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Tufton flips boxship for sizeable profit and adds another bulker

Tufton Oceanic Assets has landed a considerable profit from its latest containership sale and struck a deal to acquire another bulker.

The London-listed company has offloaded the containership Patience for $19.3m, earning $8.3m against what it paid for the ship in 2018.

Meanwhile, Tufton purchased a handysize bulker below depreciated replacement cost. The unnamed ship is fixed for 18 to 24 months, producing a net yield of over 15%. The 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.

Tufton said the acquisition is essentially identical to the one announced at the end of last year. In addition, the sale follows the company’s three containership divestments in 2021 and will be Tufton’s eighth divestment in total.

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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