| Norwegian-listed Ocean Yield says it has agreed to acquire eight chemical carriers for a total of USD307.8 million. At the same time, the investment company has signed 15-year ‘hell and high’ bareboat charters [meaning hire is payable unconditionally] to Navig8 Chemical Tankers. “The first four vessels, being 37,000 dwt IMO II chemical carriers built by Hyundai Mipo Dockyard, Korea, are scheduled for delivery in 2Q15 and 3Q15. The last four vessels, being 49,000 dwt IMO II chemical carriers built by STX Korea, are scheduled for delivery in 1Q16 to 3Q16,” Ocean Yield said in a statement. The transaction will be funded by a fully underwritten bank financing of about 69% of the gross purchase price, a seller’s credit of about 10% and the remaining amount with other debt and existing cash. Navig8 Chemical Tankers will have certain options to acquire the vessels during the charter period, with the first option exercisable after five years. “Furthermore, Ocean Yield will provide Navig8 Chemical Tankers with a pre-delivery loan matching the remaining yard instalments for the STX vessels,” the company added. Ocean Yield was formed by the Aker group in 2012 and listed on the Oslo Stock Exchange in July 2013. Its current fleet comprises offshore services vessels, vehicle carriers and an FPSO. |