Kjell Inge Rokke-controlled shipowner Ocean Yield is focusing on growth later this year following a rise in profit and a boxship refinancing deal.
The Oslo-listed sale and leaseback specialist said it has increased the size of a loan covering four containerships leased back to Belgium's CMB.
The deal adds $17m in liquidity, with an extended maturity date of 2027.
The vessels are the 3,800-teu Livorno Express, Barcelona Express, Detroit Express and Genoa Express (all built 2014). The ships are chartered to CMB into 2029.
Ocean Yield's net profit was $26.2m in the three months to 30 June, against $16.5m in 2020, as a result of lower financial costs and fewer financial exchange losses.
Revenue from the mixed fleet of 62 ships decreased to $47m from $90m last year.
Chief executive Lars Solbakken said: "With a sound balance sheet and liquidity position, the company is well positioned for future growth."
Strong markets for bulkers and boxships are continuing to reduce counterparty risk in the portfolio, Ocean Yield added.
"The fundamentals in the tanker market are looking positive and the company expects a stronger tanker market towards the end of the year," the company said.
Dividend surprise
Ocean Yield declared a dividend of $5.70 per share, up $0.25 from the first quarter.
The charter backlog at the end of the quarter was $2.8bn with an average remaining contract duration of 8.3 years.
Analyst Anders Karlsen at Danske Bank said Ocean Yield had "surprised on the upside" in terms of its higher dividend.
Ebitda of $44m was just below his estimate, but above consensus, he added.
"We believe the hike in dividend and the refinancing leading to additional cash release will be viewed as positive and we could see a small positive share price reaction," Karlsen said.
The stock was trading up 1% at NOK 30.30 on Tuesday.
