Maritime consolidation and diversification through the merger of Danish and Norwegian companies
By Denmark’s A.P. Moller Holding acquired the Norwegian company Ocean Yield from its American owner, KKR. Maintaining a competitive advantage in the maritime transport and global logistics market requires diversification. Currently, this is achieved through agreements, mergers, and acquisitions. To strengthen its market position, A.P. Moller Holding acquired Oslo-based Ocean Yield from the American investor KKR (Kohlberg Kravis Roberts & Co. L.P.).
The Danish A.P. Møller Group, through A.P. Moller Holding, has decided to expand its maritime portfolio. The announcement emphasizes that “Ocean Yield holds interests in over 70 vessels across various shipping segments, including LPG tankers, LNG carriers, container ships, crude oil, petroleum products and chemicals tankers, and bulk carriers.”
Vincent Policard, Partner and Co-Head of European Infrastructure at KKR, gave the transaction an unequivocally positive assessment. He said: “We are proud of the transformation Ocean Yield has led through our strategic partnership. Together with the management team, we have significantly scaled and diversified the platform, strengthened its long-term contract revenue base, and supported the transformation towards a more modern and sustainable fleet.”
At the Rise and Fall of the Wave
Ocean Yield has been in KKR’s portfolio since 2021. Assessing the company’s health in February 2020, analysts at Simply Wall Street wrote: “Many investors define successful Investing is about beating the market average over the long term. However, there are likely to be stocks in any portfolio that don’t meet this criterion.”
Unfortunately, this was the case for long-term shareholders of Ocean Yield ASA (OB:OCY), as the share price has fallen 30% over the past three years, well below the market return of around 32%. Recent reports are not encouraging – the share price has fallen 30% in a year, as Simply Wall Street warned five years ago.
In this context, the company was acquired by investment fund KKR & Co. Inc. (KKR) in 2021 for approximately $833 million. At the time KKR finalized its acquisition of the ship operator’s stake at the end of the year, KKR & Co. Inc. (KKR) shares were trading around $80, and Ocean Yield (OB:OCY) was practically scraping the bottom.
Ocean Yield’s share value before its acquisition by American investor KKR. Source: “Simply Wall Street,” Introducing Ocean Yield (OB:OCY), The Stock That Dropped 30% In The Last Three Years, February 18, 2020
Investments are a wind in the sails of the maritime business
After the acquisition, the Norwegians did not rest on their laurels. Ocean Yield invested over $3 billion to expand its service portfolio. It diversified its investment-grade client base and nearly doubled its long-term order book to over $5 billion. These actions yielded positive results, and the company was back on an even keel.
The effects of sound investment and organizational decisions were already clearly visible in 2025. EBITDA for the fourth quarter of 2025 was $52.9 million, and adjusted EBITDA was $95.3 million. Adjusted EBITDA for the full year 2025 amounted to USD 400.9 million. Net profit for the fourth quarter of 2025 amounted to USD 21.5 million and net profit for the full year 2025 amounted to USD 90.8 million, according to Ocean Yield, which is obliged to disclose information in accordance with Article 5-12 of the Norwegian Securities Trading Act.
Ocean Yield’s EBITDA changes following its acquisition by US investor KKR. Source: Ocean Yield Q1 2026 Investor Report
Q1 2026 results also proved extremely promising. EBITDA for Q1 2026 reached $47.3 million, and adjusted EBITDA was $82.3 million. Net profit for Q1 2026 reached $21.9 million, according to Ocean Yield. This strong market positioning has ensured a solid balance sheet, with an equity ratio of 31.7% and $268.2 million in available liquidity.
The financial details of Ocean Yield’s acquisition by A.P. Moller Holding were not disclosed. However, Martin Larsen, CFO of A.P. Moller Holding, said significantly after the transaction was made public: “We are impressed with the performance of Ocean Yield and its management team.”
“We believe that combining Ocean Yield’s attractive platform with our century of experience in the maritime industry will create a strong partnership. Furthermore, we see Ocean Yield’s business model, with its stable cash flows, as an excellent complement to our existing maritime services portfolio.”
KKR’s share value at the time of the Ocean Yield sale. Source: Yahoo Finance
Be active in the maritime market
The company’s strong market position translated into a solid balance sheet, with an equity ratio of 30.7% and $138.8 million in liquidity. This strong standing allowed for the investment in four new LNG carriers. This was announced by the Japanese company Nippon Yusen Kaisha (NYK), which, together with ship leasing company Ocean Yield, is developing a program to build LNG carriers.
These carriers will be built in Korea for delivery in 2028 and 2029. Long-term charters have already been contracted with Cheniere Marketing International LLP. This subsidiary of Cheniere Energy, Inc. (“Cheniere” [NYSE:LNG], a major American LNG producer. Two container ships and one Suezmax vessel were refinanced on more favorable terms.
The issuance of new five-year, unsecured senior notes worth NOK 1,251 million was also successful. The charter contract EBITDA at the end of the first quarter of 2026 was USD 5 billion, and the average remaining contract term is 11 years, reports Ocean Yield’s management in its Q1 2026 report.
Summing up the first quarter of this year, Andreas Røde, CEO of Ocean Yield, said:
“I am pleased to report another solid quarter for Ocean Yield, with continued strong financial performance and a solid balance sheet. During the quarter, Ocean Yield increased its investment in the joint venture with NYK Line to eight vessels, all on long-term charter to a wholly owned subsidiary of Cheniere Energy Inc. From 5 USD billion charter portfolio, 56% of which currently comes from investment-grade counterparties. From 2021, we are strengthening Ocean Yield’s position as a globally diversified marine leasing platform, offering long-term, high-quality contracted cash flows and a modern fleet, prepared for the energy transition,” Røde emphasized.
Ocean Yield’s fleet EBITDA and charter structure. Source: Ocean Yield Q1 2026 Investor Report
Riding the maritime business with an investor
The company’s acquisition by an external investor, a flexible approach to a changing market, and strategic actions have contributed to the financial strengthening of the Oslo-based company. Andreas Røde explained the company’s strategy to rebuild its market potential by stating that “being privately owned, we were able to think and act long-term, collaborating with leading shipping companies and end users, delivering key infrastructure assets for the maritime industry.”
“That’s why we are excited to begin the next chapter of our development with A.P. Moller Holding,” says Ocean Yield’s CEO.
KKR will remain a strategic partner of Ocean Yield through a joint investment in CapeOmega Gas Transportation. Completion of the transaction is subject to standard regulatory approvals.