Norwegian ship-owner Ocean Yield ASA has agreed to acquire a 49.5% equity interest in six newbuilding container vessels which are owned by a private shipowner Quantum Pacific Shipping, a part of Quantum Pacific Group, and are on 15-year bareboat charters to a major European container line.
The vessels, with capacity of about 19,500 TEU, are under construction at Samsung Heavy Industries, South Korea and are scheduled for delivery between June 2016 and February 2017.
Ocean Yield said that its equity investment in the transaction will amount to a total of USD 162 million.
“Bank financing has already been arranged with international banks at competitive terms,” the company said, adding that the financing levels are in line with previous transactions and that the debt will be non-recourse to Ocean Yield.
Ocean Yield’s equity portion of the investment will be funded by own cash and a drawing facility from Aker ASA of NOK 1,000 million with maturity in February 2018, corresponding with the maturity of the bonds held by Ocean Yield in American Ship ping Company. The loan carries an interest rate of NIBOR + 4.5% p.a.
“This transaction will contribute to further diversification of our charter portfolio into a new segment. Following this transaction, the charter backlog as of Q2 2016 stands at approximately USD 3.3 billion,” Ocean Yield ASA’s Chief Executive Officer, Lars Solbakken, said.