Ocean Yield completes newbuild order for Newcastlemax

Norwegian shipowner Ocean Yield AS has updated its agreement with CMB to acquire between eight and nine Newcastlemax vessels, instead of the original plan for a minimum of five and up to ten ships. The acquisition cost, net of vendor credits, is estimated to be up to $576m. Delivery of the vessels is set between Q3 2024 and Q4 2025. Once delivered, the ships will enter a 15-year bareboat charter agreement with CMB NV’s subsidiaries. Upon completion of the charter, CMB has purchase obligations.

The acquisition is a strategic move for Ocean Yield to expand its fleet and secure long-term charter agreements, strengthening its position in the maritime industry and adding significantly to the company’s EBITDA gap. By executing the agreement, Ocean Yield demonstrates its commitment to accomplishing a strategic growth plan by acquiring additional high-specification vessels in prime condition. The updated agreement underscores Ocean Yield’s commitment to expanding its fleet and securing long-term charter agreements, thereby strengthening its position in the maritime industry.

Tags: dry matter,ocean yield


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