Pelagic Credit Executes US$ 47.4 Million Sale-and-Leaseback Investment for Three Bulk Carriers with Seven-Year Firm Bareboat Charter

Limassol 29 July 2026

Pelagic Credit Plc (the "Company") is pleased to announce that it has entered into definitive agreements for a sale-and-leaseback investment comprising three handysize bulk carriers (the "Vessels"), with an aggregate transaction value of US$ 47.4 million.

The investment represents Pelagic Credit's first transaction in the dry bulk sector, further diversifying the Company's portfolio while expanding its exposure to long term contracted cash flows supported by high quality counterparties. The transaction is expected to deliver attractive risk adjusted returns consistent with the Company's investment criteria while supporting the Company's ability to generate stable distributable cash flows in line with its quarterly dividend policy.

The transaction substantially reflects the investment opportunity presented as Project Holly in the Company's IPO Information Memorandum and provides enhanced commercial terms, including longer contracted employment, a lower net capital requirement and an extension option aligned with the underlying time charter.

C. Tobias Backer, Chief Executive Officer of Pelagic Credit Plc, commented:

"We are pleased to execute another investment that demonstrates our disciplined commitment to the strategy presented at the IPO. The transaction combines long-term contracted cash flows, strong counterparties and further portfolio diversification, while supporting Pelagic Credit's long-term growth and dividend-paying capacity."

The transaction is structured as a sale-and-bareboat financing whereby the Company will acquire the Vessels and immediately charter them back to a wholly owned subsidiary of the Hartmann Group under a come-hell-or-high-water bareboat charter for a firm period of seven years. The charter includes an option for the charterer to purchase the Vessels after five years and a purchase obligation at maturity.

The Vessels are further employed by the Hartmann Group under long-term time charters with a leading dry bulk shipping company. As the bareboat charterer is with a subsidiary of the Hartmann Group, the transaction constitutes a related party transaction and has been entered into on arm's-length commercial terms in accordance with the Company's related-party governance procedures.

The transaction is expected to increase the Company's total contracted gross bareboat charter backlog by approximately US$ 107.1 million (firm) and US$ 115.6 million (including options) following closing.

The Company intends to finance the investment post-closing through a senior secured credit facility, reducing its net capital investment to approximately US$ 10.5 million.

The transaction is expected to close in the coming days, subject to customary closing conditions.

For further information, please contact:

C. Tobias Backer Chief Executive Officer tobias@pelagic-credit.com +357 97 771 170 / +44 7799 815 020 / +1 917 207-8680

This information is considered to constitute inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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