Ocean Yield Buying Four VLCCs with Long-Term Charters

Image Courtesy: Ocean Yield

Norwegian shipowner Ocean Yield has agreed to acquire four very large crude carriers (VLCCs) with 15-year bareboat charters.

All four vessels are chartered to companies owned and guaranteed by Okeanis Marine Holdings, and sub-chartered to the shipping arm of a large industrial conglomerate for a period of 5 years.

The company said that the gross purchase price is USD 83.75 million per VLCC and the net cash purchase price is USD 74.25 million after a seller’s credit of USD 9.50 million.

“The investment is done at historically low asset values and will increase our EBITDA charter backlog by about 16% to USD 3.4 billion as per today,” Lars Solbakken, Ocean Yield’s Chief Executive Officer, said.

The ships are scheduled for delivery by South Korean yard, Hyundai Heavy Industries, in Q2-Q3 2019. Okeanis Marine Holdings will have certain options to acquire the VLCCs during the charter period, with the first purchase option exercisable after seven years.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2018 >>
MTWTFSS
26 27 28 29 30 31 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 1 2 3 4 5 6

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

Singapore Maritime Week 2018

Singapore Maritime Week (SMW), organised annually by Maritime and Port Authority of Singapore (MPA) and attracts…

read more >

DANISH MARITIME TECHNOLOGY CONFERENCE 2018

DMF is part of the “Danish Maritime Days” – a concept, which integrates under the same umbrella a multitude of activities dedicated…

read more >

OPENING OCEANS CONFERENCE 2018

This conference brings together the maritime industry and the emerging ocean industries to discover common pathways for sustainable…

read more >