Ocean Yield ASA has agreed to acquire two Pure Car Truck Carriers (PCTC) of 4 900 car capacity with long- term bareboat charters to Höegh Autoliners ("Höegh"). The vessels, which were built in 2010, will be delivered to Ocean Yield within Q2 2014 and will from delivery be chartered to Höegh for a period of 8 years.
The total investment is approximately USD 90 million. Höegh will have certain options to acquire the vessels during the bareboat charter period, with the first option after five years. The transaction is subject to agreement on final documentation.
Höegh Autoliners is a global leader in deep sea Ro/Ro transportation services. The company operates about 60 Pure Car and Truck Carriers (PCTCs) in global trade systems, making around 3500 port calls and carrying about 2 million car equivalent units per year. Oslo headquartered Höegh Autoliners is managing a global network of around 20 offices, owner's representatives and agents. The Company has approximately 400 employees ashore and 900 seafarers.
Ocean Yield ASA's Chief Executive Officer Lars Solbakken said in a comment: "We are pleased to announce our third transaction with Höegh Autoliners, which is considered to be a leading company in the market for deep sea car transportation. Including the transaction announced earlier today, our EBITDA charter backlog has now passed USD 2 billion."
For further information, please contact: Lars Solbakken, CEO of Ocean Yield ASA Phone: +47 24 13 01 90 E-mail: firstname.lastname@example.org
Eirik Eide, CFO of Ocean Yield ASA Phone: +47 24 13 01 91 E-mail: email@example.com
About Ocean Yield:
Ocean Yield is a ship owning company with investments within oil-service and industrial shipping. The company focuses on modern assets with long-term charters to solid counterparties. The company has a significant contract backlog that offers visibility with respect to future earnings and dividend capacity. Ocean Yield has an ambition to pay attractive and growing dividends to its shareholders. The company's asset base excluding the abovementioned transaction consists of six offshore vessels, four Pure Car Truck Carriers (PCTC) of which three newbuildings, and three newbuilding Liquefied Ethylene Gas carriers (LEG), all with long term charters. In addition the company owns bonds in American Shipping Company. Ocean Yield was established in March 2012 and was listed on the Oslo Stock Exchange in July 2013.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.