Presentation

Ocean Yield was established in 2012 by Aker ASA. Its initial vessels included one FPSO ('Dhirubhai-1'), one offshore construction vessel ('Aker Wayfarer'), and one seismic vessel ('Geco Triton'). The company has since invested in several shipping segments, resulting in today’s diversified fleet of 63 vessels, of which near all are modern eco ships, as of Q2’21. Aker ASA remains the majority shareholder with 61.7% of the shares outstanding.

As conventional banks have continued to reduce their shipping exposure, Ocean Yield’s financial lease offering has become a viable alternative for shipping companies looking to expand their fleet. The company has an ambition to distribute attractive dividends to its shareholders and has since 2012 paid out a total of USD 5.5/sh. The current backlog of USD 2.8bn gives good visibility with respect to dividend capacity.

The company's lease contracts include call options on the vessels, which can be exercised after some years. With vessel values in just about every second-hand market ticking upwards, some of Ocean Yield's counterparties find their options significantly in-the-money, resulting in options being exercised. Allocating this freed-up cash to new, attractive investments is key to building backlog and securing long-term dividend capacity.