Norway’s ship owning company Ocean Yield is joining forces with Japanese giant Nippon Yusen Kaisha (NYK Line) to order four LNG carriers backed by long-term charters.
Ocean Yield has agreed to co-invest alongside NYK Line in four LNG carriers to be built in Korea with deliveries in 2028 and 2029.
Ocean Yield said both parties will have an ownership interest of around 50% in the vessels.
Upon delivery, each vessel will commence long-term time charters to an investment grade-rated major energy company.
The transaction, Ocean Yield said, is estimated to add around $600m to the company’s EBITDA backlog. The charterer may exercise extension options to extend the charter duration. The charterer is also granted options that may increase the size of the investment to eight vessels.
Andreas Røde, chief executive officer of Ocean Yield, said in a comment: “We are pleased to expand the partnership with NYK Line through this landmark transaction. Ocean Yield has over the last few years strategically entered the LNG segment, a sector that fits our investment mandate well with its infrastructure-like characteristics and long-term charters to strong counterparties.”
The closing of the investment is subject to certain customary conditions.
