Two new vessels for Tufton Oceanic Assets – Tufton Oceanic Assets (SHIP) has announce that it has agreed to acquire a 75% interest in a LPG carrier for $21.75 million and a 100% interest in a Handysize Bulk Carrier for $10 million.
LPG carrier – bareboat charter of seven years.
The LPG carrier will have a bareboat charter of seven years to a leading gas shipping operator. The company says that the yield is in line with the targets expressed in its prospectus. The bareboat charterer holds the remaining 25% interest in the vessel, which the Company can acquire at a fixed price plus interest in due course. The company says that that the addition of the LPG carrier slightly increases the portfolio’s yield and significantly increases the weighted average charter length to 4.3 years minimum and 4.9 years expected.
Handysize Bulk Carrier – spot market linked revenues
The company says that the handysize bulk carrier will have floating revenue from operating in a leading bulker pool and will be the only spot market-linked vessel in its initial portfolio.
Progress since IPO
The Company has made six investments since its IPO in December 2017 and has invested approximately 83% of the net IPO proceeds. It says that it expects to invest the remaining net proceeds within the time frame indicated at IPO.
Two new vessels for Tufton Oceanic Assets : SHIP