Ocean Yield seals chemical tanker leaseback deal with Ardmore Shipping

Ocean Yield seals chemical tanker leaseback deal with Ardmore Shipping

Norway’s Ocean Yield has acquired two 2015-built chemical tankers from Irish owner Ardmore Shipping, and will charter them back on 12-year bareboat charters.

The vessels, Ardmore Dauntless and Ardmore Defender, were acquired for a total of $51m and are scheduled to be delivered to Ocean Yield before the end of the year.

Lars Solbakken, CEO of Ocean Yield, commented: “We are pleased to increase our investments in the tanker segment with two modern carriers with long-term charters to Ardmore Shipping. The transaction further diversifies our client base and increases our charter backlog. We continue to evaluate new investment opportunities and expects to continue the growth of our portfolio of vessels.”

Ocean Yield has been rapidly expanding its fleet over the last year and in February made its first move into the dry bulk sector, doing a deal with Louis Dreyfus for a pair of handysize bulkers.

Ardmore Shipping also announced overnight that it had sealed a sale and leaseback deal with Asian financiers for 2014-built MR tankers Ardmore Explorer and Ardmore Encounter. The pair have been chartered back by Ardmore for seven years.

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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