Investment in two LR2 product tankers with long-term charters


13 Dec 2021


Ocean Yield ASA ("Ocean Yield" or the "Company") is pleased to announce that the Company will invest in two modern LR2 product tankers with 10-year bareboat charters to Scorpio Tankers Inc. ("Scorpio Tankers") with purchase obligations at the end of the charters.

The total net purchase price is about USD 70 million, net of seller's credits.

The Company expects to take delivery of the vessels during December 2021. Including this investment, Ocean Yield will own six LR2 product tankers with long-term charters to Scorpio Tankers.

Scorpio Tankers Inc. currently owns, finance leases or bareboat charters-in 131 product tankers and is listed on the New York Stock Exchange under the ticker "STNG".

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.

Ocean Yield ASA press release