# Pelagic Credit reports higher earnings as maritime financing portfolio expands

- **Source:** https://pelavox.com/pelagic-credit-maritime-financing-q3-2026/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** Jason Nicholson
- **Published:** 2026-11-09T15:30:00+00:00
- **Updated:** 2026-11-09T09:35:08+00:00
- **Section:** Business / Company Results
- **Type:** News
- **Topics:** Chemical Tankers, Dry Bulk Carriers, Euronext Growth Oslo, Maritime Finance, Pelagic Credit, Sale and Leaseback

Pelagic Credit Plc reported revenue of USD 2.6 million and net profit of USD 1.0 million for the third quarter of 2026, supported by the expansion of its maritime financing portfolio and the completion of new vessel-related transactions.

For the first nine months of the year, the Cyprus-based company generated revenue of USD 5.8 million and net profit of USD 2.5 million. The results reflect a growing portfolio of maritime assets financed through long-term leasing and credit arrangements, with contracted cash flows forming the basis of its operating model.

Pelagic Credit, which is listed on Euronext Growth Oslo, completed two financing transactions in July involving chemical tankers and dry bulk vessels. As both transactions closed during the third quarter, their earnings contributions were only partially reflected in the reported results.

## New tanker and dry bulk financing transactions

The first transaction involved pre-delivery and post-delivery financing for two chemical tankers, each with a deadweight capacity of 10,000 tonnes. The arrangement extends Pelagic Credit’s exposure to the chemical tanker segment through structured vessel financing.

The second transaction comprised a USD 47.4 million investment in three dry bulk vessels. It was structured as a sale-and-bareboat financing arrangement, with the vessels employed under firm seven-year bareboat charters.

Under this structure, the financing company provides capital against maritime assets while receiving contracted payments over the agreed charter period. The arrangements support Pelagic Credit’s strategy of generating recurring income from vessel-backed investments rather than relying primarily on short-term freight market movements.

At September 30, 2026, the company’s firm-period lease-adjusted revenue backlog stood at USD 101.3 million, with an average remaining firm charter tenor of five years. The backlog represents contracted future revenue adjusted for lease arrangements, rather than revenue already recognised in the company’s financial statements.

## Dividend distribution maintained

Pelagic Credit also declared a quarterly dividend of USD 1.48 million, equivalent to USD 0.04 per share, maintaining the distribution level announced following the second quarter.

CEO Tobias Backer said the third-quarter performance reflected the continued expansion of the company’s portfolio, with most revenue and expenses supported by predictable contractual cash flows.

The company is continuing to develop its maritime financing activities across different vessel segments, combining long-term charter arrangements with asset-backed investment structures.

The latest results indicate that the full earnings contribution from the July transactions will extend beyond the third quarter, although the company has not provided a specific earnings forecast for subsequent reporting periods.

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Cite as: "Pelagic Credit reports higher earnings as maritime financing portfolio expands", pelavox., 9 November 2026, https://pelavox.com/pelagic-credit-maritime-financing-q3-2026/