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Tanker Shipping & Trade

Ocean Yield, Kyklades ink deal on VLCC newbuildings

Tue 13 Feb 2018 by Jamey Bergman

Ocean Yield, Kyklades ink deal on VLCC newbuildings
Currently valued at just over US$82M by VesselsValue market data, the 319,200 dwt vessels are worth approximately US$84M according to Ocean Yield

Norway-based Ocean Yield has agreed to purchase four VLCC newbuild vessels from the Alafouzos family’s Okeanis Marine Holdings, managed by Kyklades Maritime Corporation.

The VLCCs are under construction at the Hyundai Heavy Industries shipyard in South Korea, set for delivery in Q2 and Q3 2019.

Currently valued at just over US$82M by VesselsValue market data, the 319,200 dwt vessels are worth approximately US$84M according to Ocean Yield.

The deal is part of a 15-year sale and leaseback bareboat charter agreement to Okeanis Marine subsidiaries and includes a five-year subcharter for all four VLCCs to the shipping arm of a “large industrial conglomerate”, according to an Ocean Yield statement.

The contract includes acquisition options, with the first available seven years into the charter agreement according to Ocean Yield.

Ocean Yield chief executive Lars Solbakken said “The investment is done at historically low asset values and will increase our EBITDA charter backlog by about 16% to US$3.4Bn as per today.”

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