Photo: Image Courtesy: Ocean Yield

Vessel Deliveries Push Ocean Yield’s Revenues Up

Norwegian shipowner Ocean Yield reported a net profit after tax of USD 33.3 million for the first quarter of the year, slightly less than in the same period in 2017.

The net profit dropped from USD 36.8 million seen in the first quarter of 2017, but increased from USD 30.9 million reported in the quarter ended December 31, 2017.

Operating revenues were USD 66.3 million in Q1 2018, up from USD 57.2 million seen in Q1 2017. The company informed that the increase was driven by vessel deliveries that have taken place during the past 12 months.

“The first quarter was dominated by high investment activity, with the announcement of investment in another 11 vessels on long-term charters, being four VLCCs and seven dry-bulk vessels,” Lars Solbakken, CEO of Ocean Yield, said.

“In addition, we successfully raised approximately USD 96 million of new equity for future investments. The company has successfully continued to increase its charter backlog during the first quarter and is well positioned for further growth going forward,” Solbakken added.

Ocean Yield informed that its key focus areas for the next quarters will be to secure a positive outcome for the FPSO Dhirubhai-1 and continued fleet growth.

Following the share issue completed during the first quarter, the company has increased its investment capacity and is well positioned to continue to grow its portfolio of vessels.