B-Gas and Pelagic Partners form LPG partnership
Joint venture formed between gas carriers to buy two 3,300 cu m LPG vessels.
Cyprus-based H.M Pelagic Partners and Danish gas shipping specialist B-Gas have joined forces to buy two LPG carriers.
The two vessels were delivered in June 2021, bringing the number of ships in the new Pelagic Fund 1 to five.
B-Gas Mate and B-Gas Monarch are 3,300 cu m semi-ref LPG carriers built in 2006 and 2007 respectively.
Atef Abou Merhi, one of the founding members of Pelagic Partners, said: “From an asset value perspective, the sub-5,000 cu m segment is considered rather a niche market, with newbuildings not being justified by current prices.
“Hence, we believe that acquiring these vessels in partnership with one of the leading players in Europe will give us a strong strategical position.”
