Ocean Yield Buys Ultramax Duo with Long-Term Charters

BulkerIllustration. Image Courtesy: PxHere under CC0 Creative Commons license

Norway-based shipping company Ocean Yield has agreed to acquire two modern Ultramax dry bulk vessels for USD 42 million net of a seller’s credit.

The vessels, built in 2017, have 11-year bareboat charters with Monaco-based dry bulk shipping company Scorpio Bulkers.

In addition, Ocean Yield has committed to part finance the scrubber installation on both vessels, with an additional USD 3 million, which is expected in early 2020.

The bulkers are expected to be delivered to the company during the second quarter of 2019. Scorpio Bulkers will have certain options to either sell or acquire the vessels during the charter period.

“We are delighted to expand and further diversify our portfolio with the investment in two modern Ultramax dry bulk carriers with long-term charters to Scorpio Bulkers. Including these two vessels, Ocean Yield will have a fleet of 60 vessels,” Lars Solbakken, Ocean Yield’s Chief Executive Officer, said.

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