Elias Neocleous & Co LLC has acted as Cyprus legal counsel in the successful completion of Pelagic Credit Plc’s USD 75 million private placement and subsequent listing on Euronext Growth Oslo. This market is recognised as one of the world’s leading venues for shipping and maritime-related companies.
Successful Listing Marks a New Era for Pelagic Credit Plc
The first day of trading for Pelagic Credit Plc’s shares on Euronext Growth Oslo occurred on 9 March 2026. The private placement raised gross proceeds of approximately NOK 728 million (roughly USD 48 million) through the issuance of new shares, leading to a post-money equity capitalisation of around USD 75 million for the company.
About Pelagic Credit Plc
Incorporated in Cyprus, Pelagic Credit Plc operates as a maritime leasing and ship-owning platform, providing asset-backed financing solutions to established shipowners. The company’s approach involves long-term bareboat charter structures aimed at generating stable and predictable cash flows. Currently, Pelagic Credit Plc owns vessels that are employed under multi-year charter arrangements and is actively evaluating additional acquisitions to expand its fleet.
Investment Landscape in Cyprus
The emergence of platforms like Pelagic Credit underscores the growing convergence between the shipping and investment sectors in Cyprus. The island’s established reputation as a global shipping hub, coupled with the rapid expansion of its funds industry, presents attractive opportunities for maritime investment platforms and international investors. This trend further enhances Cyprus’s role as a strategic base for international shipping and maritime investment structures.
Euronext Growth Oslo: A Premier Capital Markets Venue
The listing of Pelagic Credit Plc on Euronext Growth Oslo strengthens the exchange’s status as a leading international capital markets venue for shipping and maritime investment platforms. It attracts global shipowners, maritime financiers, and institutional investors, further solidifying its importance in the maritime finance sector.
Role of Elias Neocleous & Co LLC
Elias Neocleous & Co LLC provided comprehensive legal counsel on all aspects of Cyprus law related to the transaction. The firm collaborated with international advisers and financial institutions as part of a complex multi-jurisdictional capital markets transaction. This successful placement highlights the firm’s significant role in cross-border capital markets, particularly in maritime finance and international investment structures involving Cyprus companies.
Expert Commentary from Elias Neocleous
Elias Neocleous, Managing Partner of Elias Neocleous & Co LLC, expressed satisfaction with the outcome of the transaction. He stated, “We are delighted to have advised on this significant international capital markets transaction supporting the successful listing of Pelagic Credit Plc on Euronext Growth Oslo. The transaction demonstrates the continued relevance of Cyprus structures in sophisticated maritime and capital markets transactions and reflects the importance of the Oslo market as one of the world’s premier financial centres for the shipping industry. We congratulate Pelagic Credit and all parties involved on this important milestone.”
Collaborative Efforts in the Transaction
Clarksons Securities AS, Fearnley Securities AS, and Arctic Securities acted as Joint Global Coordinators and Joint Bookrunners for the private placement and listing. The Norwegian legal counsel for Pelagic Credit Plc was provided by Advokatfirmaet BAHR AS, with partner Robin Bakken leading the team.
Looking Ahead
Pelagic Credit Plc’s successful listing marks a significant milestone not only for the company but also for the broader maritime finance landscape. As it evaluates further acquisitions to enhance its fleet, the company aims to remain at the forefront of the maritime leasing sector.
As investment platforms like Pelagic Credit continue to emerge, the synergy between shipping and finance is likely to strengthen, presenting new opportunities for growth and investment in Cyprus and beyond.
