Ocean Yield Buys Two PCTCs, Charters Them Out to Höegh

Ocean Yield ASA has agreed to acquire two Pure Car Truck Carriers (PCTC) of 4 900 car capacity with long- term bareboat charters to Höegh Autoliners (Höegh).

The vessels, which were built in 2010, will be delivered to Ocean Yield within Q2 2014 and will from delivery be chartered to Höegh for a period of 8 years.

The total investment is approximately USD 90 million. Höegh will have certain options to acquire the vessels during the bareboat charter period, with the first option after five years.The transaction is subject to agreement on final documentation.

Höegh Autoliners is a global provider of deep sea Ro/Ro transportation services. The company operates about 60 Pure Car and Truck Carriers (PCTCs) in global trade systems, making around 3500 port calls and carrying about 2 million car equivalent units per year.

Ocean Yield ASA’s Chief Executive Officer Lars Solbakken said: “We are pleased to announce our third transaction with Höegh Autoliners, which is considered to be a leading company in the market for deep sea car transportation. Including the transaction announced earlier today, our EBITDA charter backlog has now passed USD 2 billion.”

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Press Release, May 9, 2014; Image:  Höegh