Ocean Yield Splashes $576M on Newcastlemax Newbuildings
Source: www.gulfoilandgas.com 12/6/2022, Location: Europe
Ocean Yield AS ("Ocean Yield" or the "Company") is pleased to announce that the Company has agreed to acquire up to ten newcastlemax dry bulk newbuildings for a total consideration of up to USD 576 million net of seller’s credits.
Upon delivery, the vessels will commence 15-year bareboat charters to a leading dry bulk operator with purchase obligations at the end of the charter period. Expected delivery will be between Q1 2025 and Q2 2026.
The final transaction scope will be a minimum of five and a maximum of ten vessels, to be determined at a later stage. Assuming a transaction scope of ten vessels, the transaction will add around USD 950 million to the Company’s EBITDA backlog.