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

2018-07-12 12:00:00

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.