Marine Link
Wednesday, April 25, 2018

Ocean Yield Asa News

Ocean Yield Takes Delivery of Two Vessels

Image: Ocean Yield

Norwegian shipowner Ocean Yield ASA took delivery of newly-built handysize dry bulk vessel "La Fresnais" and "Interlink Amenity". In press release, Ocean Yield said that it took the delivery of the 2018 built handysize dry bulk vessel "La Fresnais" on April 10. Upon delivery the vessel commenced a 12 years' bareboat charter to a company owned and guaranteed by Louis Dreyfus Armateurs Group (LDA). LDA is a French family group engaged in maritime transportation and services and founded more than 160 years ago.

Ocean Yield Invests in 3 NAT Suezmaxes Newbuilds

Photo: Nordic American Tankers

Ocean Yield ASA has agreed to acquire three suezmax crude tankers with 10-year bareboat charters to Nordic American Tankers Limited (NAT). The net purchase price is USD 43.2 million per vessel after seller's credit. The net purchase price constitutes 77.5% of the gross purchase price, which is equal to the yard contract price. The vessels are scheduled for delivery by the yard, Samsung Heavy Industries, South Korea, in June, August and October 2018. NAT will have options to acquire the vessels after year 5 and 7 in addition to an obligation to repurchase the vessels at the end of year 10.

NAT Gets Finance for 3 Vessels

Photo:  Nordic American Tankers

Nordic American Tankers (NAT) has entered into final agreements with a subsidiary of Ocean Yield ASA for the financing of the outstanding commitments of $39 million per ship, due on delivery. Three NAT newbuildings are under construction at Samsung shipyard in South Korea. 30% of the contract price for each vessel ($55.7 m) was paid cash by NAT to the yard when the vessels were ordered in October 2016. The three Suezmax newbuildings are expected to be delivered during the latter part of 2018. The financed amount by Ocean Yield is about $43 million per vessel.

Ocean Yield to Acquire Four LR2 Product Tankers

Pic: Navig8 Product Tankers

Norway’s Ocean Yield ASA has agreed to acquire four 115,000 dwt LR2 product tankers which are currently on order from Navig8 Product Tankers at Sungdong Shipbuilding in Korea. Ocean Yield has agreed to acquire the product tankers for a total consideration of USD 198.1 million, in combination with 13 years "hell and high water" bareboat charters to Navig8 Product Tankers Inc, says a company statement. The four vessels are being built at Sungdong Shipbuilding & Marine Engineering Co., Ltd, Korea, and are scheduled for delivery in January, March, May and July 2016.

Ocean Yield to Invest in Modern Vessels

Photo:  Ocean Yield ASA

Ocean Yield ASA is currently in negotiations regarding further investments in modern vessels with long term charters, said the company. In a press release, Ocean Yield  said that the investments are still subject to board approval and agreement on documentation. Ocean Yield expects that final decisions with respect to these investments will be made during the next few weeks. Recently, the company announced  that it has agreed to acquire three suezmax crude tankers with 10-year bareboat charters to Nordic American Tankers Limited (NAT).

Ocean Yield’s Final LR2 Tanker Joins Navig8

Courtesy Navig8

Navig8 Product Tankers Inc. today took delivery of one 110,000 DWT LR2 product tanker, the Navig8 Supreme, from Sungdong Shipbuilding & Marine Engineering Co., Ltd. (“Sungdong”). The Navig8 Supreme is the fourth vessel to be delivered under the sale and leaseback arrangements entered into with Ocean Yield ASA (“Ocean Yield”) announced on July 13, 2015. Following the delivery from Sungdong, the Navig8 Supreme was delivered to Ocean Yield under the terms of the Sale MOA and then delivered back to the Company under bareboat charter.

Navig8 Acquires Chemical Tanker from STX

Photo Navig8

Navig8 Chemical Tankers Inc (the “Company”) (N-OTC: CHEMS), an international shipping company focused on the transportation of chemicals, today announced that it has taken delivery of the Navig8 Topaz, a 49,000 DWT IMO2 Interline-coated chemical tanker, from STX Offshore & Shipbuilding Co., Ltd. (“STX”). The Navig8 Topaz is the second STX vessel to be delivered under the sale and leaseback arrangements entered into with Ocean Yield ASA (“Ocean Yield”) announced on April 1, 2015.

Navig8 Acquires LR2 Tanker from Sungdong

Photo Courtesy Navig8

Navig8 Product Tankers Inc. an international shipping company focused on the transportation of petroleum products, today announced that it has taken delivery of the Navig8 Sanctity, a 110,000 DWT LR2 tanker, from Sungdong Shipbuilding & Marine Engineering Co., Ltd. (“Sungdong”). The Navig8 Sanctity is the second vessel to be delivered under the sale and leaseback arrangements entered into with Ocean Yield ASA (“Ocean Yield”) announced on July 13, 2015. Following delivery from Sungdong…

Navig8 Receives 8th Interline-Coated Tanker

Courtesy NAVIG8 CHEMICAL TANKERS

Navig8 Chemical Tankers Inc. today announced that it has taken delivery of the Navig8 Tanzanite, a 49,000 DWT IMO2 Interline-coated chemical tanker, from STX Offshore & Shipbuilding Co., Ltd. (“STX”), the final 49,000 DWT IMO2 Interline-Coated vessel from the Company’s newbuilding program. The Navig8 Tanzanite is also the eighth and final vessel to be delivered under the sale and leaseback arrangements entered into with Ocean Yield ASA (“Ocean Yield”) announced on April 1, 2015.

Ocean Yield and Höegh Autoliners Charter Pact

Photo: Höegh Autoliners

Ocean Yield ASA has agreed to certain amendments to the charter agreements with Höegh Autoliners (Höegh) for four PCTC vessels on long term charter. Ocean Yield currently has two newbuilding PCTC vessels of 8,500 CEU capacity under construction at Xiamen Shipbuilding Industry Co. Ltd. The vessels are part of a series of six vessels, where Höegh has ordered four newbuildings and Ocean Yield two. Upon delivery, the vessels will be chartered out to Höegh on 12-year bareboat charters.

Navig8, Ocean Yield in Chemical Tanker Deal

Image: Ocean Yield

Norway’s Ocean Yield has bought eight chemical tanker newbuildings for $306.8m from Navig8 Chemical Tankers Inc, which will lease the vessels back on 15-year   "hell and high" bareboat charters. Navig8 Chemical Tankers has options to buy the vessels during the charter period, with the first option exercisable after five years. The Oslo-listed ship-owner Ocean Yield will provide Navig8 Chemical Tankers with a pre-delivery loan matching the remaining yard installments for the STX vessels.

Ethane Carrier GasChem Beluga Delivered

Photo: Hartmann Reederei

On November 11 the first vessel of the new ECO STAR 36k type, GasChem Beluga, was delivered to the owners Ocean Yield ASA in China. The design for this new type of vessel was developed under the lead of German ship owner Hartmann Reederei together with its long-term partners HB Hunte Engineering for the ship design and AC Inox delivering gas plant and equipment. The hull design is unique and highly efficient: The vessel’s superstructures are located at the bow, the engine at the stern, resulting in an excellent distribution of weight and a significant reduction of ballast water.

DSCV SBM Installer Sold to OS Installer

SBM Installer being towed1

SBM Offshore has entered into an agreement to sell the DSCV SBM Installer, a Diving Support and Construction Vessel (DSCV), to OS Installer AS for US$150 million in cash. OS Installer AS is a newly established joint venture between Ocean Yield ASA (75%) and SBM Offshore (25%). Both parties have signed a memorandum of agreement, and SBM Offshore will charter the vessel under a long-term bareboat charter for a fixed period of 12 years. The Company will have certain options to acquire the vessel during the bareboat charter period, with the first option exercisable after five years.

The Top 10 Ships of 2017

Maritime Reporter & Engineering News, published since 1939, annually prints details on the world’s “Great Ships of the Year.” Here we rank from those selected in the December 2017 edition the top 10 ships of the year, according to the editors. Builder: Shanghai Zhenhua Heavy Industries Co. Builder: Hanjin Heavy Industries & Construction Co. USS Gerald R. Ford: first-of-class aircraft carrier for the U.S. Owner: U.S. Christoph de Margerie: the world’s first icebreaking LNG carrier. Builder: Daewoo Shipbuilding & Marine Engineering Co.

Aker Wayfarer to be Modified for Subsea Work

Aker Wayfarer (Image courtesy of Rolls-Royce)

Kleven’s Myklebust Verft in Gursken, Norway, has signed a modification contract with Ocean Yield ASA, a ship owning company with investments within oil-service and industrial shipping, to convert the Aker Wayfarer into a deepwater subsea equipment support vessel (SESV). The vessel is presently under long term charter with AKOFS Offshore. The modifications made at Myklebust Verft will enable the deepwater subsea equipment support vessel to install and retrieve deepwater subsea equipment; subsea trees and modules, including subsea structures and manifolds.

Aker Solutions Sells Remaining Ownership in Lewek Connector

AMC Connector AS, a joint venture between Aker Solutions and Emas Offshore Limited, has agreed to sell subsea construction and cable-lay vessel Lewek Connector (previously called AMC Connector) to Ocean Yield AS. In October 2010, Aker Solutions announced that it would sell its offshore construction and installation subsidiary Aker Marine Contractors to Ezra Holdings Limited (Ezra), which operates in the offshore construction market under the EMAS AMC brand name. As part of this transaction, Ezra agreed to acquire 50 percent of the shares in Lewek Connector's vessel owning company, AMC Connector AS. The divestment of Aker Marine Contractors marked the start of a restructuring of Aker Solutions…

Ocean Rig ASA Mandatory Offer Period Ends

DryShips Inc. announced that the mandatory offer period for the acquisition of all the outstanding shares of Ocean Rig ASA ended 11th June 2008. As of 11 June 2008 Primelead Limited, a wholly owned subsidiary of DryShips Inc., has purchased shares and received acceptances, which will result in Primelead Limited holding 159,824,366 shares, equivalent to 93.8% of the shares and votes in Ocean Rig ASA, calculated based on an issued share capital in Ocean Rig ASA of 170,374,980 shares. Basis the number of shares excluding Ocean Rig’s ownership of 6,763,600 shares in Ocean Rig, Primelead Limited now controls 97.7% of the company. As set forth in the mandatory offer document Primelead Limited intends to proceed with a compulsory acquisition of the remaining Ocean Rig ASA shares.

Delisting of Ocean Rig ASA

DryShips Inc. announced that July 21 was the last day of listing of the shares of Ocean Rig ASA on the Oslo Stock Exchange and that effective July 22nd Ocean Rig ASA will be delisted from the Oslo Exchange.

DryShips Completes Acquisition of Ocean Rig

DryShips Inc. announced that Primelead Limited, a wholly owned subsidiary of DryShips Inc., has effected a compulsory transfer of all remaining shares in Ocean Rig ASA and as a consequence of the compulsory transfer and cancellation of the treasury shares held by Ocean Rig ASA, Primelead Limited is owner of 100% of the shares in Ocean Rig ASA. As of July 10th, 2008 Primelead Limited controls 163,611,380 shares, equivalent to 100% of the shares and votes in Ocean Rig ASA, calculated based on an issued share capital of 170,374,980 shares less 6,763,600 treasury shares, which have been cancelled and will be deleted on or about the third quarter of 2008.

SeaDrill Sells Ocean Rig ASA Position

SeaDrill has accepted an offer to sell the company's position in Ocean Rig ASA. Total 21,414,028 shares were sold at NOK 89 per share. In addition, the Ocean Rig ASA 04/07 Convertible Bond, nominal value NOK 10,500,000, which may be converted into 552,632 shares in Ocean Rig ASA were sold, basis same price. The transaction will generate a profit of approximately $80 million to be recorded in Q1 2006. The Investment in Ocean Rig has since it was acquired in 2005 been considered as an opportunistic investment. The proceed from the sale estimated to approximately $ 298 million will be used to expand SeaDrill's own business including further acquisitions as well as capital reserved for financing part of the Company's USD 1,5 billion fixed price newbuilding option program.

DryShips Acquires More Ocean Rig Shares

DryShips Inc., has purchased 33,254,576 shares of Ocean Rig ASA an Oslo Stock Exchange listed offshore drilling services company, at a price of NOK 45 per share. Following these transactions DryShips Inc. owns 49.9% of the shares and votes in Ocean Rig ASA. As advised on December 17, 2007 Mr. George Economou, Chairman and CEO of DryShips Inc., has separately acquired approximately 4.4% of the share capital of Ocean Rig ASA. The total ownership percentage has been calculated based on an issued share capital in Ocean Rig ASA of 170,374,980 shares, as contained in Ocean Rig’s last Certificate of Registration. As a consequence of yesterday’s acquisition DryShips Inc.

DryShips Offers Period for Acquisition of Ocean Rig

DryShips Inc. announced that the Mandatory Offer period for the acquisition of all the outstanding shares of Ocean Rig ASA began today and the appropriate Offer Document has been filed with the Oslo Stock Exchange.  The mandatory offer period will end on 11th June, 2008. As of 14 May 2008, Primelead Limited, a wholly owned subsidiary of DryShips, Inc., owns 128,035,373 shares in Ocean Rig or 75.1% of the shares and votes in Ocean Rig ASA.

DryShips Now Controls Ocean Rig

DryShips Inc. announced that it has purchased 28,506,464 additional shares of Ocean Rig at a price of NOK 45 per share. DryShips Inc. now owns 113,539,687 shares or 66.6 percent of the shares and votes in Ocean Rig ASA. The ownership of 66.67 percent of the shares and votes in Ocean Rig ASA gives the company effective control over matters requiring shareholder vote such as the election of directors, the purchase or disposition of assets, mergers and application for delisting from the stock exchange. Dryships will also have the power to approve major financial proposals such as the amount of dividends and the issuance of new equity securities. As previously announced, Mr. George Economou holds 4.4% of the shares and votes in Ocean Rig ASA.

Maritime Reporter Magazine Cover Apr 2018 - Offshore Energy Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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