OCEAN YIELD acquired by A.P. MOLLER HOLDING
Context
A subsidiary of A.P. Moller Holding has signed an agreement to acquire 100% of Ocean Yield from funds managed by KKR, subject to customary regulatory approvals. Ocean Yield operates a globally diversified ship‑leasing platform with a fleet of over 70 vessels spanning LNG carriers, crude tankers, container ships and dry bulk carriers, all under long‑term charters that provide stable cash flow. The acquisition aligns with A.P. Moller Holding’s objective to deepen its maritime portfolio and capture the steady revenue profile generated by long‑duration vessel leases. By adding Ocean Yield’s modern fleet and contracted backlog, the buyer expands its exposure to the growing LNG transportation market and strengthens its presence in the ship‑leasing segment, complementing existing shipping and logistics operations. Post‑closing, the combined entity is expected to benefit from enhanced financing flexibility, cross‑selling opportunities to a broader customer base, and operational synergies through shared services and procurement. Integration of Ocean Yield’s asset management capabilities with A.P. Moller’s extensive maritime network should improve fleet utilization, reduce cost of capital, and support the development of additional vessels aligned with the energy transition.
OCEAN YIELD, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Financial Services sector (12.4x).
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Target
Ocean Yield AS is a ship‑owning company headquartered in Oslo that invests in vessels placed on long‑term charters. The firm holds interests in more than 70 modern ships covering gas carriers, container vessels, LNG carriers, crude oil tankers, product and chemical tankers, and dry bulk carriers. Each vessel is financed through a mix of asset‑level loans and corporate debt, primarily issued in Nordic bond markets. The business model relies on fixed charter fees collected under contracts that typically extend beyond ten years, providing predictable cash flow and earnings visibility. Customers comprise major energy producers such as Shell, TotalEnergies, Cheniere and EDF, as well as large shipping operators including MSC. Ocean Yield’s portfolio is diversified across multiple cargo types, with LNG carriers representing a significant share of its earnings backlog. The company maintains a contracted backlog that exceeds the value of its current fleet, reinforcing long‑term revenue stability. Since its formation, the firm has pursued a strategy of fleet modernization and geographic expansion to align with the global energy transition, while preserving a high credit quality through long‑duration contracts with creditworthy counterparties.
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| 05/2026 | GLOBAL NET LEASE | MODIV INDUSTRIAL | UNITED STATES | Asset Leasing & Financing |
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| 03/2018 | B2HOLDING | VERALTIS (EX NACC) | FRANCE | Specialty Finance |
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REFERENCES
Valuation range: EV 3b - 100b USD
EBITDA range: 250M - 500M USD
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Press release: view release
Target: ocean yield
Acquirer: a.p. moller holding