Ocean Yield upping stake in French LNG shipping firm

Norwegian shipowner Ocean Yield has inked a deal to purchase the share that the Luxembourg-based Access Capital Partners holds in France’s Geogas LNG.

As disclosed by the Norwegian firm, the latest transaction will increase its indirect interest in France LNG Shipping (FLS), which is a 50:50 joint venture between NYK Line and Geogas, to 45%. This follows last June’s decision to invest in Geogas LNG, which enabled the Norwegian player to get an indirect economic interest of 34% in FLS. 

Ocean Yield’s Chief Executive Officer (CEO), Andreas Røde, noted: “We are pleased to increase our exposure in France LNG Shipping and further grow our presence in the LNG segment. FLS has proven to be a well-established and solid performing platform, backed by industry-leading partners in NYK and Geogas Maritime, both of which retain their shareholding and economic interest in FLS.”

The deal is expected to add approximately $250 million to Ocean Yield’s EBITDA backlog. The transaction is scheduled to close in Q2 or Q3 of 2025, subject to certain customary conditions. 

FLS owns a portfolio of 12 liquefied natural gas (LNG) carriers on long-term charters to what the French player describes as “tier-one investment-grade-rated” European energy companies. This entails seven vessels on the water and five newbuildings, with an average contract duration of nine years, or 13 years including extension options.

In December 2024, NYK Line delivered a newly built LNG carrier, Elisa Ardea, to France’s EDF LNG Shipping, a subsidiary of Electricité de France (EDF), which will charter it from FLS.