Ocean Yield AS is pleased to announce that the Company has agreed to purchase two 36,000 cbm liquified ethylene gas carrier newbuildings, to be constructed at Jiangsu Yangzi-Mitsui Shipbuilding in China. The vessels will be built with a specification enabling it to operate with gas as fuel.
Delivery of the vessels is expected in 2024 and 2025. Upon delivery, the vessels will commence fifteen-year bareboat charter contracts to a guaranteed subsidiary of Braskem S.A., a leading global petrochemical company listed on the New York Stock Exchange. Braskem S.A. currently has credit ratings of BBB- from S&P and Fitch and Ba1 from Moody’s. The transaction will add approximately USD 245 million to the Company’s EBITDA backlog.
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