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Ocean Yield ASA Reports Strong Net Profit of $47.7 Million for the First Half of 2021

Ocean Yield ASA announces results for the second quarter and the first half year ending 30th June 2021.

Highlights

The Board of Directors has declared a dividend of USD 5.70 cents per share. This is an increase of USD 0.25 cents compared to the previous quarter and is the 32nd consecutive quarterly dividend.

EBITDA for Q2 2021 was USD 45.2 million and EBITDA adjusted for finance lease effects was USD 64.8 million. For the first half 2021, EBITDA was USD 87.5 million and EBITDA adjusted for finance lease effects was USD 127.7 million.

Net profit for the period Q2 2021 was USD 26.2 million. Adjusted net profit for Q1 2021 was USD 24.3 million. For the first half 2021, net profit was USD 47.7 million and adjusted net profit was USD 44.0 million.

Agreed to acquire 50% equity interest in three Suezmax tankers with long-term charter from Aker Capital AS.

Navig8 Ltd. and Navig8 Chemical Tankers Inc. declared the five year purchase options for the vessels Navig8 Constellation and Navig8 Tanzanite.

Okeanis Eco Tankers Corp., declared options to sell two VLCCs to an unrelated third party.

The bond issue OCY04, which had NOK 450 million outstanding and final maturity in September 2021, was prepaid in full during the second quarter.

Post quarter end, Ocean Yield agreed to acquire 49.9% equity interest in one 15,300 TEU newbuilding container vessel with 18-year charter.

Signed a refinancing of one loan facility relating to four feeder container vessels, which will result in an additional USD 17 million of liquidity.

Lars Solbakken, CEO of Ocean Yield, said in a comment:

“We are pleased to report a strong net profit for the second quarter and another increase in dividends. With a sound balance sheet and liquidity position, the Company is well positioned for future growth.”
Source: Ocean Yield ASA

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