EuropeTankers

Ocean Yield takes two chemical carriers

Ocean Yield has agreed to acquire two 45,000 dwt IMO II chemical carriers for $35m per vessel in combination with 12-year so called hell and high bareboat charters to Navig8. The purchase price includes a seller’s credit of $6m per vessel, which will amortise to zero over the charter period and carries no interest.

The two vessels, which were built in 2013, will be delivered to Ocean Yield within the end of September and November 2016 respectively. Navig8 will have certain options to acquire the vessels during the charter period, with the first option exercisable after five years. The acquisition will be financed by a combination of debt and equity, where Ocean Yield has received credit approved term sheet from banks at terms in line with previous transactions.

Ocean Yield ceo Lars Solbakken commented: “We are pleased to announce the investment in the two chemical carriers as it allows us to continue to grow and diversify our portfolio, furthermore the transaction fits well with our strategy to invest in modern vessels with long term charters.”

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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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