Ocean Yield sees profit increase

Jul 14 2017

Oslo-based shipping investment firm, Ocean Yield, reported an increase in profit for both the second quarter and the first half of this year.

Net profit after tax was $30.6 mill and $67.4 mill for the 2Q17 and 1H17, respectively, compared with $25.5 mill and $44.1 mill for 2Q16 and 1H16, respectively.

Adjusted net profit for 2Q17 was $33.5 mill.

EBITDA was $82.2 mill for 2Q17, compared with $70.1 mill in 2Q16 and $160.8 mill for 1H17, compared with $136.2 mill in 1H16.    

During 2Q17, the company acquired two 2014-built PSV’s with more than 12-years remaining bareboat charter to Aker BP, plus one Suezmax with a 14-year bareboat charter attached. .

Ocean Yield also took delivery of the liquefied ethylene gas carrier, ‘Gaschem Orca’ from Sinopacific Offshore & Engineering.

In addition, the charterer of four of the company’s LR2s - Navig8 Product Tanker- agreed to merge with Scorpio Tankers.

The charter backlog was $2.9 bill on an adjusted EBITDA basis with remaining average duration of 11.4 years at the end of 2Q17. .

Commenting on 2Q17 results, Lars Solbakken, Ocean Yield CEO, said: “I am pleased to present yet another positive quarter for Ocean Yield with an adjusted net profit of $33.5 mill and with increased dividends to shareholders for the 15th consecutive quarter.

“During the second quarter, Ocean Yield acquired three modern vessels on long-term charter and the fleet now consists of 37 vessels. We intend to continue to expand and diversify the fleet in order to further strengthen our earnings and dividend capacity,” he said.  

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