Ocean Yield ASA: Third Quarter results 2018
Fornebu, 1st November 2018, Ocean Yield ASA (“Ocean Yield” or the “Company”) announces results for the third quarter ending 30th September 2018.
Highlights Q3 2018
- Declared a dividend of USD 0.1910 per share for Q3 2018. This is the 21st consecutive quarterly dividend since the IPO of the Company in 2013.
- EBITDA for Q3 2018 was USD 85.1 million and EBITDA adjusted for finance lease effects was USD 100.4 million.
- Net profit after tax was USD 39.9 million and Adjusted net profit was USD 37.3 million.
- Delivery of two Suezmax tankers with 10-year charters to Nordic American Tankers Ltd.
- Delivery of four 2014 built 3,800 TEU container vessels with 12-year bareboat charters to CMB NV.
- Completion of the 10-year contract for the FPSO Dhirubhai-1 in India.
- Post quarter end, acquisition and delivery of two 2015-built 37,000 dwt IMO II chemical tankers with 12-year bareboat charters to companies owned and guaranteed by Ardmore Shipping Corporation and delivery of the third suezmax tanker with charter to Nordic American Tankers Ltd.
Commenting on the third quarter results, Lars Solbakken, CEO of Ocean Yield, said:
“Ocean Yield delivers strong results for Q3, with an EBITDA, adjusted for finance lease effects, of more than USD 100 million for the first time. We continue to invest in what we believe are attractive transactions and the Company has now a fleet of 57 vessels with an EBITDA backlog of USD 3.6 billion, including vessels acquired after the end of the quarter. The expiry of the long-term contract for the FPSO Dhirubhai-1 is expected to have a negative effect on the results in the short term, but based on an improved market outlook for FPSOs and on-going discussions, we are optimistic with respect to finding a satisfactory long-term solution for this unit.”
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.