Reference is made to a press release announcement on 25 June 2026 by Braskem S.A. regarding the filing of a request for Precautionary Injunctive Relief.
Ocean Yield is the owner of two LEG carriers and four LR1 product tankers (two of which are to be delivered) with long-term charters to subsidiaries of Braskem Trading and Shipping B.V. The charters are in addition guaranteed by the parent company Braskem S.A. The legal entities which are the respective charterers of Ocean Yield’s vessels are not included in the proceeding and Ocean Yield do not expect this process to have any impact on payment of charter hire.
Notwithstanding the above, each charterer has paid a material cash security deposit to Ocean Yield under a separate agreement, as compensation for Ocean Yield temporarily waiving certain termination rights related to the guarantor. The agreement is conditional upon continued full payment of charter hire throughout the waiver period.
Ocean Yield AS 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.