Market Overview

The Car Carrier Höegh Xiamen Declared a Constructive Total Loss After Fire

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STOCKHOLM, July 3, 2020 /PRNewswire/ -- Höegh Xiamen is a car carrier owned by Ocean Yield ASA ("Ocean Yield") and employed on a bareboat contract to Höegh Autoliners. The vessel has been declared a constructive total loss following a fire that broke out onboard the vessel in early June in Jacksonville, USA.
 
Ocean Yield expects to receive insurance proceeds in Q3 2020 of about USD 26 million, which is close to the book value of the vessel. The net cash proceeds after repayment of debt related to the vessel will be about USD 8 million.

CONTACT:

Company contact:

Eirik Eide (CFO), Tel +47-24-13-01-91

Investor Relations contact:

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

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/ocean-yield/r/the-car-carrier-hoegh-xiamen-declared-a-constructive-total-loss-after-fire,c3148209

Cision View original content:http://www.prnewswire.com/news-releases/the-car-carrier-hoegh-xiamen-declared-a-constructive-total-loss-after-fire-301088059.html

SOURCE Ocean Yield

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