Ocean Yield invests in three Suezmax tankers with long-term charters

The three newbuild suezmax crude tankers will add to the NAT fleet, which includes the 2011-built Nordic Zenith double-hull oil tanker.  dcb1882b5d2da82c4f1ecb54d9b9de6d
The three newbuild suezmax crude tankers will add to the NAT fleet, which includes the 2011-built Nordic Zenith double-hull oil tanker. dcb1882b5d2da82c4f1ecb54d9b9de6d
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The three newbuild suezmax crude tankers will add to the NAT fleet, which includes the 2011-built Nordic Zenith double-hull oil tanker.
The three newbuild suezmax crude tankers will add to the NAT fleet, which includes the 2011-built Nordic Zenith double-hull oil tanker.

Ocean Yield has agreed to acquire three Suezmax crude tankers with 10-year bareboat charters to Nordic American Tankers (NAT).

The vessels are scheduled for delivery by the yard, Samsung Heavy Industries, South Korea, in June, August and October 2018.

The net purchase price is US$43.2 million per vessel after seller's credit. It constitutes 77.5 per cent of the gross purchase price, which is equal to the yard contract price.

NAT said 30 per cent of the contract price for each vessel ($55.7 million) was paid in cash to the yard when the vessels were ordered in October 2016.

The agreements are based on a 10-year bareboat charter for each vessel.

NAT will buy back the vessel at the end of the charter, but also has the flexibility to buy back the vessels from Ocean Yield after year five and seven.

NAT is a crude tanker company listed on the New York Stock Exchange with a fleet of 33 Suezmax tankers, including these three newbuildings.

Ocean Yield, which is 66 per cent owned by Aker, is a ship-owning company with investments in vessels on long-term charters. It is listed on the Oslo Stock Exchange.

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