Norway’s Ocean Yield has unveiled more vessel sales as it seeks new investments.
The sale and leaseback specialist, owned by US private equity giant KKR, said in a second quarter presentation that it has offloaded the 49,000-dwt MR Hafnia Turquoise (built 2016) back to Singapore's Hafnia.
VesselsValue assesses the ship as worth $37m, up from $35.85m a year ago.
The tanker was on a 15-year bareboat charter to Hafnia. Ocean Yield paid $40.5m for the vessel in 2015 as a resale.
No price has been given for the new deal.
Ocean Yield also said a purchase option has been declared for the 111,000-dwt LR2 tanker Navig8 Precision (built 2018), owned by a 50%-controlled joint venture.
The vessel is on a nine-year bareboat back to Navig8 Group, which had options to buy or sell the ship during the term.
VesselsValue values the LR2 at $69.45m, against $61m a year ago.
The tanker was initially financed by Minsheng Financial Leasing of China, which sold it to Ocean Yield in 2019 for $33m.
Meanwhile, Bermuda’s Interlink has declared an option to buy the 39,000-dwt open-hatch bulker Interlink Amenity (built 2018).
The handysize is on a 10-year bareboat deal.
The vessel cost $25m to order in China. Ocean Yield bought it for $18.5m in 2018. It is now worth $20.56m.
New loan deals in place
The group also said it had refinanced and upsized four existing loan facilities during and after the second quarter.
There will be a $74m positive liquidity effect from the deals.
New loan agreements were also put in place “at attractive terms” to finance two liquid ethylene carriers starting charters with Brazil’s Braskem, the company added.
Net profit in the second quarter was $27m, up from $23m a year ago.
Revenue fell from $18.8m to $16.5m. The group has a $3.9bn Ebitda backlog.
‘Robust financial position’
“Ocean Yield has a robust financial position and access to financing remains strong. The portfolio is well performing and the counterparty credit quality is solid,” Ocean Yield said.
It is actively looking at new growth opportunities.
Earlier in August, the owner said it had inked the first-ever emissions-linked charter deal for a quartet of LR1 newbuildings.
Rates will be determined by the ships’ Carbon Intensity Indicator rating.
The four ships will be built at Guangzhou Shipyard International in China for delivery in 2026 and 2027.
They will be ready for dual-fuel conversion upon delivery with methanol as the second fuel.
Once they hit the water, the ships will go on 15-year bareboat charters to Braskem.
