Ocean Yield, NYK Line co-invest in four new LNG carriers

Ocean Yield AS announced a co-investment with Nippon Yusen Kabushiki Kaisha (NYK Line) in four newbuilding LNG carriers. The vessels, to be constructed in Korea, are scheduled for deliveries in 2028 and 2029, with both parties holding approximately 50% ownership.

Upon delivery, each carrier will begin long-term time charters with an investment-grade rated major energy company. This transaction is projected to add around $600m to Ocean Yield's EBITDA backlog. The charterer also holds options to extend the charter duration and potentially increase the investment to a total of eight vessels.

chief executive Andreas Røde highlighted the expansion of the partnership with NYK Line, noting that the LNG sector aligns well with Ocean Yield's investment mandate due to its infrastructure-like characteristics and long-term charters with strong counterparties.