Ocean Yield announces investment in four 3,800 TEU container vessels with long-term charters
12 Jun 2018
Ocean Yield ASA ("Ocean Yield" or the "Company") is pleased to announce that the Company has agreed to acquire four 2014 built 3,800 TEU container vessels with 12-year bareboat charters to companies owned and guaranteed by CMB NV ("CMB"). The aggregate purchase price is approximately USD 120 million net of pre-paid charter-hire.The vessels are built in 2014 with a capacity of 3,800 TEU and are expected to be delivered to the Company during the early part of third quarter 2018. CMB will have certain options to acquire the vessels during the charter period, with the first purchase option exercisable after five years.CMB is a maritime group founded in 1895 and based in Antwerp, Belgium, with activities within dry bulk- and chemical tanker shipping, container vessels and aviation leasing. After taken private in 2015, CMB is now wholly owned by the Saverys family.Ocean Yield ASA's Chief Executive Officer Lars Solbakken said in a comment: "We are pleased to increase our investments in container vessels with four modern carriers with long-term charters to CMB. The transaction further diversifies our client base and increases our charter backlog. We remain committed to continue to grow our portfolio of vessels to support attractive dividends to our shareholders."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.