Norway’s Ocean Yield has secured $90m in debt financing for two newcastlemax bulker newbuildings.
The sale-and-leaseback company sourced “competitive” pre-delivery and post-delivery debt financing from two new Asian lenders, Fearnley Securities said in a post on LinkedIn.
The Norwegian investment bank acted as financial adviser to Ocean Yield in the transaction.
“The competition to provide debt to clients such as Ocean Yield is as tough as ever, but a structured process and some competitive tension allowed us to put forward highly competitive terms,” the broker said.
In May last year, Ocean Yield agreed with the Saverys family’s Compagnie Maritime Belge that it would order eight or nine newcastlemaxes, with expected delivery dates between the third quarter of 2024 and the fourth quarter of 2025.
Upon delivery, the vessels will commence 15-year bareboat charters to guaranteed subsidiaries of CMB.
When Ocean Yield first announced the transaction in December 2022, the company said it would acquire up to 10 newcastlemax dry bulk newbuildings for a total consideration of up to $576m net of seller’s credits.
TradeWinds reported last year that Fearnley Securities expects the gross price to be closer to $650m, or $65m per vessel.
