Ocean Yield has increased its exposure to the newcastlemax sector with a sale and bareboat charter back deal with 2020 Bulkers.
The Tor Olav Troim-backed bulker owner has agreed to sell two of its newbuildings to the Oslo-listed leasing company for $42m per vessel, net of a $5m sellers’ credit.
The acquisition includes a 13-year bareboat charter back to 2020 Bulkers. However, charter details were not reported.
2020 Bulkers will have certain options to either sell or acquire the vessels during the charter period, as well as a purchase obligation at the end of the charter.
The scrubber-fitted vessels, which are under construction at China’s New Times Shipyard, are due to be delivered in October and November 2019.
Ocean Yield’s chief executive Lars Solbakken said the deal with 2020 Bulkers represented a “very attractive risk reward” for the company.
2020 Bulkers said the lease financing will replace the original $30m committed bank financing per vessel and is expected to increase its liquidity by about $21m upon closing.
The addition 2020 Bulkers' of the Bulk Seoul and Bulk Shanghai will increase Ocean Yield's newcastlemax fleet to three vessels.
It has one 206,000-dwt newbuilding set to join its fleet in 2020 from Belgian shipowner CMB upon delivery from China's Qingdao Yangfan shipyard.
The deal with 2020 Bulkers follows hot on the heals of Ocean Yield’s recent acquisition of a dual-fuel liquid ethylene gas (LEG) carrier from Navigator Gas.
The purchase of the 37,300-cbm Navigator Aurora (built in 2016), which was announced last week, includes a 13-year bareboat charter back to Navigator.
