Aker orders PCTCs for bareboat charter to Autoliners

autolinersSEPTEMBER 17, 2012 — Höegh Autoliners has entered into 12 year bareboat charters for two 6,500 car capacity Pure Car Truck Carriers (PCTC) to be delivered in 2014.

The vessels will be owned by Ocean Yield AS and will be built by Daewoo Shipbuilding & Marine Engineering's (DSME) shipyard in Mangalia, Romania.

Ocean Yield is 100 percent owned by Aker ASA and was established this year as a shipowning company owning marine assets with bareboat agreements within the oil service sector. Its strategy is to expand its portfolio of marine assets, primarily within oil service and industrial shipping, with long-term bareboat contracts with solid counterparties.

"We are very pleased to announce the contracting of two, state-of-the art, newbuilding PCTC vessels with long-term charters to Hoegh Autoliners," said Ocean Yield AS' Chief Executive Officer Lars Solbakken. "This transaction fully reflects Ocean Yield's business strategy of adding high-quality vessels chartered on long-term contracts to leading and reputable counterparties to our portfolio of vessels."

Höegh Autoliners has previously taken delivery of a series of ten PCTCs from DSME and the two 6,500 car capacity vessels will be built based on the same specifications with relevant updates. Höegh Autoliners has the option to acquire the vessels during the charter period, with the first option exercisable after five years.

"The long term charters agreed with Ocean Yield is important in our fleet development program, to provide the best services to our customers. The vessel design is well known and well proven as an efficient and flexible work horse in our core fleet," says Ingar Skiaker, CEO of Höegh Autoliners. "We operate today a fleet of around 60 car carriers and balance our owned fleet with vessels chartered from other owners. The new vessels will replace existing vessels."

Ocean Yield has secured long-term financing with banks for approximately 70 percent of the investment. The remaining amount will be funded with equity.

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