Photo: Illustration; Source: Unsplash/Cameron Venti

Tufton Oceanic Expands Fleet with Secondhand Containership

UK’s fund management company Tufton Oceanic Assets Limited has agreed to expand its fleet with the acquisition of a containership for USD 8.75 million.

The company said that the vessel is time chartered to part of a major, investment grade, container shipping group for at least three years.

The forecasted yield exceeds the targets expressed in the company’s prospectus dated September 25, 2018.

This is Tufton Oceanic’s first investment funded entirely from the proceeds of the share placement, through which the company raised USD 31 million in late September 2019.

At the time, the company said it opted for the move in order to capitalise on “an attractive pipeline” of secondhand vessels.

The latest addition pushed the company’s fleet to seventeen vessels.