Dry CargoEurope

Tufton adds handy pair

Tufton Oceanic Assets has struck a deal to acquire two handysize bulkers for $41.2m using the earnings it secured from the sale of the containership earlier this year and cash on hand.

The London-listed firm said the ships are being acquired at below depreciated replacement cost and are fuel efficient versus their peer group.

The vessels have fixed rate time charters for around one year, after which they will be drydocked and fitted with energy saving devices (ESDs). Tufton expects fuel efficiency to increase by approximately 10% and the EDSs to produce net internal rate returns of over 15%. The company plans to install energy saving devices on other vessels in 2022.

“These transactions, together with the divestments announced in May and July, demonstrate the company’s commitment to ESG and capital re-allocation. The latter is increasingly relevant given absolute and relative movements across and within the main shipping markets since 3Q 2020,” Tufton said.

In August, Tufton snapped up an ultramax bulk carrier Idaho for $21.4m and struck a deal to sell a boxship for more than double the purchase price.

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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