13 Years of “Hell and High Water” for Ocean Yield’s Newbuild

Norwegian ship-owner Ocean Yield ASA has taken delivery of the LR2 product tanker Navig8 Symphony from South Korean shipbuilder Sungdong Shipyard.

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

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

Separately, Naviga8 said today that another 37,596 dwt newbuild tanker has joined its fleet, namely 2016-built TRF Memphis, which was delivered from Korea’s Hyundai Mipo yard.

TRF Memphis joins Naviga8’s Delta Pool.

Ocean Yield reported an operating profit of USD 3.9 million for the fourth quarter of 2015 down considerably from USD 27.1 million reported in Q4 of 2014. The company’s net profit after tax was USD 28.3 million for the fourth quarter 2015 compared with USD 30.5 million for the corresponding period in 2014.

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