Norwegian sale-and-leaseback specialist Ocean Yield has added to its fleet with a bulker newbuilding deal.
The company, owned by US private equity giant KKR, said on Tuesday it had acquired up to 10 newcastlemaxes with delivery between the start of 2025 and the second quarter of 2026.
The price is $576m, net of seller’s credits.
Fearnley Securities said it expects the gross price to be closer to $650m, or $65m per vessel.
On delivery, the ships will start 15-year bareboat charters to a “leading dry bulk operator”, with purchase obligations at the end of the period.
Ocean Yield said the final deal will involve a minimum of five and a maximum of 10 ships, which will be determined at a later stage.
“Assuming a transaction scope of 10 vessels, the transaction will add around $950m to the company’s Ebitda backlog,” it added.
It is not clear whether Ocean Yield is financing an existing order by a third-party owner, or has ordered the vessels itself.
It told TradeWinds it could not comment further but would release more information later.
In November, Belgian shipowner Compagnie Maritime Belge (CMB) signed an order for an additional 10 dual-fuel newcastlemax newbuildings worth $640m, as yard prices start to ease off in China.
Window of opportunity
Shipbuilding sources said the company had seized a “window of opportunity” and returned to Qingdao Beihai Shipbuilding Heavy Industry to book the bulkers, which will be delivered in 2025 and 2026.
CMB confirmed it has now lifted the total number of 210,000-dwt dual-fuel bulkers at the state-owned yard to 20.
Of the earlier 10 vessels, eight were ordered last year at about $61m per ship and two in March 2022 at $66m each.
Sources said CMB is paying $64m apiece for its latest tranche of ammonia-ready newcastlemaxes — $2m per ship less than the pair it booked in March.
