Tufton Oceanic off the slipway – Tufton Oceanic Assets Limited has acquired two feeder containerships for $20.5 million. The vessels are initially chartered for 2-3 years to a major container line which is investment grade. The initial yield is in line with the targets expressed in the company’s prospectus.
These are the first investments by the company. Tufton Oceanic Assets expects to invest its net IPO proceeds within the time frame indicated at IPO.
About Tufton Oceanic Assets
Tufton Oceanic Assets aims to provide investors with an attractive level of regular and growing income and capital returns through investing in a diversified portfolio of secondhand commercial sea-going vessels. The company will make investments through one or more underlying SPVs. It listed on the specialist funds segment of the London Stock exchange on 20 December 2017, under the ticker: SHIP.
The company is targeting an initial dividend yield of 5% during the first 12 months following admission rising to a target dividend yield of 7% thereafter. The dividend is expected to grow modestly over the long term. The company will target an IRR of 12% per annum (net of expenses and fees) on a NAV basis on the issue price over the long term.
SHIP : Tufton Oceanic off the slipway