Norway’s Ocean Yield has acquired 2016-built 37,300 cbm ethylene gas carrier Navigator Aurora from Navigator Holdings for $69.75m net of seller’s credit.
The vessel will be bareboat chartered back to Navigator for a period of 13 years, in a deal which includes options for the charterer to acquire the vessel back.
Navigator Aurora is operating on a sub-charter to Borealis, transporting ethane from US to Europe, until December 2026.
Lars Solbakken, CEO of Ocean Yield, commented: “We are pleased to further diversify our portfolio of vessels with the investment in an ethylene gas carrier with 13-year charter to Navigator Gas. Including this vessel, Ocean Yield will have three vessels that can use ethane as fuel, reducing emissions compared to vessels that utilize conventional fuel.”