Ocean Yield Picks Up 4 VLCCs Under Construction

- Feb 23, 2018-

Ocean Yield, a Norwegian owner, has announced that it has agreed to acquire 4 VLCCs under construction and have won a bareboat charter for 15 years.


All four vessels are chartered by Okeanis Marine Holdings under a five-year lease under the lease of four VLCCs for a major industrial group shipping subsidiary.glenflange


Ocean Yield said the four VLCCs were traded at a price of $ 83,750,000 each, of which $ 74,250 out of every amount paid by the ship was paid in cash and the rest by the firm's $ 9.5 million credit to the seller.


Lars Solbakken, chief executive of Ocean Yield, said the investment VLCC was completed at the lowest asset prices ever recorded and increased its EBITDA charter revenue by 16% to $ 3.4 billion.


It is understood that these newbuildings are expected to be delivered by Hyundai Heavy Industries in Korea in the second quarter of 2019 to the third quarter. Okeanis Marine Holdings has the option to acquire the VLCC during the lease term, and the first acquisition can be executed after seven years of lease.