Photo: Illustration. Courtesy of HJSC

Ocean Yield buying methanol-ready boxship

Norwegian shipowner Ocean Yield AS has decided to purchase a containership newbuilding under construction in South Korea.

Ocean Yield
Illustration. Courtesy of HJSC

The 5,500 TEU boxship is being built at HJ Shipbuilding & Construction (HJSC, formerly Hanjin Heavy Industries & Construction).

The vessel has a design enabling it to be converted to dual-fuel operation with methanol as fuel.

Delivery of the vessel is expected in November 2023.

The vessel was ordered by Germany’s asset and investment manager MPC Capital in 2021, according to data provided by VesselsValue. The Norwegian shipowner will now buy it in a resale deal.

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Upon delivery, the vessel will commence a seven-year time charter contract to Israeli shipping company ZIM Integrated Shipping Services which will add approximately $80 million to the company’s EBITDA backlog.

Established in 2012, Ocean Yield focuses on investments in vessels on long-term charters. In late 2021, the company changed its owner when Octopus Bidco AS, a company indirectly wholly owned by funds advised by Kohlberg Kravis Roberts & Co. L.P. and its affiliates (KKR), acquired all shares in Ocean Yield.

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