Ocean Yield and Höegh Autoliners agree on charter changes

Ocean Yield and Höegh Autoliners agree on charter changes

Ocean Yield has agreed to certain amendments to a series of charter agreements with Höegh Autoliners for four PCTC vessels on long term charter.

Ocean Yield currently has two newbuilding PCTC vessels of 8,500 ceu capacity under construction at Xiamen Shipbuilding. The vessels are part of a series of six vessels, where Höegh has ordered four newbuildings and Ocean Yield two. Upon delivery, the vessels will be chartered out to Höegh on 12-year bareboat charters.

Ocean Yield has agreed to sell its two vessels to Höegh and acquire two newbuilding sister vessels with earlier delivery dates from Höegh. The vessels are expected to be delivered in February and May 2016, following a delay in the original newbuilding schedule.

New charter agreements have been entered into between Ocean Yield and Höegh for these vessels for periods of 12 years. The sale and purchase of vessels will generate a positive cash effect of $15.6m for Ocean Yield in 2016.

Ocean Yield has also agreed with Höegh that the charter rates for the two newbuilding 8,500 ceu vessels and the two 6,500 ceu vessels will be changed from fixed interest rate basis to floating interest rate basis.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts