Acquisition of handysize dry bulk vessel with long-term charter

26 Aug 2019

Ocean Yield ASA ("Ocean Yield" or the "Company") is pleased to announce that the Company has agreed to acquire one handysize dry bulk newbuilding with 10-year bareboat charter to a company owned and guaranteed by Interlink Maritime Corp ("Interlink Maritime"). The purchase price is USD 18 million net of pre-paid charter hire.

The vessel is expected to be delivered from the shipyard by the end of September 2019. Interlink will have certain options to either sell or acquire the vessel during the charter period. Including this vessel, Ocean Yield will own six vessels on long-term charter to Interlink Maritime.

Interlink Maritime is an owner and provider of dry bulk vessels to agricultural and industrial commodities companies, shipping companies and other end-users. It was founded in 1979 by Paul Gurtler and owns a fleet of 28 handysize vessels. The company is majority owned by The Carlyle Group, which is a global alternative asset manager with USD 223 billion of assets under management across 362 investment vehicles.

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 and dividend capacity.

Ocean Yield ASA press release