AP Moller's Maritime Expansion
AP Moller Holding Acquires KKR-Backed Ocean Yield, Bolstering Shipping Portfolio
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Key Points
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Under KKR ownership, Ocean Yield invested more than $3 billion to expand its fleet and nearly doubled its long-term contracted backlog to more than $5 billion.
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CapeOmega Gas Transportation is a KKR-backed LNG venture associated with Ocean Yield, providing exposure to LNG carriers (including 10 vessels operated by Knutsen LNG) contracted to Shell, Engie and QatarEnergy, and linked to broader LNG carrier investments with NYK.
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KKR first took Ocean Yield private in 2021 in a take-private deal valued at about $830 million.
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AP Moller Holding’s broader maritime consolidation includes acquisitions such as Maersk Supply Service (2023), Maersk Tankers’ Penfield Marine (2024), and the private purchase of Svitzer (2023).
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Martin Larsen, CFO of AP Moller Holding, described Ocean Yield’s stable cash flow as an excellent complement to the group’s existing maritime portfolio.
AP Møller Holding, the investment arm of Denmark's Maersk family, has agreed to buy Ocean Yield — a Norwegian ship leasing platform with stakes in more than 70 vessels — from private equity giant KKR, according to Hellenic Shipping News. Financial terms were not disclosed, and the deal is subject to regulatory approval.
The acquisition adds a sprawling fleet of gas carriers, LNG carriers, containerships, tankers, dry bulk ships, and offshore assets to AP Møller's growing maritime empire. It marks KKR's exit from a 2021 take-private deal that valued Ocean Yield at roughly $830 million.
KKR Turned Ocean Yield Into a $5 Billion Backlog Machine
KKR took Ocean Yield private in 2021 for about $830 million. Under its ownership, the firm invested more than $3 billion to expand its fleet. That push nearly doubled Ocean Yield's long-term contracted backlog — the value of future revenues locked in by multi-year shipping contracts — to more than $5 billion, according to Hellenic Shipping News.
KKR will not exit the maritime space entirely. The firm remains a strategic partner through CapeOmega Gas Transportation, an LNG venture with 10 vessels operated by Knutsen LNG. Those ships are contracted to major energy buyers including Shell, Engie, and QatarEnergy, with additional ties to Japanese shipping giant NYK.
Stable Cash Flow Drives AP Møller's Appetite for the Deal
Martin Larsen, CFO of AP Møller Holding, said Ocean Yield's steady income stream makes it "an excellent complement" to the group's existing maritime portfolio. Ship leasing generates long-term contracted revenues, which smooth out the volatile swings in freight rates that have hurt container lines in recent years.
A subsidiary of AP Møller Holding will formally take ownership once regulators sign off, according to MarketScreener. The structure mirrors how the group has handled other recent deals, keeping major acquisitions inside distinct holding vehicles.
A Pattern of Deals: AP Møller Builds a Maritime Powerhouse
This acquisition is part of a clear strategy. AP Møller Holding has been snapping up maritime assets at a fast pace. It bought Maersk Supply Service in 2023, took Svitzer private in 2023, and added Maersk Tankers' Penfield Marine unit in 2024. Ocean Yield is the latest and largest addition to that list, according to The Maritime Executive.
Together, these moves turn AP Møller from a container-focused family into a broad maritime conglomerate. By owning tankers, supply vessels, tugboats, and now a full ship leasing platform, the group spreads risk across multiple shipping markets rather than betting on one.
What Ocean Yield's 70-Plus Vessels Mean for the Sector
Ocean Yield spans six vessel types: gas carriers, LNG carriers, containerships, tankers, dry bulk ships, and offshore assets. That diversity is a key selling point. When one shipping market slumps — as container freight rates did sharply in 2022 and 2023 — other segments can pick up the slack.
The deal also reflects broader consolidation in maritime services. Large shipping groups are buying leasing platforms and adjacent businesses to lock in stable income. With Ocean Yield's $5 billion backlog now under AP Møller's roof, the Danish group controls one of the most diversified maritime portfolios in private hands, according to The Maritime Executive.
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