Ocean Yield and Navig8 sell LR2 duo 

Navig8 has exercised an option to sell the 2018-built 110,600 dwt LR2 tankers Navig8 Pride and Navig8 Providence, currently on a long-term charter from Norway’s Ocean Yield.

The vessels are owned by a joint venture owned 50% by Ocean Yield. Navig8 had an option to acquire or sell the vessels to third parties, and now that it has been declared, the delivery of the vessels is expected to take place during Q1 2022.

The Oslo-listed Ocean Yield said it expects to record a small book profit from the sales. According to VesselsValue, the LR2 duo was sold to Global Meridian Holdings for $48m each.

Last week, the company struck a deal to purchase ships for $380m linked to 10-year bareboat charters with purchase obligations at the end of the charter period. No further details were disclosed.

Earlier this year, the US investment firm Kohlberg Kravis Roberts (KKR) launched an $830m takeover of Ocean Yield. Ocean Yield’s largest shareholder, Aker Capital, representing 61.65% of the outstanding shares in the company, has accepted the offer.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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