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