Ocean Yield forms new JV with Aker Capital

Norwegian shipowner Ocean Yield has entered into an agreement with Aker Capital whereby Aker will acquire 50 per cent of seven tankers with long-term charters from Ocean Yield.

The resulting joint venture will own four LR2 product tankers with long-term charter to the Navig8 Group and three Suezmax tankers with long-term charter to Nordic American Tankers.

Aker will pay US$10.2 million for 50 per cent of the shares in two new holding companies, which is equal to the book values. Ocean Yield will continue to guarantee the senior secured bank debt against a guarantee fee.

The transaction is subject to final documentation.