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Ocean Yield: Third Quarter results 2022

Thursday, 24 November 2022 | 01:00

Ocean Yield AS announces results for the third quarter 2022.

Highlights

EBITDA for Q3 2022 was USD 48.8 million and EBITDA adjusted for finance lease effects was USD 77.0 million.

Net profit for the period Q3 2022 was USD 23.4 million.

The quarter ended with a strong balance sheet, with an equity ratio of 31% and USD 122 million in cash.

Refinancing of several loan facilities post quarter end has resulted in additional available liquidity of USD 90 million, which currently is undrawn.

Acquisition of one 5,500 TEU container vessel newbuilding with 7-year charter.

Post quarter end, acquisition of another 5,500 TEU container vessel newbuilding with 7-year charter.

The Company had an EBITDA charter backlog at the end of Q3 2022 of USD 3.4 billion with an average remaining contract duration of 8.7 years.

Andreas Røde, CEO of Ocean Yield, said in a comment:

“Despite volatile markets and increasing macro uncertainty, the third quarter was another solid quarter for Ocean Yield with stable performance across our fleet of vessels on long term charters. As we continue to invest in modern, future-proof vessels, we are pleased with the continued support from our senior financing providers, enabling us to execute attractive financing for both new transactions and re-financings of the existing fleet.”
Source: Ocean Yield ASA

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