Dry CargoEurope

Tufton adds handy bulker for $25.5m

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.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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