Ocean Yield acquires and charters back Navigator ethylene gas carrier

Ocean Yield acquires and charters back Navigator ethylene gas carrier

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.”

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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