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Ocean Yield acquires ethylene carrier designed to use LNG as fuel

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LNG Industry,

Ocean Yield ASA has announced that it has agreed to acquire an ethylene gas carrier for a total consideration of US$69.75 million net of a seller's credit, with 13-year bareboat charter to a company 100% owned and guaranteed by Navigator Holdings Ltd.

The 37 300 m3 Navigator Aurora was built in 2016, and its propulsion and electrical systems are designed to use LNG as fuel in addition to conventional fuels. The vessel is also currently undergoing a project to use ethane as fuel.

According to the statement, it is expected that the vessel will be delivered to the company this month. Navigator Gas has certain options to acquire the vessel during the charter period. The transaction is subject to final documentation. It is currently operating on a sub-charter to Borealis for the transportation of ethane from the US East Coast to Europe until December 2026.

Ocean Yield's Chief Executive Officer, Lars Solbakken, said: “We are pleased to further diversify our portfolio of vessels with the investment in an ethylene gas carrier with 13-year charter to Navigator Gas. Including this vessel, Ocean Yield will have three vessels that can use ethane as fuel, reducing emissions compared to vessels that utilise conventional fuel.”

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