Ocean Yield moves into dry bulk with Louis Dreyfus handysize deal

Ocean Yield moves into dry bulk with Louis Dreyfus handysize deal

Norway’s Ocean Yield has reached a deal to acquire a pair of 2018-built handysize bulkers, which will be chartered to Louis Dreyfus Armateurs on 12-year bareboat charters.

Ocean Yield is paying a net cash purchase price of $18m per vessel after a seller’s credit, and both are expected to be delivered next month.

Lars Solbakken, CEO of Ocean Yield, commented: “We are pleased to announce our first investment in the dry bulk sector with two modern handysize carriers with long-term charters to Louis Dreyfus Armateurs. With improved earnings in the dry bulk market, we see potential for more transactions in this sector going forward.”

Louis Dreyfus is obligated to purchase the vessel at the end of the charter, and also has options to acquire the vessels during the charter with the first option available after five years.

Ocean Yield’s diverse fleet includes a range of tankers, offshore assets, car carriers and boxships.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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