Investment in two Suezmax tankers with sustainability-linked lease

10 Nov 2023

Ocean Yield AS ("Ocean Yield" or the "Company") is pleased to announce that it has agreed to acquire two 2022-built Suezmax tankers. Both vessels were built at Daehan Shipbuilding in Korea. Upon delivery (expected in the fourth quarter), the vessels will commence 14-year bareboat charters to guaranteed subsidiaries of Euronav NV, a leading crude oil tanker company, listed on the New York Stock Exchange and Euronext Brussels.

The bareboat charter rates will have a variable element linked to the respective vessel’s actual carbon emissions, incentivizing the charterer to keep emissions low. There are purchase obligations at the end of the charter periods.

The transaction will add approximately USD 250 million to the Company’s EBITDA backlog.