Third quarter results 2023

21 Nov 2023

Fornebu, 21st November 2023, Ocean Yield AS (“Ocean Yield” or the “Company”) announces results for the third quarter 2023.


  • EBITDA for Q3 2023 was USD 51.5 million and adjusted for lease effects was USD 79.0 million.
  • Net profit for Q3 2023 was USD 18.5 million.
  • Strong balance sheet, with an equity ratio of 30.6% and USD 133.8 million in cash.
  • During the third quarter, the Company signed an agreement to acquire four LR1 newbuilding product tankers with sustainability-linked long-term bareboat charters to Braskem S.A.
  • Also during the quarter, the Company took delivery of a newbuilding container vessel with seven-year time charter.
  • During the quarter, the Company issued a new NOK 750 million senior unsecured bond loan (OCY09) with a five-year tenor. The proceeds were used to refinance outstanding debt and for general corporate purposes.
  • Post quarter end, the Company agreed to acquire a 2016-built Suezmax tanker with eight-year bareboat charter to Nordic American Tankers Ltd.
  • Post quarter end, the Company agreed to acquire two 2022-built Suezmax tankers with 14-year bareboat charters to guaranteed subsidiaries of Euronav NV.
  • Also post quarter end, the two AHTS vessels previously trading in a pool with Solstad Offshore ASA, commenced new five-year bareboat charters to Viking Supply Ships AB.
  • The EBITDA charter backlog at the end of Q3 2023 was USD 4.1 billion with an average remaining contract duration of 10.2 years.

Andreas Røde, CEO of Ocean Yield, said in a comment:
“This has been an active period for Ocean Yield, where we during the third quarter and after quarter end, have signed agreements for seven new vessels with long-term charters, in addition to taking delivery of a newbuilding container vessel and delivering the two AHTS vessels on new long-term bareboat charters. The Company continues to focus on accretive growth opportunities while maintaining a strong balance sheet. Our charter backlog per quarter end was record high at USD 4.1 billion with more than 10 years average contract duration, with all vessels fixed on long-term charters.”

Files available

  • Ocean Yield Q3 2023 Financial Report