Tufton Oceanic Buys Containership Duo
- Business & Finance
Fund management firm Tufton Oceanic Assets Limited has purchased two sub-Panamax containerships for a price of USD 22.8 million.
The company informed that the vessels will have charters of at least two years and three years, respectively.
One ship is chartered to part of a major investment grade container shipping group, while the second vessel will commence its charter to the same group after completing a few months of an existing charter.
Tufton Oceanic said that the initial yield is in line with its targets. The units will be the company’s third and fourth investments.
The London Stock Exchange-listed fund, which was admitted to the Specialist Fund Segment of the stock exchange in December 2017, has invested around 50% of the net IPO proceeds and expects to invest the remaining net proceeds within the time frame indicated at IPO.
Tufton Oceanic intends to invest in a diversified portfolio of secondhand commercial sea-going vessels delivering strong cash flow and capital gains to investors.