Kjell Inge Rokke-backed Ocean Yield has added to its fleet in a deal with a major Chinese leasing company.

The Oslo-listed shipowner said it agreed to buy four modern LR2 tankers with long-term charters to companies owned and guaranteed by Navig8 Topco Holdings.

The price is $132m in total, or an average price of $33m per vessel.

The scrubber-fitted ships were built in 2018 and 2019. They have nine years of remaining on bareboat charters to Navig8, which will have options to buy or sell vessels during the charter period, in addition to an obligation to purchase them at the end of the contract.

The deal brings to six the number of vessels Ocean Yield has on long-term charter to Navig8, and lifts the Oslo-listed company's fleet to 69 ships.

Bargain price?

Ocean Yield CEO Lars Solbakken said: "The net purchase price is substantially below market value, which gives the investment a very attractive risk profile. Total net investments this year have reached $438m and we continue to see attractive growth opportunities as we enter into 2020."

Ocean Yield also completed a fully underwritten private placement of 15.93m shares worth NOK 717m ($79m), at NOK 45 each.

The cash will be used to fund new investments and for general corporate purposes.

Rokke's Aker Capital, its largest shareholder with 61.65%, was allocated 9.82m shares, maintaining its stake.

In 2017, TradeWinds reported that Navig8 was plotting an order for up to eight LR2s at China’s New Times Shipbuilding, with support from Minsheng Financial Leasing.