25 Mar 2021
Navig8 Tourmaline is a chemical tanker built in 2016 and employed on a long-term charter to Navig8 Chemical Tankers Inc.
In the contract, Navig8 Chemical Tankers Inc. has a purchase option on the vessel after five years, which has now been declared.
The effective purchase date is 3rd October 2021 with a price of USD 30.7 million.
Ocean Yield ASA will receive net cash proceeds after repayment of debt related to the vessel of about USD 12 million.
The intention is to reinvest the proceeds into new vessels with long-term charters.
Ocean Yield ASA 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.
Chemical tanker "Navig8 Tourmaline". Image by Navig8 Chemical Tankers Inc.
Ocean Yield ASA press release