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Investment in Suezmax Tanker with Long-Term Charter

Ocean Yield

Published Oct 29, 2023 10:17 PM by The Maritime Executive

[By: Ocean Yield]

Ocean Yield AS ("Ocean Yield" or the "Company") is pleased to announce that it has agreed to acquire a 2016-built Suezmax tanker with an 8-year bareboat charter to Nordic American Tankers Ltd. (“NAT”) with a purchase obligation at the end of the charter period. The vessel will be delivered to Ocean Yield during the fourth quarter. NAT is a leading crude tanker company listed on the New York Stock Exchange with a fleet of 20 Suezmax tankers.

CEO Andreas Røde said in a comment: "This is the third transaction between Ocean Yield and NAT since 2017, reflecting the strength of the long-term partnership between the two companies. We have a long track-record of successfully growing with our partners, and we are pleased to continue to support NAT with its fleet growth and renewal.”

The transaction will add approximately USD 80 million to the Company's EBITDA backlog.

The products and services herein described in this press release are not endorsed by The Maritime Executive.