Ocean Yield - Sale of LR2 Tankers

18 Oct 2021

Navig8 Pride and Navig8 Providence are LR2 tankers built in 2018 and employed on long-term charters to subsidiaries of Navig8 Ltd. ("Navig8 Group").

The vessels are owned by a joint venture owned 50% by Ocean Yield ASA.

In the charter contracts, Navig8 Group has options to sell the vessels to third parties, which have now been declared.

Delivery of the vessels is expected to take place during Q1 2022. Ocean Yield ASA expects to record a small book profit from the sales.

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.

Ocean Yield ASA press release