Ocean Yield

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