Aker Capital injects cash into Ocean Yield via joint venture deal

Kjell Inge Røkke’s Aker Capital, the majority shareholder of Ocean Yield, has injected cash into the shipowning company with the forming of a joint venture.

Aker has paid $10.2m to acquire a 50% stake of seven tankers with long-term charters, four LR2s on charter to Navig8 and three suezmaxes on charter to Nordic American Tankers.

Ocean Yield will continue to guarantee the senior secured bank debt against a guarantee fee.

The deal will strengthen Ocean Yield’s equity ratio with more than 2% points as the JV’s bank debt will no longer be consolidated, Ocean Yield stated.