

Energy Sphynx will be crewed by GEOS to continue its current charter, and opportunities will be sought for Energy Savanna.

Atef Abou Merhi, board director at GEOS and managing director at Pelagic Partners, said: “We are very pleased to help expand GEOS’s fleet, market presence, and track record. We intend to continue to build the organisation and increase the workforce both on and offshore.

“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. Everybody at GEOS is committed to innovative thinking and adapting as market opportunities arise.”