Long term charters buoy Ocean Yield

Jul 12 2019

Ocean Yield has reported an EBITDA of $56.8 mill for the second quarter of this year and an EBITDA adjusted for finance lease effects of $74.5 mill for the same period.

Net profit after tax for was $5.3 mill. This includes an increase in the provision for decommissioning expenses related to an FPSO of $4.5 mill.

Net profit from vessels with long-term charters was $19.2 mill and net profit from vessels without long-term charters was a negative $13.8 mill.

Lars Solbakken,Ocean Yield CEO, said: “The second quarter was yet another active quarter for Ocean Yield, where we agreed to acquire three new vessels with long-term charter to reputable counterparties, in addition to taking delivery of two VLCCs and extending the option agreement for the FPSO with Aker Energy.

“The latest dry bulk transactions emphasises Ocean Yield’s ability to provide competitive leasing transactions to reputable counterparties. The fleet now counts 61 vessels and we intend to continue to grow the fleet of vessels with long-term charter in order to increase and further diversify the charter backlog, " he explained. 


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