Tufton makes first sales – Tufton Oceanic Assets has sold three General Cargo vessels for $19.3m. The divestment reduces the company’s fleet from seventeen to fourteen vessels.
The realised yield and IRR exceed the targets expressed in Tufton Oceanic’s prospectus dated 25 September 2018.
This is the company’s first divestment. It goes on to say that “Whilst the company aims to hold its investments over the longer term, we will sell investments where this generates additional value for shareholders.”
[It is interesting that the market for vessels has recovered to the extent that Tufton is able to book a decent profit on ships it bought only a year or two ago. QuotedData’s James Carthew wrote an article for Investment Trust Insider on this fund in 2018 – this explains a bit more about what it is up to. The Blue Ocean Maritime fund mentioned in the article never made it to market].
Tufton has also announced that it has agreed to acquire a Product Tanker for $13.25m. The vessel will have a fixed rate time charter for three to four years to a major commodity trading and logistics company; and it has also has successfully renewed the employment for the Product Tanker Pollock with a fixed rate time charter for three to four years to a major commodity trading and logistics company
SHIP : Tufton makes first sales