Kyklades and Ocean Yield seal sale and leaseback deal for four newbuild VLCCs

Norway’s Ocean Yield has agreed to acquire four newbuild VLCCs from Greece’s Okeanis Marine Holdings, part of Kyklades Maritime Corporation.

Ocean Yield is paying $83.75m per vessel and will bareboat charter the vessels back to Okeanis on 15-year charters. Okeanis already has one suezmax on charter from Ocean Yield.

The vessels are currently under construction at South Korea’s Hyundai Heavy Industries and scheduled for delivery in 2019, with five-year sub charters already lined up.

Lars Solbakken, CEO of Ocean Yield, commented: “We are pleased to expand our relationship with Okeanis Marine Holdings with the investment in four modern VLCCs with long-term bareboat charters and five year sub-charters to the shipping arm of a large industrial conglomerate. The investment is done at historically low asset values and will increase our EBITDA charter backlog by about 16% to USD 3.4 billion as per today.”

Okeanis has options to acquire the vessels during the charter period, the first option coming after seven years.

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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