Ocean Yield Sees Steady Profit, Rise in Revenue

The Oslo-listed Ocean Yield ASA has seen its total revenues for the second quarter of 2016 rise to USD 70.1 million, compared with USD 63.2 million reported in the same period a year earlier, following the delivery of three vessel on long-term charter.

Namely, the company added the chemical tanker Navig8 Turquoise, the LR2 product tanker Navig8 Steadfast and the car carrier Höegh Trapper which contributed to the increase in revenue.

Ocean Yield’s net profit after tax was USD 25.5 million for the second quarter of 2016, representing a slight decrease compared with USD 25.8 million seen in the second quarter of 2015.

Total revenues for the first half of 2016 increased to USD 136.2 million from USD 125.8 million seen in the first half of 2015, mainly due to the delivery of eight newbuildings during the past twelve months.

Net profit after tax for the period was USD 44.1 million, compared to USD 54 million for the first half of 2015.

In June, the company decided to invest in 49.5% equity interest in six newbuilding mega container vessels, owned by a private shipowner Quantum Pacific Shipping, which are on 15-year bareboat charters to a major European container line.

The 19,500-TEU vessels are being built by South Korea’s shipbuilder Samsung Heavy Industries and are scheduled for delivery between July 2016 and February 2017.

“The delivery of newbuildings, in addition to the container vessel investment and the additional charter rate related to Aker Wayfarer, is expected to contribute to increased earnings already as from Q3 2016,” the company said, adding that it intends “to continue to make new investments in modern vessels on long term charter in order to build a substantially larger and even more diversified company.”

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