Ocean Yield's largest shareholder is taking a stake in seven of its tankers in launching a joint venture.
In a move it says strengthens its balance sheet, Oslo-listed Ocean Yield announced Thursday that Kjell Inge Rokke's Aker Capital had acquired a 50% stake in the tankers for a total of $10.2m.
The joint venture will own four LR2 product tankers on charter to the Navig8 Group and three suezmax tankers fixed to Nordic American Tankers.
"The JV will be accounted for as an investment in an associated company and will strengthen Ocean Yield’s equity ratio with more than 2% points as the JV’s bank debt will no longer be consolidated," Ocean Yield said in a statement.
"Due to the low amount of new capital raised in the transaction, the impact on net profit will be limited."
SEB provided a fairness opinion in the deal.
Rokke's Aker Capital owns 61.7% of Ocean Yield, or 108m shares.
According to Ocean Yield, the LR2s on charter to Navig8 Group are the 110,600-dwt Navig8 Prestige (built 2019), Navig8 Precision, Navig8 Providence and Navig8 Pride (all built 2018).
The Navig8 Prestige is on charter until January 2029, the Navig8 Precision until September 2028 and the Navig8 Precision and Navig8 Providence until August 2028.
The suezmax tankers on long-term charter to Nordic American Tankers are the 157,000-dwt Nordic Tellus, Nordic Cygnus and Nordic Aquarius (all built 2018).
The Nordic Tellus will stay fixed to the Herbjorn Hansson-led company until October 2028, the Nordic Cygnus until August 2028 and the Nordic Aquarius until June 2028.
Ocean Yield shares closed Thursday at NOK 22.45 ($2.33).
