Ocean Yield acquires and charters back CMB boxship quartet

Ocean Yield acquires and charters back CMB boxship quartet

Norway’s Ocean Yield has announced the acquisition of four 2014-built 3,800 teu containerships which will go out on 12-year bareboat charters to Belgium’s CMB.

The deal appears to be a sale and leaseback, and Splash understands the vessels to be the CMB-owned Barcelona Express, Detroit Express, Genoa Express, and Livorno Express. The four vessels were built at Hanjin Subic and are part of the Delphis fleet.

Ocean Yield says the aggregate purchase price is around $120m net of pre-paid charter-hire, and delivery is scheduled for the early part of third quarter of 2018.

Lars Solbakken, CEO of Ocean Yield, commented: “We are pleased to increase our investments in container vessels with four modern carriers with long-term charters to CMB. The transaction further diversifies our client base and increases our charter backlog. We remain committed to continue to grow our portfolio of vessels to support attractive dividends to our shareholders.”

CMB has options to acquire the vessels after the fifth year of the charter.

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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