Ocean Yield announces investment in Suezmax tanker with long term charter
08 Jun 2017
Ocean Yield ASA has agreed to acquire a new Suezmax tanker for a consideration
of USD 54.0 million with 14-year bareboat charter to a company owned and
guaranteed by Okeanis Marine Holdings SA. The purchase price includes a seller's
credit of USD 7.0 million, giving a net purchase price of USD 47.0 million.
The vessel, which is built in 2017, will be delivered to Ocean Yield within June
2017.
Okeanis Marine Holdings SA will have certain options to acquire the vessel
during the charter period, with the first purchase option exercisable after
seven years. The acquisition will be financed by a combination of debt and
equity, where Ocean Yield has received an offer for a senior secured loan
facility of up to USD 37.8 million with 15 years' repayment profile and 5 year
tenor.
Okeanis Marine Holdings SA is the ship-owning holding company of the Alafouzos
family, which has 50+ years of history in shipping with long-term relations with
a number of oil majors. The management company of the group is known under the
name Kyklades Maritime Corp.
Ocean Yield ASA's Chief Executive Officer Lars Solbakken said in a comment: "We
are pleased to announce the investment in a new Suezmax tanker, as it allows us
to continue to grow and further diversify our portfolio into crude tankers. The
transaction fits well with our strategy to invest in modern vessels with long
term charters."
Company contacts:
Lars Solbakken (CEO), Tel +47 24 13 01 90
Eirik Eide (CFO), Tel +47 24 13 01 91
Investor Relations contact:
Marius Magelie (SVP Finance & IR), Tel +47 24 13 01 82
Ocean Yield is a ship owning company with investments in vessels on long-term
charters. The company has a significant contract backlog that offers visibility
with respect to future earnings and dividend capacity. Ocean Yield has an
ambition to pay attractive quarterly dividends to its shareholders.