Ocean Yield Provides Financing for NATs Suezmax Trio

zoomIllustration; Image Courtesy: NAT Norwegian shipowner Ocean Yield has inked a deal to acquire Nordic American Tankers (NAT) three Suezmax newbuildings with ten-year bareboat charters to NAT.  Ordered by NAT in October 2016, the crude tanker trio is currently under construction at South Korean shipyard Samsung Heavy Industries (SHI). NAT paid 30% of the contract price for each vessel on contract signature. Under the new deal, Ocean Yield will pay USD 43.2 million per ship after sellers credit. As explained, the net purchase price constitutes 77.5% of the gross purchase price, which is equal to the yard contract price. The 157,000 dwt vessels are scheduled for delivery in June, August and October 2018. NAT will buy back the vessel at the end of the ten-year charter, but also has the flexibility to acquire the vessels from Ocean Yield after year five and seven. “It is exciting to do business with Ocean Yield, which is 66% owned by Aker ASA. We are pleased to have secured solid long-term financing for the three newbuildings with such good companies,” Herbjørn Hansson, Chairman & CEO of NAT, commented. This transaction fits well with our strategy to invest in modern vessels with long-term charters, Lars Solbakken, Ocean Yield ASAs Chief Executive Officer, said.