Market Overview

Ocean Yield ASA: Acquisition of Three Modern Dry Bulk Vessels With Long-term Charters


STOCKHOLM, Feb. 12, 2020 /PRNewswire/ -- Ocean Yield ASA ("Ocean Yield" or the "Company") is pleased to announce that the Company has agreed to acquire two ultramax and one kamsarmax dry bulk vessels for a total consideration of USD 62.8 million net of pre-paid charter hire with 9, 10 and 12 years bareboat charters to Scorpio Bulkers Inc. ("Scorpio Bulkers"). In addition, Ocean Yield has committed to part finance the scrubber installation on the vessels, with an additional of USD 1.5 million per vessel during 2020.

The two ultramax vessels are built in 2015 and 2016 and the kamsarmax vessel is built in 2018. All vessels are expected to be delivered to the Company during Q1 2020. Scorpio Bulkers will have certain options to either trigger a sale or acquire the vessels during the charter period.

Scorpio Bulkers is a leading international provider of marine transportation of dry bulk commodities that currently owns and operates a fleet of 52 modern dry bulk vessels. Scorpio Bulkers is a publicly listed company and trades on the New York Stock Exchange under the ticker "SALT".

Ocean Yield's Chief Executive Officer Lars Solbakken said: "We are pleased to further expand our relationship with Scorpio Bulkers with the investment in three modern dry bulk carriers with long-term charters. Including this transaction, Ocean Yield has now increased the fleet to 72 vessels."

Company contact:
Eirik Eide (CFO), Tel +47 24 13 01 91

Investor Relations contact:
Marius Magelie (SVP Finance & IR), Tel +47 24 13 01 82

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SOURCE Ocean Yield

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