Ocean Yield has continued a busy 2018 with a double sale and leaseback deal with Ardmore Shipping.
Kjell Inge Rokke’s Ocean Yield has paid $51m for the 37,000-dwt Ardmore Dauntless and Ardmore Defender (both built 2015), it announced today.
The transaction includes a 12-year charter back to New York-listed Ardmore with purchase options.
Lars Solbakken, chief executive of Ocean Yield, said the deal expanded the leasing specialist’s client base and its investment in the tanker market.
“We continue to evaluate new investment opportunities and expects to continue the growth of our portfolio of vessels,” he said.
Ocean Yield has been building its tanker market exposure in the past year, with VLCCs and suezmaxes on leaseback deals with Kyklades Maritime and Nordic American Tankers.
This year has also seen transactions for two handysize bulkers from Louis Dreyfus, five vessels from Carlyle Group-backed Interlink Maritime a boxship quintet from CMB.
Ardmore has also inked new leaseback deals on two other tankers with a separate counter-party.
It says the 50,000-dwt Ardmore Explorer and Ardmore Encounter (both built 2014) have been purchased by an Asian financier against seven-year leasebacks.
Together, the transactions will add $19.7m to Ardmore's cash position, it said.
Anthony Gurnee, chief executive of Ardmore, said: "We are pleased to have signed agreements for the refinancing of these vessels on favorable terms and conditions.
"These transactions highlight Ardmore's strong financial relationships and our ability to identify opportunities to strengthen our balance sheet and position the company for further opportunistic growth."
Ardmore has made use of the leasing market in the past, with the 47,000-dwt Ardmore Seatrader (built 2002) and the 17,600-dwt brace Ardmore Calypso and Ardmore Capella (both built 2010) financed in the same way.
