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Ocean Yield: $350m a year spend on fleet growth

Lysaker: While other owners might be reining in their expansion plans in these tricky times Norway’s Ocean Yield has outlined to Maritime CEO plans to spend $350m a year in annual new investments in vessels on long-term contracts to increase diversification, earnings and dividend capacity.

Lars Solbakken, the firm’s ceo, says: “We will continue our conservative investment strategy to acquire modern, fuel efficient vessels with long term contracts to strong counterparties. We have a multi-segment strategy to diversify our portfolio.”
Ocean Yield is a shipowning company, founded four years ago, with investments within oil-service and industrial shipping. It listed in 2013 and brands itself as the dividend yield company.

Ocean Yield has recently been working to secure a strong funding base, securing strong support from a large group of relationship banks. This will be used, Solbakken says, “to build a much larger company”.

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