Photo: Illustration. Courtesy of HJSC

Ocean Yield opts for another methanol-ready boxship

Norwegian shipowning company Ocean Yield AS is buying another methanol-ready boxship newbuilding for long-term charter.

On 18 July 2022, the shipowner said it has agreed to purchase a 5,500 TEU container vessel newbuilding under construction at HJ Shipbuilding (HJSC, formerly Hanjin Heavy Industries & Construction) in South Korea.

The Post-Panamax vessel will be a sister vessel to the newbuilding announced in June 2022, with a design enabling it to be converted to dual fuel operation with methanol as fuel.

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Delivery of the vessel is expected in May 2023.

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

Although no further details have been disclosed, VesselsValue’s data shows that the ship in question was ordered by Germany’s asset and investment manager MPC Capital as part of the eight-vessel vessel agreement in 2021. It was now purchased by Ocean Yield in a resale deal.

On 30 June, Ocean Yield also agreed to purchase two 36,000 cbm liquified ethylene gas carrier (LEG) newbuildings, to be constructed at Jiangsu Yangzi-Mitsui Shipbuilding in China. The vessels will be built with a specification enabling it to operate with gas as fuel.

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