Ocean Yield signs deal for nine ammonia newcastlemax

Ocean Yield has signed up for eight or nine ammonia-ready newcastlemax bulk carriers booked for construction in China by Belgium’s Bocimar, the bulkers unit of the Saverys family’s Compagnie Maritime Belge (CMB).

The sale and leaseback specialist of US investment firm Kohlberg Kravis Roberts (KKR) last year struck a deal for at least five and up to ten 210,000 dwt newbuilds Bocimar had arranged at Qingdao Beihai Shipbuilding for delivery between 2025 and 2026. The total consideration for this transaction, net of seller’s credits, was estimated to be up to $576m.

The final deal will see eight or nine ships delivered between the third quarter of 2024 and the fourth quarter of 2025 under a 15-year bareboat charter with CBM subsidiaries. Ocaen Yield in December said the deal came with purchase obligations at the end of the charter period.

VesselsValue data shows Bocimar has 20 newcastlemaxes set to deliver from Beihai. Ten of these ships will be fitted with ammonia dual-fuel X72DF engines in 2025 and 2026 under a joint development project between Swiss marine power company WinGD and CMB’s shipping and cleantech group CMB.TECH.