Delivery of a gas carrier with long-term charter

29 Oct 2019

Ocean Yield ASA ("Company") is pleased to announce that the Company has taken delivery of the ethylene gas carrier Navigator Aurora today.

Upon delivery, the vessel commenced a 13 years' bareboat charter to Navigator Holdings Ltd. ("Navigator Gas").

The vessel, Navigator Aurora, is a 37,300 cbm ethylene gas carrier that was built in 2016.

This state-of-the-art vessel is operating on a sub-charter to the European chemical group Borealis for the transportation of ethane from the U.S. East Coast to Europe until December 2026.

The propulsion and electrical systems are designed to use LNG as fuel in addition to conventional fuel. Further, the vessel is currently going through a project to also use ethane as fuel.

Navigator Gas is listed on the New York Stock Exchange with ticker NVGS.

The company owns a sophisticated fleet of 38 gas carriers that play a vital role in the global liquefied gas supply chain, providing gas transportation solutions for energy companies, industrial users and commodity traders.

The vessels carry cargoes of liquefied petroleum gas (LPG), petrochemical gases and ammonia.

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