Ocean Yield AS (“Ocean Yield” or the “Company”) is pleased to announce that the Company has agreed to purchase two 36,000 cbm liquified ethylene gas carrier (LEG) newbuildings, to be constructed at Jiangsu Yangzi-Mitsui Shipbuilding in China. The vessels will be built with a specification enabling it to operate with gas as fuel.
Delivery of the vessels is expected in 2024 and 2025. Upon delivery, the vessels will commence fifteen-year bareboat charter contracts to a guaranteed subsidiary of Braskem S.A., a leading global petrochemical company listed on the New York Stock Exchange. Braskem S.A. currently has credit ratings of BBB- from S&P and Fitch and Ba1 from Moody’s. The transaction will add approximately USD 245 million to the Company’s EBITDA backlog.