Ocean Yield Eyes More Ship Investments

Norwegian shipowner Ocean Yield unveiled that it is currently in negotiations related to further investment in modern vessels with long term charters.

The final decisions with respect to these investments is expected to be made during the next few weeks.

“The investments are still subject to board approval and agreement on documentation,” Ocean Yield said.

In early December, Ocean Yield signed a contract to purchase Nordic American Tankers’ (NAT) three Suezmax newbuildings with ten-year bareboat charters to NAT.

The 157,000 dwt tankers are under construction at South Korea’s Samsung Heavy Industries (SHI) and are scheduled for delivery in June, August and October 2018.

Lars Solbakken, Ocean Yield ASA’s Chief Executive Officer, earlier said that the transaction “fits well with our strategy to invest in modern vessels with long-term charters.”

Under the deal, Ocean Yield will pay USD 43.2 million per ship after seller’s credit. NAT will buy back the vessel at the end of the ten-year charter, but also has the option to acquire the vessels from Ocean Yield after year five and seven.

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