Tufton Oceanic bulks up fleet with $19.9m crude oil vessel – Tufton Oceanic Assets (SHIP) has announced it has agreed to acquire a crude oil tanker for $19.9m. This acquisition will take the company’s fleet to sixteen vessels.
The vessel is time chartered to a major tanker operator for two years at a fixed floor rate plus a profit-sharing mechanism. The forecasted yield exceeds the targets expressed in the company’s prospectus dated 25 September 2018.
SHIP invests in a diversified portfolio of secondhand commercial sea-going vessels with the objective of delivering strong cash flow and capital gains to investors. The company’s investment manager is Tufton Oceanic Ltd. The company has raised a total of approximately $219m (gross) through its initial public offering on the specialist fund segment of the London stock exchange, on 20 December 2017, a subsequent placing and offer in October 2018, a placing in March 2019 and a placing in September 2019.
SHIP: Tufton Oceanic bulks up fleet with $19.9m crude oil vessel