Pelagic Credit makes crude tanker debut with $30m suezmax deal

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Pelagic Credit has entered crude-tanker financing with a $30 million mezzanine loan for two suezmax vessels. The 18-month facility is backed by charter employment with a Geneva-based commodities trading group and is expected to generate about $3 million in distributable earnings.

Oslo-listed Pelagic Credit has made its first move into the crude tanker sector, committing $30m in mezzanine financing for two suezmax vessels backed by charter employment with a Geneva-based commodities trading group. The Limassol-headquartered shipping investment company has agreed to provide an 18-month loan facility, which is expected to generate approximately $3m in distributable earnings …