Ocean Yield releases fourth quarter report for 2023

Highlights for 4Q23

• EBITDA for 4Q23 was USD 55.3 million and Adjusted EBITDA was US$88.2 million.
• Net profit for 4Q23 was US$23.3 million.
• Strong balance sheet, with an equity ratio of 28.2% and US$115.8 million in cash.
• During the quarter, the company agreed to acquire a 2016-built suezmax tanker with eight-year bareboat charter to Nordic American Tankers Ltd.
• The company also agreed to acquire two 2022-built suezmax tankers with 14-year bareboat charters to guaranteed subsidiaries of Euronav NV.
• The two AHTS vessels previously trading in a pool with Solstad Offshore ASA, commenced new five-year bareboat charters to Viking Supply Ships AB.
• The EBITDA charter backlog at the end of 4Q23 was US$4.2 billion with an average remaining contract duration of 10.2 years.

Andreas Røde, CEO of Ocean Yield, said in a comment: "The fourth quarter was another active quarter for Ocean Yield, where we acquired three suezmax vessels and took delivery of one container vessel from the yard. Ocean Yield continues to deliver strong results, with a net profit for the year of US$92.5 million and an EBITDA charter backlog of US$4.2 billion as of year-end. The company is selectively evaluating new investments in vessels with long-term charters, while always taking the cyclicality of the underlying shipping segments into account."

Read the article online at: https://www.drybulkmagazine.com/shipping/01032024/ocean-yield-releases-annual-report-for-2023/