Second quarter and first half year results 2023
Fornebu, 23rd August 2023, Ocean Yield AS (“Ocean Yield” or the “Company”)
announces results for the second quarter and first half year of 2023.
23 Aug 2023
- EBITDA for Q2 2023 was USD 59.1 million and EBITDA adjusted for finance lease effects was USD 86.5 million.
- Net profit for Q2 2023 was USD 27.7 million.
- Strong balance sheet, with an equity ratio of 31.1% and USD 115.9 million in cash.
- Signed an agreement to acquire four LR1 newbuilding product tankers with sustainability-linked long-term bareboat charters to Braskem S.A..
- Agreement with CMB N.V. that the final transaction scope for the Newcastlemax transaction announced on 6 December 2022 will be eight or nine vessels.
- During the quarter, Ocean Yield repurchased another USD 42.3 million of its hybrid perpetual bonds, OCY06.
- An active quarter on the financing side, with refinancing and upsizing of several loan agreements, at attractive terms.
- The EBITDA charter backlog at the end of Q2 2023 was USD 3.9 billion with an average remaining contract duration of 9.8 years.
Andreas Røde, CEO of Ocean Yield, said in a comment:
“Ocean Yield delivers another strong quarter, where the results were positively impacted by one-off gains related to vessel sales. During the quarter, we signed our first sustainability-linked lease for four newbuilding product tankers with Braskem S.A.. I am pleased to see that Ocean Yield, through partnering with clients that share our vision, is continuing to play an active role as facilitator for the decarbonisation of the maritime industry.”
Ocean Yield Q2 2023 Financial Report