Atef Abou Merhi launches
maritime fund on Oslo exchange

Pelagic Credit starts with $75 million

PRESS RELEASE

Pelagic Partners, a maritime shipping and investment fund manager led by Atef Merhi Abou Merhi, has launched Pelagic Credit Plc and listed the vehicle on the Oslo Stock Exchange under the ticker PLGC, marking a strategic expansion into income-focused maritime assets.


Atef Abou Merhi is also knownn under the Lebanese umbrella of the family Abou Merhi Group which specializes in maritime and logistics investments across the bulk carrier, port, cruise and Pure Car and Truck Carrier - Roll-on/Roll-off sectors.

Pelagic Credit debuts with an initial capital of $75 million, carved out of Pelagic Partners’ total assets under management of approximately $400 million. The company positions the platform as a yield-oriented investment vehicle targeting stable returns and predictable cash flows, backed by long-term operating contracts in the shipping sector.

The launch comes amid constrained options in global capital markets for investors seeking exposure to vessels secured by long-term charters. Such structures are increasingly favored for their ability to dampen earnings volatility and support recurring dividend distributions.

Pelagic Credit’s model is built around ‘bareboat triple net leases’, under which charterers assume operating, maintenance, and insurance costs. This structure allows the platform to achieve full asset utilization while minimizing direct expenses, enhancing visibility on cash flows. The company said the platform is launching with a fleet of four vessels, each secured under five-year lease agreements.

The listing is part of Pelagic Partners’ strategy of maritime investment and co-investment partnerships, leveraging its experience as a ship owner and operator. The firm aims to scale the platform over time by acquiring additional vessels tied to long-term contracts.

Executives and partners marked the listing on March 16 by ringing the opening bell in Oslo, signaling the company’s entry into public markets and its ambition to attract international capital into specialized maritime credit assets.

The move highlights the continued ability of Lebanese entrepreneurs to expand internationally despite ongoing domestic economic challenges, with Pelagic Partners seeking to position itself within a niche segment of the global shipping finance market focused on contracted revenue streams and asset-backed returns.