Tufton offloads containership for more than double the purchase price

Tufton Oceanic Assets has scored a significant profit by selling a containership purchased three years ago. The London-listed firm has struck a deal to sell its vessel Kale for $21.5m, making this the company’s fourth divestment.

The vessel was acquired for $10.5m in 2018 and is being divested at over 170% of depreciated replacement cost.

The company said it expects to redeploy the proceeds promptly and is looking to invest in a bulker that will be chartered out for 2 years, a chemical tanker, or a larger containership with a 4-7 year charter already in place.

In May this year, Tufton Oceanic offloaded two handysize bulk carriers for $20.5m with plans to snap up another tanker with similar economics to the vessel Golding acquired earlier this year at 70% of depreciated replacement cost.

Tufton has also renewed a charter for its bulker Lavander for 14-17 months through early 2023.

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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