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Ocean Yield Finalizes Newcastlemax Newbuild Order

Mike Schuler
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May 26, 2023

Norwegian shipowner Ocean Yield AS has announced an update on its agreement announced last December to acquire new newcastlemax vessels. Initially, the plan was to acquire a minimum of five and up to ten vessels, expected to be delivered between the first quarter of 2025 and the second quarter of 2026.

Ocean Yield has now reached an agreement with the charterer, CMB, to finalize the transaction scope with eight or nine vessels. The vessels are expected to be delivered between the third quarter of 2024 and the fourth quarter of 2025.

Upon delivery, the vessels will enter into 15-year bareboat charters with guaranteed subsidiaries of CMB N.V. The total consideration for this acquisition, net of seller’s credits, is estimated to be up to $576 million.

This acquisition is a strategic move by Ocean Yield. Transaction scope will significantly contribute to Ocean Yield’s EBITDA backlog. At the end of the charter period, CMB will have purchase obligations.

This development highlights Ocean Yield’s commitment to expanding its fleet and securing long-term charters, thereby strengthening its position in the maritime industry.

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