Published 2016-09-28 00:00:00
Ocean Yield buys two chemical carriers

Ocean Yield ASA has agreed to acquire two 45,000 dwt IMO II chemical carriers for a consideration of USD 35 million per vessel in combination with 12-year "hell and high" bareboat charters to Navig8 Ltd.("Navig8 Group"). The purchase price includes a seller's credit of USD 6.0 million per vessel, which will amortise to zero over the charter period and carries no interest.

The two vessels, which were built in 2013, will be delivered to Ocean Yield within the end of September and November 2016 respectively.

Navig8 Group will have certain options to acquire the vessels during the charter period, with the first option exercisable after five years. The acquisition will be financed by a combination of debt and equity, where Ocean Yield has received credit approved term sheet from banks at terms in line with previous transactions.

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