Ocean Yield agrees to purchase four LR1 product tankers
Ocean Yield AS has agreed to purchase four LR1 product tankers, to be constructed at Guangzhou Shipyard International (GSI) in China, according to the company's release. The vessels will be built with a design enabling them to be converted to dual-fuel operation with methanol as fuel. Upon delivery (in 2026 and 2027), the vessels will commence 15-year bareboat charters to guaranteed subsidiaries of Braskem S.A., a leading global petrochemical company listed on the New York Stock Exchange. Braskem S.A. currently has credit ratings of BBB- from S&P and Fitch, and Ba1 from Moody’s.
The bareboat charter rate will have a variable element linked to the respective vessel’s actual carbon emissions, incentivizing the charterer to keep emissions low. To the Company’s knowledge, this is the first sustainability-linked transaction in the maritime leasing market.
The transaction will add approximately USD 300 million to the Company’s EBITDA backlog.
