Norwegian industrial investment company Aker Capital ASA has entered into an agreement with compatriot shipowner Ocean Yield ASA for co-ownership of oil tankers.
Per the agreement Aker will acquire from Ocean Yield 50 per cent of seven tankers with long-term charters.
The joint venture (JV) will own four LR2 product tankers with long-term charter to the Navig8 Group and three Suezmax tankers with long-term charter to Nordic American Tankers Ltd.
Aker will pay $10.2 million for 50 per cent of the shares in two new holding companies, which is equal to the book values.
The investment satisfies Aker’s return requirements, the company said.
Separately, Ocean Yield said it will continue to guarantee the senior secured bank debt against a guarantee fee.
“The JV will be accounted for as an investment in an associated company and will strengthen Ocean Yield’s equity ratio with more than 2 per cent points as the JV’s bank debt will no longer be consolidated. Due to the low amount of new capital raised in the transaction, the impact on net profit will be limited,” according to the shipowner.
The transaction is subject to final documentation.