Ocean Yield Swaps PCTC Assets with Höegh

Oslo-listed Ocean Yield ASA has agreed to certain amendments to the charter agreements with Höegh Autoliners (Höegh) for four PCTC vessels on long term charter.

Ocean Yield currently has two newbuilding PCTC vessels of 8,500 CEU capacity under construction at Xiamen Shipbuilding Industry Co. Ltd. The vessels are part of a series of six vessels, where Höegh has ordered four newbuildings and Ocean Yield two. Upon delivery, the vessels will be chartered out to Höegh on 12-year bareboat charters.

Ocean Yield said that it has agreed to sell its two vessels to Höegh and acquire two newbuilding sister vessels with earlier delivery dates from Höegh. The vessels are expected to be delivered in February and May 2016, following a delay in the original newbuilding schedule.

As a result, new charter agreements have been entered into between Ocean Yield and Höegh for these vessels for periods of 12-years.

“The sale and purchase of vessels will generate a positive cash effect of USD 15.6 million for Ocean Yield in 2016. The transaction is not expected to have any material profit & loss effect,” Ocean Yield said.

In addition, Ocean Yield has agreed with Höegh Autoliners that the charter rates for the two newbuilding 8,500 CEU vessels and the two 6,500 CEU vessels Höegh Jacksonville and Höegh Jeddah will be changed from fixed interest rate basis to floating interest rate basis.

Based on the current forward LIBOR interest rates, there will be no change in the underlying cash flow for Ocean Yield, the company said.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >