Ocean Yield ASA: First Quarter 2018 Report
Fornebu, 3rd May 2018, Ocean Yield ASA (“Ocean Yield” or the “Company”)
announces results for the first quarter ending 31st March 2018.
- Declared a dividend of USD 0.1905 per share for Q1 2018. This is an increase of 0.10 cents per share compared with the previous quarter.
- EBITDA for Q1 2018 was USD 77.8 million, and EBITDA adjusted for finance lease effects was USD 86.8 million.
- Net profit before tax for Q1 2018 was USD 35.7 million and Net profit after tax was USD 33.3 million. Adjusted net profit was USD 33.9 million.
- Acquisition of four VLCC crude tankers with 15-year bareboat charters to Okeanis Marine Holdings SA, with a 5-year sub-charter to the shipping arm of a large industrial conglomerate.
- Acquisition of two 2018 built handysize dry-bulk vessels with 12-year charters to the Louis Dreyfus Armateurs Group.
- Acquisition of five modern handysize dry-bulk vessels with 10-year bareboat charters to Interlink Maritime Corporation.
- Completed a private placement of 11 million shares, raising gross proceeds of NOK 759 million.
- The charter backlog at the end of Q1 2018 was USD 3.5 billion on an adjusted EBITDA basis with remaining average duration of 11.4 years.
Commenting on the first quarter results, Lars Solbakken, CEO of Ocean Yield, said:
“The first quarter was dominated by high investment activity, with the announcement of investment in another 11 vessels on long-term charters, being four VLCCs and seven dry-bulk vessels. In addition, we successfully raised approximately USD 96 million of new equity for future investments. The company has successfully continued to increase its charter backlog during the first quarter and is well positioned for further growth going forward.”
Lars Solbakken (CEO), Tel +47 24 13 01 90
Eirik Eide (CFO), Tel +47 24 13 01 91
Investor Relations contact:
Marius Magelie (SVP Finance & IR), Tel +47 24 13 01 82
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.