Newbuilding contracts for two Pure Car Truck Carriers

Ocean Yield AS, a 100 per cent owned subsidiary of Aker ASA, has entered into newbuilding contracts for two Pure Car Truck Carriers (PCTC) of 6 500 car capacity with Daewoo Shipbuilding & Marine Engineering's ("DSME"). The vessels will be built at DSME's shipyard in Mangalia, Romania.

 

 

The vessels will be delivered in April and August 2014 respectively, and will after delivery be chartered on 12-year "hell and high water" bareboat charter contracts to Höegh Autoliners ("HAL"). HAL owns and operates around 60 PCTC vessels (Pure Car and Truck Carriers) in a global trade system, and is regarded as one of the global leaders in deep sea car transportation.HAL has previously taken delivery of a series of 10 PCTCs from DSME and the two contracted new buildings will be built based on the same specifications, with relevant updates. HAL will be responsible for the shipbuilding supervision, the technical management and crewing of the vessels after delivery. HAL will have certain options to acquire the vessels during the bareboat charter period, with the first option after five years.Ocean Yield has secured long-term financing with banks for approximately 70 per cent of the investment. The remaining amount will be funded with equity."We are very pleased to announce the contracting of two, state-of-the art, newbuilding PCTC vessels with long-term charters to Hoegh Autoliners," said Ocean Yield AS' Chief Executive Officer Lars Solbakken. "This transaction fully reflects Ocean Yield's business strategy of adding high-quality vessels chartered on long-term contracts to leading and reputable counterparties to our portfolio of vessels."