Oslo-listed shipower Ocean Yield has removed a bond maturity looming in September through a call option.
The Kjell Inge Rokke-controlled sale-and-leaseback specialist said it was exercising its right to pre-pay NOK 250m ($30m) of its OCY04 issue, which was due to mature on due 21 September.
The bond is now fully repaid.
Ocean Yield has three other bond issues stretching to 2024, totalling NOK 1.62bn.
Last August, the company bought back NOK 300m of the 04 series, which carries interest of 4.5%.
Another NOK 450m was outstanding at this point.
In 2019, the owner refinanced part of its debt by spending proceeds from a separate NOK 750m bond sale.
The fleet encompasses bulkers, VLCCs, suezmaxes, product tankers, offshore support vessels, boxships, LPG carriers and car carriers.
Hunt for new tonnage
Last summer, the company banked $30m from selling a 75% stake in an offshore construction ship to joint venture partner SBM Offshore.
In February this year, Ocean Yield said it was on the hunt for fresh tonnage after selling off several leased ships in recent months.
Chief executive Lars Solbakken said he was expecting a clear increase in the owned fleet over the next 12 to 18 months.
The company's war chest of "a few hundred million dollars" is a combination of $166m in liquidity, vessel sale proceeds and its aim to retain half of its profit in the future.
The company has recently concluded deals to sell five bulkers and tankers chartered by Louis Dreyfus Armateurs, Navig8 Chemical and Eneti — the former Scorpio Bulkers — as well as offloading the 156-loa offshore ship Connector (built 2012).
