Ocean Yield in ethylene gas carrier resale action

Ocean Yield has carried out some resale business, announcing yesterday it has agreed to purchase two 36,000 cu m liquified ethylene gas carrier (LEG) newbuildings from unspecified owners to be constructed at Jiangsu Yangzi-Mitsui Shipbuilding in China. The vessels will be built with a specification enabling them to operate with gas as fuel.

Delivery of the vessels is expected in 2024 and 2025. Upon delivery, the vessels will commence 15-year bareboat charter contracts to a subsidiary of New York-listed Braskem, a transaction which will add approximately $245m to the Ocean Yield’s EBITDA backlog.

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.
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