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Ocean Yield finances three NAT suezmaxes newbuilds

Ocean Yield finances three NAT suezmaxes newbuilds

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Norway’s Ocean Yield has sealed a deal to acquire three suezmax crude tankers which will go out on 10-year bareboat charters to Nordic American Tankers (NAT) upon delivery.

NAT had ordered the vessels for $55.7m each in October 2016, and Ocean Yield is now forking out $43.2m per vessel after seller’s credit.

NAT has options to acquire the vessels after year five and seven, and an obligation to repurchase the vessels at the end of the charter.

The vessels are under construction at Korea’s Samsung Heavy Industries, and scheduled for delivery in June, August and October 2018.

Lars Solbakken, CEO of Ocean Yield, commented: “We are pleased to announce the acquisition of three high quality suezmax tankers with long term charters to Nordic American Tankers Limited. This transaction fits well with our strategy to invest in modern vessels with long term charters.”

“It is exciting to do business with Ocean Yield , which is 66% owned  by Aker ASA.  We are pleased to have secured solid long term financing for the three newbuildings with such good companies,” said Herbjørn Hansson, chairman and CEO of NAT.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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