zoomImage Courtesy: Ocean Yield

Norwegian ship owner Ocean Yield ASA has seen an improvement in its earnings for the second quarter ended June 30, 2017 on the back of an increase in its fleet.

Namely, net profit after tax for the quarter was at USD 30.6 million, against USD 25.5 million reported in the same period in 2016. Net profit also increased for the first six months of 2017, reaching USD 67.4 million, compared to USD 44.1 million.

During the second quarter of the year the company’s revenues and other income reached USD 82.2 million, up from USD 70.1 million seen in the same quarter a year earlier. Ocean Yield said that its revenues for the first half of 2017 stood at USD 160.8 million, as compared to USD 136.2 million.

Driven by the delivery of further vessels to the fleet, Ocean Yield’s EBITDA increased to USD 74.3 million in the quarter from USD 63.4 million seen a year earlier. Similarly, EBITDA was USD 145.5 million for the first half 2017, up from USD 122.1 million recorded in the first half 2016.

“During the second quarter, Ocean Yield acquired 3 modern vessels on long-term charter and the fleet now consists of 37 vessels. We intend to continue to expand and diversify the fleet in order to further strengthen our earnings and dividend capacity,” Lars Solbakken, CEO of Ocean Yield ASA, said.

“Given Ocean Yield’s strong balance sheet and liquidity position, the company is well positioned to continue to grow its portfolio of vessels and is actively considering new investments in modern vessels on long-term charter,” according to the company.