Ocean Yield Completes 6 Mega Boxships Share Acquisition Deal

Image Courtesy: Ocean Yield ASA

Norwegian ship-owner Ocean Yield ASA has formally acquired 49.5 percent in six newbuilding mega boxships owned by Quantum Pacific Shipping, a part of Quantum Pacific Group.

The company’s investment in the 19,500 TEU vessels being under construction at Samsung Heavy Industries was announced on June 20.

The first two vessels, the MSC Diana and the MSC Ingy, have already been delivered from the shipyard and commenced their 15-year bareboat charters, Ocean Yield said.

The remaining containerships are currently under construction at South Korean shipyard Samsung Heavy Industries and are expected to be delivered by February 2017.

According to the company, the equity investment in the transaction will amount to a total of USD 162 million.

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.

The company said that, following this transaction, its charter backlog stands at USD 3.3 billion as of Q2 2016.

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