Ocean Yield Provides Financing for NAT’s Suezmax Trio

Illustration; Image Courtesy: NAT

Norwegian shipowner Ocean Yield has inked a deal to acquire Nordic American Tankers’ (NAT) three Suezmax newbuildings with ten-year bareboat charters to NAT. 

Ordered by NAT in October 2016, the crude tanker trio is currently under construction at South Korean shipyard Samsung Heavy Industries (SHI). NAT paid 30% of the contract price for each vessel on contract signature.

Under the new deal, Ocean Yield will pay USD 43.2 million per ship after seller’s credit. As explained, the net purchase price constitutes 77.5% of the gross purchase price, which is equal to the yard contract price.

The 157,000 dwt vessels are scheduled for delivery in June, August and October 2018. NAT will buy back the vessel at the end of the ten-year charter, but also has the flexibility to acquire the vessels from Ocean Yield after year five and seven.

“It is exciting to do business with Ocean Yield, which is 66% owned by Aker ASA. We are pleased to have secured solid long-term financing for the three newbuildings with such good companies,” Herbjørn Hansson, Chairman & CEO of NAT, commented.

“This 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.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jan 2018 >>
MTWTFSS
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 4

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >