Ocean Yield Buys Suezmax Tanker with Long-Term Charter

TankerIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Oslo-listed shipowner Ocean Yield has agreed to acquire a 2016-built Suezmax tanker with a 13-year bareboat charter to Okeanis Eco Tankers.

The vessel in question is the 2016-built Milos, constructed by Korea’s Sungdong Shipbuilding. The unit is a sister vessel to Poliegos, a Suezmax vessel already owned by Ocean Yield.

The purchase price of USD 56 million includes a seller’s credit of USD 7 million, giving a net purchase price of USD 49 million.

The 157,525 dwt Milos would be delivered to the company during the first quarter of 2019. Okeanis Eco Tankers will have certain options to acquire the vessel during the charter period, according to Ocean Yield.

“The company now have two suezmaxes and four VLCC newbuildings with delivery in 2019 on long-term charter to Okeanis Eco Tankers. The four VLCCs will all enter into time charter contracts to Koch Shipping upon delivery,” Lars Solbakken, Ocean Yield ASA’s Chief Executive Officer, said.

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