Depressed revenues continue holding down Ocean Yield profit.
For the second quarter of 2019, the Kjell Inge Rokke company posted a $5.3m profit, down considerably from the $35.1m earned in the same period last year.
Revenues fell more than 50% in the same time frame, as well, from $69.8m last year to $30.1m as the 214,266-cbm FPSO Dhirubhai-1 (built 1979) remains idle and the company recieves no revenue from to AHTS vessels on bareboat charter to Solstad.
Aker, also backed by Rokke, has until 1 September to decide what to do with the Dhirubhai-1, while Ocean Yield explores other deals.
Chief executive Lars Solbakken said the period was "yet another active quarter for Ocean Yield" thanks to a flurry of deals during the quarter.
"[W]e agreed to acquire three new vessels with long-term charter to reputable counterparties, in addition to taking delivery of two VLCCs and extending the option agreement for the FPSO [Dhirubhai-1] with Aker Energy," he said.
"The latest dry bulk transactions emphasizes Ocean Yield's ability to provide competitive leasing transactions to continue to grow the fleet of vessels with long-term charter in order to increase and further diversify the charter backlog."
