Ocean Yield

Ocean Yield, a Norwegian sale-and-leaseback shipowner controlled by KKR, has recently undergone significant changes in its board of directors. According to an announcement in an Oslo Stock Exchange filing, the Norwegian maritime investor Ocean Yield will now operate with a reduced board comprising three directors. Chief Executive Officer Andreas Rode and Chief Financial Officer Eirik Eide have resigned from their positions on the board. However, they will continue to serve in their executive roles within the company. This reshuffle marks a strategic shift in Ocean Yield’s governance structure. In conjunction with these resignations, Norwegian maritime investor Ocean Yield has welcomed Rebecca Lund Nakkim as a new director. Nakkim is a managing associate at the Norwegian law firm BAHR, bringing legal expertise to the board. Rebecca Lund Nakkim’s appointment took effect from Wednesday, as stated in the Ocean Yield’s announcement. This restructuring of the board, particularly the addition of Rebecca Lund Nakkim, reflects Ocean Yield’s ongoing efforts to strengthen its governance and strategic capabilities, aligning with Ocean Yield’s broader objectives in the competitive maritime finance sector. 20-December-2023


Norwegian maritime investor Ocean Yield secured an agreement to acquire up to 10 ammonia-ready newcastlemax newbuildings from Compagnie Maritime Belge (CMB). Andreas Rode-led Norwegian maritime investor Ocean Yield invested $1 billion in new vessels in 2022. Kohlberg Kravis Roberts & Co. L.P. (KKR)-owned sale-and-leaseback specialist is committed to spending more cash on green ships after a giant investment in 2022. Ocean Yield resumed renewing and diversifying the fleet. Norwegian maritime investor Ocean Yield committed more than $600 million in modern future-proof 10 ammonia-ready newcastlemax newbuildings, bringing the total investment figure for the year to more than $1 billion. Norwegian maritime investor Ocean Yield concentrates on modern ships with long-term charters to creditworthy counterparties. Kohlberg Kravis Roberts & Co. L.P. (KKR) owned sale-and-leaseback specialist has a substantial contract backlog that delivers strong visibility concerning future earnings. Oslo Stock Exchange-listed Ocean Yield was founded in March 2012. Ocean Yield was listed on the Oslo Stock Exchange in July 2013. In 2021, Octopus Bidco AS, a corporation indirectly fully owned by funds advised by Kohlberg Kravis Roberts & Co. L.P. (KKR) and its affiliates , acquired all shares in Ocean Yield. 22-February-2023


Norwegian maritime investor Ocean Yield signed a sale and bareboat charter back deal with Tor Olav Troim-backed shipowner 2020 Bulkers. Norwegian maritime investor Ocean Yield has increased its exposure to the newcastlemax segment. Oslo-listed leasing company Ocean Yield signed a sale and bareboat charter back deal for $42 million per scrubber-fitted newcastlemax bulk carrier, net of a $5 million sellers’ credit. Norwegian maritime investor Ocean Yield added 2020 Bulkers to client list with scrubber-fitted newcastlemax bulk carrier deal. Ocean Yield acquired scrubber-fitted newcastlemax bulk carriers with a 13-year bareboat charter back to 2020 Bulkers. Oslo-listed shipowner 2020 Bulkers will have certain options to either sell or buy the scrubber-fitted newcastlemax bulk carriers during the 13-year charter period, as well as a purchase obligation at the end of the 13-year charter period. Norwegian maritime investor Ocean Yield is led by Lars Solbakken. According to Oslo-listed leasing company Ocean Yield, 2020 Bulkers scrubber-fitted newcastlemax bulk carrier deal is a highly attractive risk reward. The deal is anticipated to boost 2020 Bulkers’ liquidity by about $21 million upon closing. Furthermore, MV Bulk Seoul and MV Bulk Shanghai will increase Ocean Yield’s newcastlemax fleet to three (3) bulk carriers. Previously, Norwegian maritime investor Ocean Yield had another scrubber-fitted newcastlemax bulk carrier arranged to join the fleet from CMB. Recently, Norwegian maritime investor Ocean Yield acquired a dual-fuel liquid ethylene gas (LEG) carrier from Navigator Gas with a 13-year bareboat charter back to Navigator Gas. 16-October-2019


Norwegian maritime investor Ocean Yield buys back $42 million in outstanding bonds due in April 2020. Lars Solbakken led Ocean Yield aims to refinance part of its debt by bond placement on buying back $42 million of its notes due in April 2020. On 26 November 2019, Oslo-listed Ocean Yield completed a placement of $81.8 million in senior unsecured bonds due in December 2024. Ocean Yield announced that the company would spend $42 million of the placement’s proceeds on buying back a portion of its outstanding $108 million bond issue OCY03, due in April 2020. Buyback will be settled on 12 December 2019. Besides refinancing existing debt, Ocean Yield would spend on new investments and general corporate purposes. Norwegian maritime investor Ocean Yield owns a diverse fleet of 58 ships. Last week, Ocean Yield acquired four (4) modern LR2 tankers with long-term charters to companies owned and guaranteed by Navig8 Topco Holdings for $132 million in total. Recently, Ocean Yield completed a fully underwritten private placement of 15.93 million shares worth $79 million. Currently, Aker Capital is the largest shareholder with 61.65% stake in Ocean Yield. 1-December-2019


Norwegian maritime investor Ocean Yield and Savery’s family company CMB have struck a sale and leaseback deal for a newcastlemax newbuilding. This deal takes Ocean Yield into the newcastlemax market for the first time. Previously, Ocean Yieldmoved into dry bulk market with handysize and ultramax carriers. This is the second transaction between Kjell Inge Rokke’s Ocean Yield and Saverys family company CMB. In summer 2018, Ocean Yield and CMB had a container ship deal. Norwegian shipowner Ocean Yield is paying $40 million for newcastlemax newbuilding. Newcastlemax newbuilding will be chartered back to CMB on a 15-year bareboat contract. In 2013, Norwegian shipowner Ocean Yield made IPO (Initial Public Offering) and went public in the Oslo market. Currently, Kjell Inge Rokke’s Ocean Yield has a mix fleet of 61 ships. 28-June-2019


Ocean Yield, a prominent player in the maritime leasing sector, has recently expanded its fleet through the acquisition of two ultramax bulk carriers from Scorpio Bulkers. The vessels involved in this deal are the 63K DWT MV SBI Libra and MV SBI Virgo, both built in 2017. The transaction, amounting to $42 million en bloc, signifies a strategic diversification for Ocean Yield. Under the terms of the agreement, these vessels will be placed on 11-year bareboat charters back to Scorpio Bulkers. During this charter period, Scorpio Bulkers will retain purchase options starting from the end of the fourth year. Additionally, both Ocean Yield and Scorpio Bulkers have committed to investing up to $3 million each for the installation of scrubbers on the MV SBI Libra and MV SBI Virgo, with delivery to Ocean Yield expected within this quarter. This acquisition marks a significant expansion for Ocean Yield, diversifying its fleet beyond its existing seven handysize bulk carriers. Lars Solbakken, CEO of Ocean Yield, expressed enthusiasm about this opportunity to enhance and diversify the company’s portfolio. Scorpio Bulkers, despite being a new counterparty for Kjell Inge Rokke’s Ocean Yield, has existing leaseback arrangements with Ocean Yield’s sister company, Scorpio Tankers. This deal is part of Scorpio Bulkers’ broader strategy to strengthen its cash position, anticipating a liquidity boost of $17 million upon closing the transaction. Out of this, $14 million will be allocated to debt repayment, with the remainder financing the scrubber installations. Earlier in the year, Scorpio Bulkers engaged in similar sale and leaseback transactions, including a deal with China’s CMB Financial Leasing for seven bulk carriers and a separate agreement for the MV SBI Samba. Ocean Yield has been notably active in sale and leaseback transactions, having recently acquired and leased back a suezmax tanker from Okeanis Eco Tankers. Last year, the company completed leaseback deals with Interlink Maritime and Louis Dreyfus for bulkers, a duo of tankers from Ardmore Shipping, and a set of container ships from CMB. This strategy of acquiring and leasing back vessels is a cornerstone of Ocean Yield’s growth and diversification in the maritime leasing market. 8-April-2019