Ocean Yield Bolsters Drybulk Fleet with Five Handysizes

first_imgzoom Ocean Yield ASA has decided to buy five Handysize dry bulkers with 10-year bareboat charters to companies owned and guaranteed by Interlink Maritime Corp, owner and provider of dry bulkers to agricultural and industrial commodities companies, and other end-users.The purchase price is approximately USD 75 million net of pre-paid charter hire, the Norwegian shipowner said.One vessel will be delivered from the shipyard in April 2018, while three of the vessels are built in 2015 and one in 2014.The transaction is subject to final agreement on documentation. ” In our opinion the timing for making new investments in shipping is excellent and we remain committed to continuing to increase and further diversify our portfolio of modern vessels on long-term charter in order to support attractive dividends to our shareholders,” Ocean Yield ASA’s Chief Executive Officer Lars Solbakken said.Interlink Maritime will have certain options to acquire the vessels during the charter period, with the first purchase option exercisable after five years in addition to an obligation to repurchase the vessels at the end of year ten.Interlink Maritime owns a fleet of 28 Handysize vessels, including three newbuildings. The company is majority-owned by the Carlyle Group, which is a global alternative asset manager with USD 174 billion of assets under management across 306 investment vehicles.Ocean Yield’s latest purchase comes on the back of an investment in two 2018-built handysize dry bulk vessels with 12-year bareboat charters earlier this month which marked the company’s entrance in the dry bulk sector.The bulkers will be chartered to companies owned and guaranteed by French maritime firm Louis Dreyfus Armateurs Group (LDA).According to Solbakken, the company sees potential for more transactions in the sector especially in the wake of improved earnings in the dry bulk market.last_img