The Danish company A.P. Møller Holding has acquired ship leasing company Ocean Yield from KKR. This further expands the portfolio of Maersk’s owner.
A giant continues to grow: Ocean Yield is set to become part of the Danish investment company A.P. Møller Holding. The holding company announced that it had acquired all of Ocean Yield’s shares from the fund, which had up to now been managed by the investment firm KKR.
A purchase price has not been disclosed, but the company is worth a considerable amount. Ocean Yield, headquartered in Oslo, holds stakes in more than 70 vessels across various segments: gas tankers, container ships, LNG tankers, oil, product and chemical tankers, and dry bulk carriers. Most recently, Ocean Yield (under KKR’s ownership) has invested more than $3 billion to expand its existing portfolio and grow its customer base. The company has also increased its order book of long-term contracts to over $5 billion, thereby almost doubling it.
“We are impressed by Ocean Yield’s performance and its management team,” said Martin Larsen, CFO of A.P. Møller Holding. “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.”
A.P. Møller Holding is the parent company of the A.P. Møller Group, which in turn includes the shipping company Maersk. The group operates in more than 130 countries and employs around 130,000 people. Last year, A.P. Møller generated revenue of around $61 billion.
“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,” said Andreas Røde, CEO of Ocean Yield. “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.”
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 A.P. Moller Holding is an excellent long-term owner for the company’s next chapter.“
KKR will remain linked to Ocean Yield as a strategic partner in the future, the company announced. Both companies have jointly invested in the Norwegian firm Cape Omega Gas Transportation.
