Maritime Industry Briefing: Pelagic Credit Enters Dry Bulk With $47m Leaseback; BGN Launches US Bunkering Operations

## Pelagic Credit Seals $47.4m Hartmann Bulker Leaseback Oslo-listed shipping investor Pelagic Credit has completed a $47.4m sale-and-leaseback transaction covering three Hartmann-controlled handysize bulk carriers, marking the Limassol-based firm's first foray into the dry bulk sector, according to Splash247. The deal encompasses the 2016-built *Federal Alster* and its 2017-built sister vessels *Federal Mosel* and *Federal Elbe*. Under the arrangement, Pelagic Credit will acquire the trio and lease them back to Hartmann, providing the German shipowner with liquidity while retaining operational control of the vessels. The transaction is significant for Pelagic Credit, which has previously focused on other shipping segments. The move into handysize bulkers signals growing investor appetite for sale-and-leaseback structures in the dry bulk market, a segment that has attracted renewed interest amid relatively stable freight fundamentals. For Hartmann, the deal provides balance sheet flexibility while keeping the vessels within its commercial fleet. Handysize bulkers — typically ranging from 25,000 to 40,000 dwt — are valued for their versatility across a range of minor bulk cargoes and their ability to access smaller ports, making them a resilient asset class for investors seeking diversified exposure to seaborne trade. --- ## BGN Enters US Retail Bunkering Market With Houston Launch Marine fuel supplier BGN has opened its first US retail bunkering operation in Houston, marking a significant expansion of the company's physical supply footprint into North America, Seatrade Maritime reports. The Houston launch positions BGN in one of the busiest bunkering hubs on the US Gulf Coast, a market that serves a substantial volume of tanker, bulk carrier, and container vessel traffic transiting the region. The company has indicated plans to extend its physical bunkering operations to additional major US ports following the initial Houston rollout. The move reflects broader consolidation and expansion trends within the global marine fuels sector, where suppliers are increasingly seeking to establish direct physical supply capabilities rather than relying solely on third-party intermediaries. Houston's strategic importance as a gateway for Gulf of Mexico energy exports and a major ship-calling port makes it a logical entry point for a supplier looking to build a US presence. BGN's expansion into the US retail bunkering space adds competitive pressure to established players already operating in the Gulf Coast market and underscores continued investment in marine fuel distribution infrastructure as the industry navigates the transition toward alternative and compliant fuels. --- *Sources: Splash247, Seatrade Maritime*