English

Ocean Yield ASA: Second Quarter and First Half Year 2018 Report

Report this content

Fornebu, 12th July 2018, Ocean Yield ASA (“Ocean Yield” or the “Company”)
announces results for the second quarter and first half year ending 30th June 2018.

HIGHLIGHTS:

  • Declared a dividend of USD 0.1910 per share for Q2 2018. This is an increase of 0.05 cents per share compared with the previous quarter. 
  • EBITDA for Q2 2018 was USD 84.3 million and EBITDA adjusted for finance lease effects was USD 95.1 million.
  • Net profit before tax for Q2 2018 was USD 36.9 million and Net profit after tax was USD 35.1 million. Adjusted net profit was USD 37.9 million.
  • Delivery of two handy-size dry bulk vessels with long-term charters, which were acquired during Q1 2018.
  • Acquisition of four 2014 built 3,800 TEU container vessels with 12-year bareboat charters to companies owned and guaranteed by CMB NV.
  • Completed a new five-year unsecured bond issue of NOK 750 million carrying a coupon of NIBOR + 3.65% p.a. and subsequently called and repaid in early July the outstanding amounts of NOK 661 million under the bond loan OCY02. 
  • Sale of bonds in American Shipping Company ASA with net sale proceeds of USD 49.6 million.
  • Signed loan agreements with a total amount of USD 330 million for the long-term bank financing of recent acquisitions.

Commenting on the second quarter results, Lars Solbakken, CEO of Ocean Yield, said:

“The high activity experienced during the first quarter continued into the second quarter, with the investment in another four container vessels on long-term charter. In addition we have completed a number of new loan facilities for the long-term financing of recently announced investments and successfully issued a new unsecured bond at attractive terms. Based on the dividend for Q2 2018, the Ocean Yield share is yielding 8.8% p.a. and the Company has priority on payment of an attractive and stable dividend.”


Ocean Yield ASA Second Quarter and First Half Year 2018 Report


Company contact:

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

Investor Relations contact:

Marius Magelie (SVP Finance & IR), Tel +47 24 13 01 82


Company information:

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. 

Subscribe

Documents & Links