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First Quarter results 2022

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Fornebu, 24th May 2022, Ocean Yield AS (“Ocean Yield” or the “Company”) 
announces results for the first quarter 2022.

Highlights 

  • EBITDA for Q1 2022 was USD 41.1 million and EBITDA adjusted for finance lease effects was USD 68.4 million. 
  • Net profit for the period Q1 2022 was USD 22.1 million and adjusted net profit for Q1 2022 was USD 21.4 million. 
  • The sale of the vessels Navig8 Pride and Navig8 Providence was completed during the first quarter. 
  • Post quarter end, delivery of one newbuilding Suezmax tanker with long-term charter.
  • Continuing to expand the organisation with the recruitment of new talents.
  • The shipping markets strengthened during the quarter leading to further improved counterparty risk in the portfolio.

Andreas Røde, CEO of Ocean Yield, said in a comment: 
“It was a steady quarter of operation for Ocean Yield with solid results and improved counterparty risk in the portfolio. We are continuing to evaluate new investments in vessels on long-term charter with the aim to continue to expand and diversify the portfolio and charter backlog going forward. ” 
 

Company contacts:

Andreas Røde (CEO), Tel +47 24 13 42 45

Eirik Eide (CFO), Tel +47 24 13 01 91

Company information:

Ocean Yield AS 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. 

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