Ocean Yield adds five more handysize bulkers with Interlink deal

Ocean Yield adds five more handysize bulkers with Interlink deal

Following its entry into the dry bulk sector a fortnight ago, Norway’s Ocean Yield has acquired five handysize vessels from the Carlyle Group’s Interlink Maritime for $75m.

The vessels will be chartered back to Interlink on 10-year bareboat charters, with Interlink having options to repurchase the vessels from the fifth year onwards. It is also obligated to repurchase them after the ten-year charter ends.

Ocean Yield said that one vessel will be delivered from the shipyard in April 2018, while three of the vessels are built in 2015 and another in 2014.

Lars Solbakken, CEO of Ocean Yield, commented: “We are pleased to expand our presence in the dry bulk sector with five modern handysize carriers with long-term charters to Interlink Maritime. In our opinion the timing for making new investments in shipping is excellent and we remain committed to continue to increase and further diversify our portfolio of modern vessels on long term charter in order to support attractive dividends to our shareholders.”

Earlier in the month, Ocean Yield acquired a pair of 2018-built handysize bulkers from Louis Dreyfus Armateurs and chartered them back on 12-year bareboat charters. It marked an entry into the sector for Ocean Yield, which has a diverse fleet of tankers, offshore assets, car carriers and boxships.

Interlink Maritime, which was found in 1979 by Paul Gurtler, owns a fleet of 28 handysize vessels including three newbuildings.

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