EuropeFinance and Insurance

Ocean Yield raises cash for more ships

Norway’s Ocean Yield has completed a private placement raising NOK759m ($96m), funds which it intends to use to finance investments in more vessels.

The fund raiser comes just one day after Ocean Yield announced the acquisition of five handysize bulkers from Interlink, its second ever dry bulk deal following last month’s deal with Louis Dreyfus Armateurs to acquire two handysizes. All of the vessels are chartered back to the sellers on long-term bareboat charters.

Lars Solbakken, CEO of Ocean Yield, commented: “We are pleased to announce a successful private placement. In our opinion the timing for making new investments in shipping is excellent, and we remain committed to continue to increase and further diversify our portfolio of modern vessels on long term charter in order to support attractive dividends to our shareholders. The share issue will also contribute to increase the free float in the Ocean Yield share, making it even more attractive for investors.”

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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