Chief executive Lars Solbakken, finance chief Eirik Eide and vice president Marius Magelie each increased their investments in the Oslo-listed owner as part of its incentive scheme.
The transactions were disclosed only a few hours after Ocean Yield took on four LR2 tankers from Navig8 on a 13-year sale and leaseback.
“The positive for us is that we are buying new LR2 assets at a very attractive level,” said Solbakken.
Ocean Yield will pay $49.5m for each of the ships after 5% sellers credit is factored in – against the $60m plus market price of the ships.
However, the purchase price is also reflected in the options Navig8 has on the ships, meaning the UK-based group has achieved a very attractive cost of capital on the deal, Solbakken points out.
Solbakken on Monday bought 28,862 shares in Ocean Yield at a price of NOK 51.80 each. This took his holding to 1,155,879 shares.
Eide added 9,183 shares and Magelie 3,935 at the same price. All of the shares came at a 20% discount due to the fact they have a three-year lock-in period.
Ocean Yield first teamed with Navig8 earlier this year, taking eight vessels in a sale-and-leaseback deal.
