Ocean Yield Invests into New Suezmax

Image Courtesy: Ocean Yield

Norwegian ship owner Ocean Yield ASA has purchased a new Suezmax tanker with 14-year bareboat charter to a company owned and guaranteed by Okeanis Marine Holdings SA.

Being bought for a consideration of USD 54 million, the 2017-built tanker will be delivered to Ocean Yield within June 2017.

The vessel in question is the 157,500 dwt Poliegos, which was delivered from South Korean shipbuilder Sungdong Shipbuilding and Marine Engineering in January, according to a representative from the company.

The purchase price includes a seller’s credit of USD 7 million, giving a net purchase price of USD 47 million.

Ocean Yield said that Okeanis Marine Holdings SA will have certain options to acquire the 277-meter-long vessel during the charter period, with the first purchase option exercisable after seven years.

The purchase will be financed by a combination of debt and equity, where Ocean Yield has received an offer for a senior secured loan facility of up to USD 37.8 million with 15 years’ repayment profile and 5 year tenor.

“We are pleased to announce the investment in a new Suezmax tanker, as it allows us to continue to grow and further diversify our portfolio into crude tankers. The transaction fits well with our strategy to invest in modern vessels with long term charters,” Lars Solbakken, Ocean Yield ASA’s Chief Executive Officer, said.

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