Ocean Yield Buying Newcastlemax with 15-Year Charter

Norway’s shipping company Ocean Yield has reached an agreement to purchase a Newcastlemax dry bulk newbuilding with long-term charter.

Under the deal, the company will acquire the 206,000 dwt bulker for a total consideration of USD 40 million net of a seller’s credit.

The ship has a 15-year bareboat charter with Antwerp-based Compagnie Maritime Belge (CMB).

Ocean Yield said that the vessel is expected to be delivered from the shipyard in the first quarter of 2020.

CMB will have certain options to either sell or acquire the vessel during the charter period.

“We are delighted to expand our relationship with CMB with the acquisition of one Newcastlemax dry bulk vessel, bringing our fleet up to a total of 61 vessels. Ocean Yield now has one dry bulk vessel and four container feeder vessels on long-term charter to CMB,” Lars Solbakken, Ocean Yield’s Chief Executive Officer, said.

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