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Greece,Norway : Ocean Yield to buy 4 newbuild VLCCs from Greek company.

Norwegian Ocean Yield has announced it will buy four newbuild VLCCs from Greeces Okeanis Marine Holdings, part of Kyklades Maritime Corporation.

Ocean Yield has agreed to pay $83.75m per vessel and will bareboat charter the ships back to Okeanis on 15-year charters. Okeanis already has 1 suezmax on charter from Ocean Yield.

The vessels are presently being built at the Korean Hyundai Heavy Industries and slated for delivery in 2019, with 5-year sub charters already lined up.

Lars Solbakken, CEO of Ocean Yield, said: We are pleased to expand our relationship with Okeanis Marine Holdings with the investment in four modern VLCCs with long-term bareboat charters and five year sub-charters to the shipping

arm of a large industrial conglomerate. The investment is done at historically low asset values and will increase our EBITDA charter backlog by about 16% to USD 3.4 billion as per today.

Okeanis has options to buy the ships in the charter period, the first option coming after 7 years.

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Publication:Mena Report
Date:Feb 13, 2018
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