Norwegian ship-owning company Ocean Yield ASA announced August 1 it would be purchasing four LR1 product tankers, which carry 14.5 million to 25.8 million gallons of gasoline, constructed at the Guangzhou Shipyard International (GSI) in China. The carriers are expected to be delivered in 2026 and 2027.

The ships will be built with special duel-fuel engines that allow the vessels to use methanol as their main energy source, according to Offshore Energy.

Upon delivery, the ships will embark on a 15-year bareboat charter, providing deliveries to subsidiaries of the petrochemical company Braskem S.A. The bareboat charters will also have a variable element linked to their emissions to ensure the vessels maintain low carbon outputs, making it the maritime leasing sector's first sustainability-linked transaction, Ocean Yield said.

“Since Ocean Yield was established in 2012, sustainability and responsibility have been integrated parts of our core strategy as we seek to be a facilitator for the decarbonization of the shipping industry. In Braskem, we have found a partner who shares our values and ambitions,” said Ocean Yield CEO Andreas Røde. “We are excited to build on our relationship with Braskem and introduce the inaugural sustainability-linked lease to the Ocean Yield portfolio.”

The company said that the deal will add about $300 million to Ocean Yield’s earnings before interest, taxes, depreciation and amortization (EBITDA) backlog.