Danish shipping investment company AP Moller Holding is acquiring global ship leasing platform Ocean Yield from private equity firm KKR for an undisclosed sum.
KKR will continue to act as a strategic partner to Ocean Yield via their joint investment in CapeOmega Gas Transportation.
Founded in 2012, Ocean Yield was acquired by KKR in late 2021 for approximately NOK7.2bn (€641m). Under KKR’s ownership, the ship leasing platform has deployed more than $3bn (€2.6bn) to expand its portfolio and diversify its customer base, nearly doubling its long-term contracted backlog to more than $5bn.
Headquartered in Oslo, Norway, Ocean Yield holds interests in over 70 modern vessels, across several core shipping sectors, including gas carriers, container ships, LNG carriers, crude, product and chemical tankers, and dry bulk carriers.
Martin Larsen, CFO of AP Moller Holding, said: “We are impressed by Ocean Yield’s performance and its management team. We believe that combining Ocean Yield’s compelling platform with our century-long experience in the maritime industry will create a strong partnership.
”In addition, we see Ocean Yield’s business model, with its stable cash flow, as an excellent complement to our existing maritime portfolio.”
Andreas Røde, CEO of Ocean Yield, said: “Since 2021, we have strengthened Ocean Yield as a globally diversified maritime leasing platform with long-duration, high-quality contracted cash flows and a modern fleet positioned for the energy transition.
“Under private ownership, 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. We are therefore excited to start our next chapter of growth with AP Moller Holding.”
Vincent Policard, partner and co-head of European infrastructure at KKR, said: “We are proud of the transformation Ocean Yield has delivered during our strategic partnership. Together with the management team, we have significantly scaled and diversified the platform, strengthened its long-term contracted revenue base and supported its transition toward a more modern and sustainable fleet.
“Today, Ocean Yield is a larger, stronger and more resilient business, well positioned to continue supporting its customers and the wider maritime sector. We are proud of what has been achieved and believe AP Moller Holding is an excellent long-term owner for the company’s next chapter.”
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