Ocean Yield has kept earnings in line with a year ago as it found contracts for its entire diversified fleet of 53 active vessels.
The Norwegian owner posted a $23m net profit for this year’s first quarter, up from $21.1m in net income recorded a year ago.
Revenue for the three-month period totalled $61m, a significant improvement from $43.8m in revenue collected during the same quarter in 2022.
“I am proud to announce that Ocean Yield has delivered another quarter of solid performance,” chief executive Andreas Rode said in a statement.
“During the quarter, focus has been on securing attractive long-term financing for our newbuilding vessels and proactively refinancing several secured and unsecured loan facilities.”
During the quarter, Ocean Yield fixed 24,371-bhp anchor-handling tug support vessels Far Senator and Normand Statesman (built 2013) on five-year bareboat charters to Viking Supply Ships.
The vessels were traded previously in a pool operated by Solstad Offshore at market-related rates.
“The new charters will contribute to improved stability of revenue and debt service capability of the vessels,” Ocean Yield said.
Viking Supply may buy the ships during the charter but must purchase it at the end of the charter if Ocean Yield requires it.
“Once the vessels are delivered to Viking Supply Ships AB in the second half of 2023, 100% of our fleet will be on long-term charters,” Rode said.
“Given our strong balance sheet and cash position, we actively evaluate growth opportunities.”
Ocean Yield said it had a charter backlog at the end of the first quarter that is worth $3.7bn in Ebitda and has an average charter length of 9.2 years.