A.P. Moller Holding has agreed to acquire ship leasing company Ocean Yield from funds managed by KKR, the companies said on July 2.
The acquisition covers 100% of Oslo-based Ocean Yield, which holds interests in more than 70 modern vessels across segments including gas carriers, container ships, LNG carriers, crude, product and chemical tankers, and dry bulk carriers. In its Q1 financial report, the company said its portfolio comprises 73 ships, of which 10 are container ships.
KKR said that since its 2021 investment it has expanded Ocean Yield’s fleet and diversified its customer base, deploying more than US$3 billion in capital and increasing its long-term contracted backlog to over US$5 billion.
“We are impressed by Ocean Yield’s performance and its management team,” said Martin Larsen, chief financial officer of A.P. Moller Holding. “Combining Ocean Yield’s platform with our century-long maritime experience will create a strong partnership.”
Ocean Yield chief executive Andreas Røde said the company had been strengthened under private ownership through long-term contracts and a modern fleet positioned for the energy transition.
“We have been able to think and act long term as we have partnered with leading shipping companies and end users providing critical infrastructure assets to the maritime industry,” Røde said.
Completion of the transaction is subject to customary regulatory approvals.
