A.P. Moller Holding and KKR, a leading global investment firm, announced that they have signed an agreement under which a subsidiary of A.P. Moller Holding will acquire 100% of Ocean Yield, a leading global ship leasing platform, from funds managed by KKR.
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. Under KKR’s ownership, Ocean Yield has invested more than $3 billion to further expand the existing portfolio, diversify and broaden its investment-grade customer base, and has nearly doubled its long-term contracted backlog to more than $5 billion.
The acquisition of Ocean Yield strengthens A.P. Moller Group’s maritime portfolio, and builds on the Group’s long-term maritime legacy across many segments.
“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”, said Martin Larsen, CFO of A.P. Moller Holding。
“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 A.P. Moller Holding. stated Andreas Røde, CEO of Ocean Yield.
KKR will continue to be a strategic partner to Ocean Yield through their joint investment in CapeOmega Gas Transportation AS. Completion of the transaction is subject to customary regulatory approvals.