Newbuildings Drive Ocean Yield’s Earnings Up

The delivery of another five newbuilding vessels during the third quarter of 2016 has pushed up the revenues of Norwegian ship-owner Ocean Yield ASA to USD 76.2 million for the period from USD 65.3 million reported in the third quarter of 2015.

During the quarter the company expanded its fleet with the container vessels MSC Diane, MSC Ingy and MSC Eloane, the chemical tanker Navig8 Topaz, and the LR2 product tanker Navig8 Supreme, all of which are chartered out long-term.

In addition, the car carrier Höegh Trapper and the product tanker Navig8 Steadfast contributed with full quarter earnings, as these two vessels were delivered during the second quarter of 2016.

The company’s net profit after tax for the three months increased to USD 32.7 million from USD 22.7 million seen in the corresponding quarter of 2015.

Total revenues for the nine-month period from January to September 2016 increased to USD 212.4 million from USD 191.1 million reported in the same period of 2016, while the net profit also grew to USD 190.8 million from USD 167.6 million for the respective periods.

In September, Ocean Yield agreed to acquire two 45,000 dwt IMO II chemical carriers, built in 2013, for a consideration of USD 35 million per vessel in combination with 12-year “hell and high water” bareboat charters to Navig8 Ltd.

Navig8 Group has certain options to acquire the vessels during the charter period, with the first option exercisable after five years.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2019 >>
MTWTFSS
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 3

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >