Ocean Yield’s 2nd Newbuild Goes to Navig8 Product Tankers

Oslo-listed ship owner Ocean Yield ASA has taken delivery of the LR2 product tanker Navig8 Sanctity from Korean shipbuilder Sungdong Shipyard, the company informed.

After being delivered from the shipyard today, the vessel commenced a 13-year “hell and high water” bareboat charter to Navig8 Product Tankers Inc.

This is the second vessel delivered in a series of total four product tankers that will be chartered to Navig8 Product Tankers Inc.

The first one, Navig8 Symphony, was delivered to its owner in February and went on a 13-year “hell and high water” bareboat charter to Navig8 immediately after the delivery.

“Ocean Yield’s is experiencing strong growth in its fleet through the delivery of vessels on long term charters to first class shipping companies. Year to date we have taken delivery of three vessels and will during the next twelve months take delivery of another ten vessels, bringing the fleet to a total of 27 vessels. The deliveries further diversifies our fleet into new shipping segments and strengthens our earnings,” Ocean Yield ASA’s Chief Executive Officer Lars Solbakken said.

For 2015 the company reported net profit after tax of USD 105 million, compared to USD 100.8 million for 2014. Adjusted for non-recurring items, the net profit for the year 2015 was USD 108.5 million compared with USD 97.5 million in 2014.

For the fourth quarter the net profit stood at USD 28.3 compared with USD 30.5 million for the fourth quarter of 2014.