Ocean Yield Collects USD 95 Mn to Invest in More Ships

Norwegian shipowner Ocean Yield has raised NOK 759 million (USD 95.8 million) in net proceeds from a private placement announced on Wednesday.

The company said that the private placement has been fully subscribed and that its board of directors has resolved to issue and allocate 11,000,000 new shares at a subscription price of NOK 69 per share.

Aker Capital AS, the largest shareholder in Ocean Yield, has pre-subscribed for 5,500,000 new shares.

The shipowner plans to use the net proceeds to finance investments in vessels, as well as for general corporate purposes.

“In our opinion the timing for making new investments in shipping is excellent, and we remain committed to continuing to increase and further diversify our portfolio of modern vessels on long-term charter in order to support attractive dividends to our shareholders.

“The share issue will also contribute to increasing the free float in the Ocean Yield share, making it even more attractive for investors,” Lars Solbakken, CEO in Ocean Yield said.

The cash raising push comes on the heels of Ocean Yield’s entrance in the dry bulk sector with the recent investment in two 2018-built Handysize dry bulk vessels, which was followed by this week’s purchase of five more Handysize bulkers.

According to Solbakken, the company sees potential for more transactions in the sector especially in the wake of improved earnings in the dry bulk market.