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

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, expected to generate approximately $3m in distributable earnings.