Ocean Yield Invests in Two Chemical Tankers

  • Business & Finance

Norwegian ship-owner Ocean Yield ASA has agreed to acquire two 45,000 dwt IMO II chemical tankers for a consideration of USD 35 million per vessel in combination with 12-year “hell and high” bareboat charters to maritime services provider Navig8 Group.

Built in 2013, the two chemical tankers are scheduled to be delivered to Ocean Yield by the end of September and November 2016, respectively.

“We are pleased to announce the investment in the two chemical carriers as it allows us to continue to grow and diversify our portfolio, furthermore the transaction fits well with our strategy to invest in modern vessels with long term charters,” Ocean Yield ASA’s Chief Executive Officer, Lars Solbakken, said.

The company said that the purchase price includes a seller’s credit of USD 6 million per vessel, which will amortise to zero over the charter period and carries no interest.

“Navig8 Group will have certain options to acquire the vessels during the charter period, with the first option exercisable after five years,” Ocean Yield said, adding that the acquisition will be financed by a combination of debt and equity, where Ocean Yield has received credit approved term sheet from banks at terms in line with previous transactions.

Navig8 Group provides commercial management and technical management services to over 280 vessels including operation of 18 commercial pools with around 50 pool partners. The company has shareholdings in Navig8 Chemical Tankers Inc, Navig8 Product Tankers Inc and Gener8 Maritime Inc.

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