Tufton Oceanic Assets has invested $25.5m, adding one more handysize bulk carrier to its portfolio following profitable containership sales earlier this year.
The London-listed fund said it picked up the vessel at slightly above depreciated replacement cost (DRC), which will be de-risked by cash flows from its fixed rate time charter of nine to twelve months, producing a net yield of 25%.
The unnamed vessel is said to be in the top quartile of fuel efficiency in its market segment but will be evaluated for further improvement, including the retrofit of energy saving devices.
Last month, Tufton flipped three boxships for around $39m, cashing in close to $16.5m from these deals. The company is looking to invest in chemical and product tankers as well as bulkers. In addition to the latest buy, it most recently acquired a product tanker for $30.9m and two handysize bulkers for around $47.3m.
