Ocean Yield announces investment in two chemical tankers with long-term charters
25 Oct 2018
Ocean Yield ASA ("Ocean Yield" or the "Company") is pleased to announce that the Company has agreed to acquire two 2015 built 37,000 dwt IMO II chemical tankers with 12-year bareboat charters to companies owned and guaranteed by Ardmore Shipping Corporation ("Ardmore Shipping"). The aggregate purchase price is approximately USD 51 million net of pre-paid charter-hire.The vessels are both built by Hyundai Mipo Dockyard in South Korea and are expected to be delivered to the Company during Q4 2018. Ardmore Shipping will have certain options to acquire the vessels during the charter period.Ardmore Shipping is a New York Stock Exchange listed company with a fleet of 28 product- and chemical tankers ranging from 25,000 to 50,000 deadweight tonnes. The company is based in Cork, Ireland.Ocean Yield ASA's Chief Executive Officer Lars Solbakken said in a comment: "We are pleased to increase our investments in the tanker segment with two modern carriers with long-term charters to Ardmore Shipping. The transaction further diversifies our client base and increases our charter backlog. We continue to evaluate new investment opportunities and expects to continue the growth of our portfolio of vessels."Company contact:Eirik Eide (CFO), Tel +47 24 13 01 91Investor Relations contact:Marius Magelie (SVP Finance & IR), Tel +47 24 13 01 82Company information:Ocean Yield ASA 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.