Ocean Yield debuts sustainability-linked lease with four LR1 newbuilds for Braskem
Norwegian owner and sale and leaseback player Ocean Yield has struck a deal with New York-listed petrochemicals firm Braskem to buy a quartet of LR1 product carrier newbuildings backed by 15-year bareboat charters with a dayrate linked to vessel’s carbon emissions.
“To the company’s knowledge, this is the first sustainability-linked transaction in the maritime leasing market,” the KKR-owned Ocean Yield said.
No price has been revealed for the ships that will be built at Guangzhou Shipyard International (GSI) in China and delivered in 2026 and 2027 with dual-fuel methanol options.
Andreas Røde, chief executive of Ocean Yield, said: “Since Ocean Yield was established in 2012, sustainability and responsibility have been integrated parts of our core strategy as we seek to be a facilitator for the decarbonisation of the shipping industry. In Braskem, we have found a partner who shares our values and ambitions. We are excited to build on our relationship with Braskem and introduce the inaugural sustainability-linked lease to the Ocean Yield portfolio.”
The deal is expected to add around $300m to Ocean Yield’s EBITDA backlog. Last year the two companies also teamed up on a pair of dual-fuel liquefied ethylene gas carriers at Jiangsu Yangzi-Mitsui Shipbuilding (Yamic).
