Ocean Yield Adds Tankers to its Fleet

Ocean Yield has agreed to acquire two 2015 built 37,000 dwt IMO II chemical tankers with 12-year bareboat charters to companies owned and guaranteed by Ardmore Shipping Corporation. The aggregate purchase price is approximately USD 51 million net of pre-paid charter-hire.

The ship owning company with investments in vessels on long -term charters also announced that it has today taken delivery of the newbuilding suezmax crude tanker Nordic Tellus from Samsung Heavy Industries' shipyard in South Korea.

The vessels Ocean Yield acquired from Ardmore Shipping Corporation are both built by Hyundai Mipo Dockyard in South Korea and are expected to be delivered to the Company during Q4 2018. Ardmore Shipping will have certain options to acquire the vessels during the charter period.

Ocean Yield ASA's Chief Executive Officer Lars Solbakken said in a comment: "We are pleased to increase our investments in the tanker segment with two modern carriers with long-term charters to Ardmore Shipping. The transaction further diversifies our client base and increases our charter backlog. We continue to evaluate new investment opportunities and expects to continue the growth of our portfolio of vessels."

The Nordic Tellus from Samsung Heavy Industries' shipyard in South Korea commenced a 10 years' bareboat charter to Nordic American Tankers Limited (NAT) upon delivery.

NAT is a crude tanker company listed on the New York Stock Exchange with a fleet of 25 Suezmax tankers, including three vessels on long-term bareboat charter from Ocean Yield ASA.

Ardmore Shipping is a New York Stock Exchange listed company with a fleet of 28 product- and chemical tankers ranging from 25,000 to 50,000 deadweight tonnes. The company is based in Cork, Ireland.