First quarter results 2024

Fornebu, 15^th May 2024, Ocean Yield AS (“Ocean Yield” or the “Company”) announces results for the first quarter 2024.

Highlights

• EBITDA for Q1 2024 was USD 59.1 million and Adjusted EBITDA was USD 96.8 million.
• Net profit for Q1 2024 was USD 23.2 million.
• Strong balance sheet, with an equity ratio of 32.4% and USD 215.3 million in available liquidity.
• The Company took delivery of a newbuilding container vessel with seven-year time charter.
• The Company took delivery of the second 2022-built Suezmax tanker with 14-year bareboat charter to guaranteed subsidiaries of Euronav NV.
• The Company issued a new USD 75 million perpetual callable hybrid bond (OCY10), carrying a coupon of SOFR + 5.35% p.a.
• The EBITDA charter backlog at the end of Q1 2024 was USD 4.1 billion with an average remaining contract duration of 10.1 years.

Andreas Røde, CEO of Ocean Yield, said in a comment:
“I am pleased to report strong figures for the first quarter of 2024, with net profit of USD 23.2 million and adjusted EBITDA of 96.8 million. During the quarter, we took delivery of two new vessels and successfully issued a new perpetual callable hybrid bond of USD 75 million. With a strong balance sheet and available liquidity above USD 200 million, the Company is well positioned to evaluate new investments in vessels with long term charters.”

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Company contacts:

Andreas Røde (CEO), Tel +47 98 22 85 62

Eirik Eide (CFO), Tel +47 95 00 89 21

Investor Relations contact:

Karl Fredrik Schjøtt-Pedersen (SVP Finance & Investor Relations), Tel +47 95 13 23 35

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.