Norway’s shipowner Ocean Yield ASA has decided to acquire 49.9% equity interest in one dual-fuel newbuilding container vessel, says a press release published on their website.
The 15,300 TEU ship is under construction at Hyundai Heavy Industries in Korea and is expected to be delivered in Q3 2022.
About the vessel
It will be fitted with a dual-fuel engine and will be able to operate on LNG. The vessel will commence its 18-year bareboat charter to an unnamed European container line upon delivery.
Box Holdings Inc to invest
As informed, the investment will be made through Box Holdings Inc., a joint venture between Ocean Yield and Quantum Pacific Shipping formed in 2016, which already owns six mega container vessels with long-term charters. The transaction is subject to final documentation.
“We are pleased to expand our partnership with Quantum Pacific Shipping… This investment will contribute to further increase our charter backlog and future dividend capacity,” Lars Solbakken, CEO of Ocean Yield, commented.
Navig8 plans for purchase after 5 years
The investment comes only a day after Ocean Yield announced it will sell Navig8 Tanzanite, a chemical tanker built-in 2016, to the vessel’s charterer Navig8 Chemical Tankers for $30.7 million.
An agreement with Aker Capital
Ocean Yield signed an agreement with Aker Capital to acquire 50% of three Suezmax tankers currently owned 50/50 by Aker and Ocean Yield. After closing the transaction, Ocean Yield will own 100% of the vessels, which have long-term charters to Nordic American Tankers Ltd.
Ocean Yield will also dispose of two 2019-built VLCCs employed on long-term charters to Okeanis Eco Tankers Corp. (OET). In the charter contracts, OET has options to sell the VLCCs to third parties, which have now been declared.
“The intention is to reinvest the net cash proceeds into new vessels with long-term charters,” Ocean Yield said.
Ocean Yield’s fleet
At the end of the first quarter of this year, Ocean Yield had a fleet of 66 vessels, including wholly and partly-owned units.
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Source: OceanYield
