Yara invests in LPG vessels
18.12.2013 | Globenewswire Europe
Oslo (2013-12-18): Yara International ASA has entered into shipbuildingcontracts with Hyundai Mipo Dockyard (HMD) for the construction and delivery of
2 mid-size LPG carriers with an expected cost per vessel of USD 51 million.
Following an evaluation of current new-build and time charter rates, Yara has
chosen to build new vessels to cover part of its long-term transport requirement
at attractive rates, meet stricter environmental regulations and maintain
flexibility to serve Yara's production system. Yara has a base ammonia transport
requirement of approximately 4 million tons per annum to serve its European
plants and long-term off-take agreements in Trinidad and Australia.
Since time-charter contracts require a parent company guarantee of hire
payments, a decision to build rather than charter vessels does not materially
impact Yara's debt capacity.
Yara is in discussions with potential partners for combined ship management and
equity participation, however Yara aims to retain majority ownership in the
vessels.
Yara is currently in discussions concerning further shipbuilding contracts for
Handy-size vessels, which are expected to be finalized and announced in January
2014.
Contact
Thor Giæver, Investor Relations
Telephone (+47) 24 15 72 95
Cellular (+47) 48 07 53 56
E-mail thor.giaver@yara.com
Esben Tuman, Media Relations
Cellular (+47) 90 50 84 00
E-mail esben.tuman@yara.com
About Yara
Yara delivers solutions for sustainable agriculture and the environment. Our
fertilizers and crop nutrition programs help produce the food required for the
growing world population. Our industrial products and solutions reduce
emissions, improve air quality and support safe and efficient operations.
Founded in Norway in 1905, Yara has a worldwide presence with sales to 150
countries. Safety is always our top priority.
www.yara.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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Source: Yara International ASA via GlobeNewswire
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