Ocean Yield ASA has agreed to acquire a new Suezmax tanker for a consideration of USD 54.0 million with 14-year bareboat charter to a company owned and guaranteed by Okeanis Marine Holdings SA. The purchase price includes a seller's credit of USD 7.0 million, giving a net purchase price of USD 47.0 million, the company said in its press release.
The vessel, which is built in 2017, will be delivered to Ocean Yield within June 2017. Okeanis Marine Holdings SA will have certain options to acquire the vessel during the charter period, with the first purchase option exercisable after seven years. The acquisition will be financed by a combination of debt and equity, where Ocean Yield has received an offer for a senior secured loan facility of up to USD 37.8 million with 15 years' repayment profile and 5 year tenor.
Okeanis Marine Holdings SA is the ship-owning holding company of the Alafouzos family, which has 50+ years of history in shipping with long-term relations with a number of oil majors. The management company of the group is known under the name Kyklades Maritime Corp.
Ocean Yield is a ship owning company with investments in vessels on long-term charters. The company has a significant contract backlog that offers visibility with respect to future earnings and dividend capacity.